Chennai Gold Rate Today: 24 Carat Yellow Metal Down By Rs. 6000/100g; Silver down Rs.1000/Kg

Chennai gold prices began the week on a negative note with a major correction as the US dollar continues to gain strength after the announcement of US election results last week. As the spot gold is currently losing its value as investors await more updates from the Fed, which recently reduced the interest rate to 25 bps, which gave a short-term push to the gold prices.

The 22-carat gold price in Chennai today dropped by Rs. 550 per 10 grams to cost Rs. 72,200, while the 24-carat gold slipped by Rs 600 per 10 grams to retail at Rs. 78,760. The drop was seen in higher Weight quantities as well, 24 carat gold per 100 gram dropped by Rs. 6000 to settle at Rs. 7,87,600 and 22 carat shed Rs. 5,500 to cost Rs. 7,22,000.

Factors Affecting Gold Market Fluctuations:

The current market trend suggests that gold is undergoing a short-term correction due to fluctuations in the global markets. Domestically, the festive season previously provided a significant boost to gold prices, but this momentum is now reversing as demand has decreased this week. Without any major domestic triggers, gold prices are likely to be influenced by global market movements.

The rising value of the dollar is a key factor contributing to the decline in gold prices. Additionally, the Federal Reserve's recent decision to reduce interest rates by 25 basis points was well-received by investors. The market is now awaiting further statements from the Fed for any additional hints on the future direction of interest rates.

Gold Prices In Other Major Indian Cities

The price drop seen in Chennai is mirrored in other major cities across India. Here are the latest gold prices in India.

Cities	24 carat	22 carat
Delhi	₹ 78,910	₹ 72,350
Mumbai	₹ 78,760	₹ 72,200
Bangalore	₹ 78,760	₹ 72,200
Kolkata	₹ 78,760	₹ 72,200

Major Drop In Silver Prices In Chennai:

1 kg silver rates in Chennai slipped by Rs. 1000 and are currently priced at Rs. . 1,02,000. Similarly 100 g silver price in Chennai has also fallen by Rs 100 to cost Rs.10,200. Due to market fluctuation recently, silver prices are undergoing correction in both bulk and smaller quantities of the white metal.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for December 5th delivery are currently trading in the red, down by 0.64%, at Rs. 76,795 per 10 grams. Similarly, silver futures for the December 5th expiry are also facing a decline, down by 0.33%, trading at Rs. 95,121.

Spot Gold And Silver Rates In The Global market

According to a recent update by Reuters, gold prices experienced their worst week in over five months, closing lower on Friday. The decline in prices came amid concerns surrounding Donald Trump's victory in the U.S. presidential election, which has raised the possibility of higher tariffs, potentially keeping interest rates elevated for an extended period. As of 04:57 GMT, spot gold dropped by 0.5%, trading at $2,671.49 per ounce, while U.S. gold futures fell by 0.6%, settling at $2,678.50. In addition, spot silver saw a 0.4% decline, reaching $31.16 per ounce.