Gold Prices in Chennai Hit Record High; 22K Gold Crosses Rs.80,000; Silver Surges Too

Gold prices in Chennai continue their unstoppable rally, reaching record-high levels across the country. While this surge is a concern for retail buyers, investors holding gold are celebrating the rising value of their assets. The main reason behind this price spike is the ongoing sell-off in the equity market, prompting more people to turn to gold as a safe-haven investment.

Gold Rates in Chennai Today:

On Feb 24th , the pure gold or the 24, carat gold rates in Chennai soared by Rs. 100 per 10 grams to cost Rs. 80,550 per 10 grams. The 24-carat gold rates also surged by Rs. 100 per 10 grams to cost Rs. 87,870. The cheaper variant, or the 18-carat gold, now costs Rs. 66,250, which surged by Rs. 90 per gram.

Silver Prices in Chennai Today

Silver prices in Chennai today jumped by Rs.1000 per kilogram of silver, and the price per kilogram costs Rs. 1,08,000, and 100 grams of white metal currently stand at Rs. 10,800 which rose by Rs.100

Chennai Gold Rates Movement in the Last Five Days

Over the last five days, the gold prices in Chennai have been quite volatile with major gains and losses.

Spot Gold and Silver Price Update

As per the latest reroute report, "Spot gold traded at USD 2,925.63 per ounce, down 0.4%, as of 0204 GMT, after reaching a record high of USD 2,954.69 on Thursday. Meanwhile, U.S. gold futures slipped 0.5% to USD 2,939.30 per ounce. Similarly, spot silver edged down 0.4% to USD 32.42 per ounce, reflecting market fluctuations."

MCX Gold and Silver Futures Outlook

Gold on the Multi Commodity Exchange (MCX) has touched a record high once again after crossing the 86,000 mark. Gold futures, expected to mature on April 4, 2025, jumped by 0.07% to trade at Rs. 86,070. Meanwhile, silver futures, with an expiry date of March 5, 2025, declined this morning by 0.04%, trading at Rs. 96,160.

Expert Analysis of Gold and Silver Prices

According to the India Bullion and Jewelers Association, as featured in the Nirmal Bang securities report, "Gold headed for an eighth consecutive weekly advance on Friday on robust haven demand fueled by geopolitical and trade tensions. Bullion edged lower to about $2,926 an ounce on Friday but remains more than 1% higher this week, with trading marked by fast-rising holdings in bullion-backed exchange-traded funds. An eighth weekly increase would be the longest winning run since 2020. A Bloomberg tally of worldwide ETF holdings swelled to the highest since January 2024, with more than 16 tons added so far this week. That puts them on course for the biggest weekly influx since 2023, in tonnage terms. The precious metal hit a fresh peak on Thursday partly on fears that President Donald Trump could unwind American support for Ukraine. The US leader is preparing to meet with Russia's Vladimir Putin to negotiate a deal to end the war - a move that threatens to cut out Kyiv and its European allies. Gold has hit successive records this year, after climbing 27% in 2024, amid mounting concerns over Trump's disruptive trade and geopolitical agendas. Goldman Sachs Group Inc. this week raised its year-end target for the metal to $3,100 an ounce, saying central-bank buying would be a key driver. An additional lift for bullion has come from the US dollar. A gauge of the currency is set for a third straight weekly loss, boosting the metal's appeal for many buyers."