Chennai Gold Rate Falls Sharply on Nov 24; Check Latest 24K, 22K, 18K Gold Prices as Silver Rate Also Drops

Gold prices in Chennai fell sharply today as the new week began, after remaining largely flat last week. The yellow metal gained only 0.77% in the previous trading week, with frequent ups and downs keeping the movement limited. Currently, gold rates are well below their recent record highs, making it a favourable time for buyers looking to purchase gold and silver jewellery. Silver prices are also down nearly 16% from the October peak, when they had crossed the Rs. 2 lakh per kg mark.

Demand for gold and silver jewellery remains strong, and this decline in the gold rate in Chennai is seen as a welcome relief for buyers planning festive or investment purchases of jewellery, coins, and bars. On the global front, spot gold slipped 0.4% as expectations of a possible U.S. Federal Reserve rate cut next month weakened, putting pressure on precious metal prices. Meanwhile, the US dollar continues to strengthen, adding further weight to international gold markets.

Chennai Gold Price

On 24th November, the 22-carat gold rate in Chennai slipped by Rs. 1100 to Rs. 115,200, and the 24-carat gold price fell by Rs. 1210 to Rs. 125,670 per 10 grams. Meanwhile, 18-carat gold rates in Chennai also dropped by Rs. 900 to cost Rs. 96,100 per 10 grams.

Gold Price Target Ahead

"Better-than-expected U.S. jobs data has strengthened predictions that the Federal Reserve would not lower interest rates at its December meeting, which has caused precious metals to trade mutely. The highly anticipated U.S. Labour Department report, which was postponed due to the federal government shutdown, revealed that nonfarm payrolls climbed by 119,000 in September, more than twice the projected gain of 50,000," said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd, President of the India Bullion and Jewellers Association Ltd and Chairman at the Jain International Trade Organisation.

"Gold has been trading in the range of $4000 (~Rs 121,000) and $4150 (~Rs 125,000). Buy on dips around support and sell on rallies around resistance. Silver has been trading in the range of $49 (~Rs 150,000) to $53 (~Rs 160,000). Buy on dips around support and sell on rallies around resistance," he further added.

Silver Prices in Chennai Today

Silver prices in Chennai today also tumbled after being stable yesterday. Silver is currently priced at Rs. 171,000 after falling by Rs. 1000, while 100 grams of silver costs Rs. 17,100.

MCX Gold & Silver Futures Performance

On the Multi Commodity Exchange (MCX), both gold and silver futures traded sharply lower on November 24. As of 11:50 AM, Gold December Futures were down by 1.07%, trading at Rs. 122,858 per 10 grams. Meanwhile, Silver December Futures slipped even further, falling 0.70% to Rs. 153,079 per kg.

Spot Gold and Silver Spot Rates

As per Reuters, "Spot gold was down 0.4% at $4,045.58 per ounce as of 0536 GMT. U.S. gold futures for December delivery fell 0.9% to $4,042.50 per ounce. Spot silver was down 0.1% at $49.95 per ounce."

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.