Festive Spark in Chennai Gold Prices; Rates Soar Across 22K, 24K, and 18K; Silver Joins the Rally

Gold prices in Chennai have climbed higher today compared to yesterday, due to a festive surge in demand coinciding with the celebration of Christmas.

Gold prices in Chennai today

22 carat gold rate in Chennai Today is currently priced at Rs, 71,000 which surged by Rs. 100 per 10 grams while the 24 carat gold rates in Chennai Is now priced at Rs. 77,450 after rising Rs. 100 per 10 grams. 16 carat gold rates in Chennai today is priced at Rs. 58,650 which rose by Rs.80 per 10 grams.

The modest rise was seen in higher weight quantities as well, 100 grams of 24-carat gold in Bangalore is now priced at Rs. 7,68,000, rising by Rs. 1000, while 100 grams of 22-carat gold is priced at Rs. 7,04,000, which rose by Rs. 1000.

Silver Prices in Chennai Today

Silver rates in Chennai today rose Rs.100 per kg and currently stand at Rs.99,000 Similarly, the price for 100 grams of silver costs Rs. 9,000 which roseRs.10.

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
24th December	Rs. 77,350	Rs. 70,900
23th December	Rs. 76,800	Rs. 70,400
20th December	Rs. 76,800	Rs. 70,400
19th December	Rs. 77,130	Rs. 70,700
18th December	Rs. 77,840	Rs. 71,350

Spot Gold and Spot Silver Rates

On the festive occasion of Christmas, the international gold market remains closed, with trading set to resume tomorrow. As of yesterday, spot gold prices closed at USD 2,616.45 per ounce, marking a slight gain of 0.03% while spot silver traded in red zone down by 0.20% closing at USD 29.62, according to data from GoldPrice.org.

Key Factors Influencing Gold Prices

One of the FXstreet reports stated that spot Gold prices remained steady near USD 2,610 per ounce on Tuesday, despite the continued rise of the US Dollar Index which has kept gold prices under pressure.

Meanwhile The Federal Reserve has indicated a shift toward fewer interest rate cuts in 2025. This hawkish stance diminishes gold's appeal as a hedge against low-interest environments, contributing to its recent stability rather than a significant rally.

US Treasury yields rose and added to gold's challenges further weighing on its prices.
Market participants are now turning their attention to key economic data like the Initial Jobless Claims and Nonfarm Payrolls for December which is expected in the first week of January which will provide critical insights into the labor market potentially putting further pressure on gold prices.