Big Drop In Chennai Gold Prices On Nov 26: 22K, 24K, And Silver All See Losses; Silver Slips ₹2,500/Kg

Gold rates in Chennai today shed its value for the second consecutive day, dropping by almost Rs. 2000 in the last two days. The rising bond yield and US dollar index are fueling this dip in prices. A ceasefire in Lebanon between Hezbollah and Israel is causing major volatility in the gold prices in India and worldwide. This week's prime focus will be on the US core personal consumption data, US Q3 GDP data, and FOMC meeting outcomes.

Gold Price in Chennai today:

On 26th November, 24-carat gold rates in Chennai dropped by Rs. 1,310 per 10 grams to retail at Rs. 77,240, while the 22-carat gold prices slipped by Rs. 1,200 to cost Rs. 70,800. In a similar line, the cheaper variant of gold, 18 carat or 750 gold, is currently priced at Rs. 58,500, dipping by Rs. 900.

The drop in gold prices in Chennai is also seen in the bulkier quantities. 100 grams of 24-carat gold now costs Rs. 7,72,400, dipping by a massive Rs. 13,100. The 22-carat gold, or 916 variant, is priced at Rs. 7,08,000, which fell by Rs. 12,000.

Silver Prices in Chennai on 26 Nov

White metal rates in Chennai also observed a decline in price for the second day. Today 1 kg of silver costs Rs. 98,000 after dropping Rs. 2,500. Similarly, 100 grams of silver is also down by Rs. 250, which is now priced at Rs. 9800.

Chennai Gold Price Movement in the Last Five Days

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

Dates	24-carat/10g	22 carat/10g
25 November	Rs. 78,550	Rs. 72,000
24 November	Rs. 79,640	Rs. 73,000
23 November	Rs. 79,640	Rs. 73,000
22 November	Rs. 78,820	Rs. 72,250
21 November	Rs. 77,950	Rs. 71,145

Spot gold and spot silver rates in the global market

According to the latest reports from Reuters, at around 02:59 GMT, spot silver remained unchanged at $30.29 per ounce. Spot gold also held steady at $2,625.48 per ounce after briefly reaching its lowest level since November 18 earlier in the session. U.S. gold futures saw a slight increase, rising by 0.3% to $2,625.80.

Key Reasons for this Drop in Gold Prices

Last week, the bullion market saw a huge rally in gold prices to which most of the retail sellers in India observed a sudden demand for gold as per reports. The sky-high prices stopped buyers from making their gold purchases. However, this decline coming now will push both buyers and investors towards gold.

Globally, the US dollar bounced back to positive territory, weighing heavily on gold. Spot gold prices are now off their two-week high range after huge profit booking was observed yesterday, which led to gold's decline. Investors are now focusing on the U.S. consumer confidence data and the Fed's November meeting scheduled later today for more clarity on gold prices.