Gold Price In Chennai Falls, Aug 22: 24K/100 Grams Yellow Metal Prices Dip By Rs 3300

The U.S. Federal Reserve's July meeting minutes showed a significant tendency towards an interest rate cut in September, which caused gold prices to trade poorly on Thursday. In anticipation of Fed Chair Jerome Powell's speech at the upcoming Jackson Hole symposium, investors are now keeping a close eye on gold prices in Chennai, where 22-karat gold is currently trading for Rs 6,680 per gramme and 24-karat gold for Rs 7,287. Since the beginning of the year, Chennai's gold prices have been rising steadily, starting at Rs 6,123. In Chennai, the price of ten grams of 22k gold reached Rs 66,800 today, down from Rs 67,100, or a drop of Rs 300.

While 100 grams of 22k gold in Chennai is priced at Rs 6,68,000 which was Rs 6,71,000 representing a cheaper rate by Rs 3000. However, 24 kf 10 grams of gold costs Rs 72,870 in Chennai today compared to Rs 73,200 yesterday, a savings of Rs 330. In Chennai, the price of 100 grams of 24 carat gold is Rs 7,28,700 today, down from Rs 7,32,000 yesterday-a reduction of Rs 3,300.

Investor attention will be focused on the US weekly unemployment claims data as well as the preliminary manufacturing and services PMI from the majority of countries today. Governor Powell's keynote address at the Jackson Hole conference on Friday is expected to have an influence on gold rates and will be a focus of attention for the market.

Silver Rates In Chennai Today

In Chennai, a gramme of silver currently costs Rs 92, while a kilogramme of silver costs Rs 92,000. Chennai's silver prices tend to be growing, with a 0.33% jump so far in August. In August, the price of silver fluctuated between Rs 91,700 and Rs 92,000 in Chennai. The highest silver rates in Chennai recorded at Rs.92,000 on August 20 while the cheapest silver price in Chennai recorded at Rs.86,500 on August 8.

MCX Gold Outlook

"Technically, the domestic yellow metal MCX (October Contract) gold traded in tight range ahead of Fed minutes and closed with formation of doji kind of candle on daily chart suggesting consolidation may continue. On the higher side the resistance at 72400-850/73190-73670 levels. On the downside, the support for the MCX Gold is seen at 71470/70840-610/69440/68850-240/67940-700 levels. Technically the short trend on GOLD is likely to remain consolidation mode with positive bias and traders are advised to trade with strict stoploss as volatility may remain high," said Way2Wealth Brokers Private Limited in a note.