Chennai Gold Rate Update: Minor Decline in Gold Prices, Silver Holds Steady on Nov 9

Gold rates in Chennai have experienced a slight decline today, following a surge in prices yesterday. The market initially responded positively to the Federal Reserve's 25 bps rate cut, which supported gold. However, the decline in Chennai gold prices was seen after Trump's election win, which strengthened the U.S. dollar and put downward pressure on the yellow metal.

On November 9th, the 24 carat gold price in Chennai dropped by Rs. 110 per 10 grams to cost Rs. 79,360/-, and the 22 carat gold slipped by Rs. 100 per 10 grams to settle at Rs. 72,750. Similarly, the 18-carat gold price slipped by Rs 50 today and is currently priced at Rs. 59,950/- per 10 grams.

The higher weight category is currently priced at Rs. 7,93,600 per 100 grams of 24-carat gold, which decreased by Rs. 1100, and Rs. 7,27,500 per 100 grams of 22-carat gold, which fell by Rs. 1000.

Gold & Silver Performance This Week:

Rahul Kalantri, VP Commodities, Mehta Equities, said, "Gold and silver prices rebounded from one-month lows the previous day following interest rate cuts by both the U.S. Federal Reserve and the Bank of England. The Fed reduced rates by 25 basis points, a move mirrored by the Bank of England, which provided support to bullion prices. The dollar index and U.S. 10-year bond yields eased from four-month highs after the Fed's monetary policy meeting, further boosting gold and silver. In his statement, the Fed Chairman indicated that Donald Trump's election victory would not have an immediate impact on economic policies. The Fed will continue to monitor inflation and employment data to guide future monetary easing measures. Gold is expected to find support at $2,674-$2,655, with resistance at $2,718-$2,735. Silver has support levels at $31.64-$31.50 and resistance between $32.22-$32.45. In Indian rupees, gold has support at₹77,220-₹76,950, with resistance at₹77,880-₹78,160. Silver support lies at ₹91,680-₹90,850, while resistance is seen between ₹92,840-₹93,380.

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	₹ 79,360	₹ 72,900
Mumbai	₹ 78,360	₹ 72,750
Bangalore	₹ 78,360	₹ 72,750
Kolkata	₹ 78,360	₹ 72,750

Silver Prices in Chennai: No Movement on November 9

No major changes were observed in silver prices in Chennai on November 9, 2024. The prices have remained stable following the sharp drop seen earlier in the week as the market is currently maintaining its position. As of today, the silver rate per kilogram is Rs. 1,03,000, while the price for 100 grams of silver stands at Rs. 10,300.

Gold and Silver Futures on MCX

Gold futures for December 5th delivery closed on Friday at Rs. 77,292 per 10 grams, rising 0.03%. While the silver futures for the December 5th expiry ended the session at Rs. 91,270 per kg.

Spot Gold and Silver Rates: Global Market Impact

According to the recent Reuters report, gold prices experienced a decline on Friday, marking their largest weekly drop in over five months. The retreat was driven by a stronger U.S. dollar and the market's absorption of the implications following Donald Trump's election victory. Spot gold dropped by 0.8%, reaching $2,684.03 per ounce by 18:40 GMT, resulting in a 1.8% decline for the week. Similarly, U.S. gold futures settled 0.4% lower at $2,694.80. Other precious metals also saw losses, with spot silver falling 2.4% to $31.22 per ounce. Additionally, the Federal Reserve cut interest rates by 25 basis points on Thursday, though Fed Chairman Jerome Powell stated that the election results would have no "near-term" impact on the central bank's monetary policy.