Gold Prices Surge In Chennai, Aug 28: Yellow Metal Rises As Prices Near Record High In Aug

Today's Gold Rate In Chennai: Chennai's gold prices rose sharply today in anticipation of key inflation data later this week, according to prospective investors. The price of 10 grams of 22k gold climbed by Rs 210 today in Chennai to Rs 67,150, from Rs 66,940 yesterday, as investors awaited key U.S. inflation data that might confirm predictions of a Federal Reserve rate cut. In Chennai, the cost of 22-karat gold is now Rs 6,715 per gramme, while 24-karat gold is priced at Rs 7,325 per gramme. 100 grams of 22k gold price surged by Rs 2,100 to Rs 6,71,500 which was Rs 6,69,400 yesterday.

24k of 10 grams of gold costs Rs 55,000 in Chennai today compared to Rs 54,770 yesterday, indicating a rise of Rs 230. Similarly, 24k of 100 grams of gold rates in Chennai is Rs 5,50,000 today compared to Rs 5,47,700 on Tuesday, indicating a spike of Rs 2,300.

Silver Rates In Chennai Today

Today's prices in Chennai for silver are Rs 93.50 per gramme and Rs 93,500 per kilogramme. In fact, because of the strong demand, silver prices have risen to about $15 per ounce in foreign markets. On Tuesday, MCX Silver closed 0.01 per cent down at Rs. 85658/kg, while spot silver settled 0.30 per cent higher at 30.0 per ounce.

Silver Price Prediction

"Spot silver is hovering near the $30.00. A sustained move above $30.00 would open the doors towards $30.80. MCX Silver September is expected to hold the support near 84,500 and rise back towards 86,400," said ICICI Direct Research in a note.

Spot Gold Outlook

"Spot gold is expected to hold above $2500 and move towards $2535 amid loose monetary policy from major central banks and increasing geopolitical risk. Dovish comments from the Fed members and ECB members is providing enough strength to prices. Further, weaker economic numbers from US would support the bullions to trade higher. Moreover, investors will eye on key US prelim GDP and PCE price index data to get more clues. Additionally, increasing inflows into the gold ETFs and rising net longs in the futures would strengthen the yellow metal to trade higher," the brokerage firm ICICI Direct Research commented.

Gold Price Prediction

"MCX Gold Oct is trading above the bullish crossover of 10 and 20-day EMA. Prices are expected to hold the support near 71,700 and rise towards 72,300. Only above 72,300 it would open the doors towards 72,800," ICICI Direct Research highlighted.

"The market's focus is on the upcoming Personal Consumption Expenditures (PCE) report, the Federal Reserve's preferred inflation measure, which could influence the scale of a likely rate cut next month. With bullion holding above the critical $2,500 per-ounce mark, gold is on track for its best performance since 2020, buoyed by optimism surrounding potential U.S. rate cuts and ongoing geopolitical tensions in the Middle East," the research team of Angel One said.

MCX Gold Trend

"Technically, the domestic yellow metal MCX (October Contract) gold witnessed buying pressure and closed with the formation of a small bullish kind of candle on the daily chart suggesting consolidation with positive bias may continue. On the higher side the resistance at 72480/72670- 850/73190-73670 levels. On the downside, the support for the MCX Gold is seen at 70610/69440/68850- 240/67940-700 levels. Technically the short-term trend on GOLD is likely to remain positive and traders are advised to trade with strict stoploss as middle tensions would weigh on yellow metal markets," Way2Wealth Brokers Private said.