Gold Rates Crash Today In Hyderabad & Chennai After A Record High: How Much Value Has Vanished Overnight?

Following a day of reaching new highs, gold prices in Hyderabad and Chennai saw a significant fall today, July 24. In response to a combination of heightened geopolitical fears, a weak US dollar, and global economic uncertainty, 24K gold rose to a record high of around Rs 10,233 per gram on Wednesday (Rs 1,02,330 per 10 grams), while 22K gold reached an all-time high of Rs 9,380 per gram.

Gold & Silver Rates Today In Hyderabad & Chennai

Gold prices in Hyderabad and Chennai fallen sharply on Thursday, 24th July, In Hyderabad and Chennai 24k of 10 grams of gold dropped by Rs 1,360 to Rs 1,00,970 compared to Rs 1,02,330 yesterday, whereas in a similar vein, gold rates in Hyderabad and Chennai for 24k of 100 grams fell by Rs 13,600 overnight to Rs 10,09,700 which was Rs 10,23,300 on Wednesday.

Prices for 22k of 10 grams of gold in Hyderabad and Chennai have dropped by Rs 1,250 to Rs 92,550, from a record high of Rs 93,800 yesterday. In a similar vein, prices for 22k of 100 grams have fallen by Rs 12,500 to Rs 9,25,500 on Thursday from Rs 9,38,000 on Wednesday.

In Chennai, 18k of 10 grams of gold will cost Rs 76,250 today, down Rs 1,050 from yesterday's price of Rs 77,300. In contrast, 18k of 100 grams of gold will cost Rs 7,62,500 on Thursday, down Rs 7,73,000 on Wednesday, representing a cheaper price difference of Rs 10,500.

However, things are different in Hyderabad, where the price of 18 carat gold per 10 grams is Rs 75,730 today, down from Rs 76,750 yesterday, a substantial drop of Rs 1,020.

Today, silver costs Rs 128 per gram and Rs 1,28,000 per kilogram in Hyderabad and Chennai, compared to Rs 129 and Rs 1,29,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold saw a strong pullback in yesterday's trading session, giving up most of the gains from the prior session. It formed a Dark Cloud Cover pattern on the daily chart, which has bearish implications. Currently, support is placed at 99,090-98,500, while resistance is seen at 100,315. Traders can consider selling MCX Gold near 100,300 for a target of 99,090-98,500, as this level offers a favorable risk-reward setup. Any close above 100,600 will warrant a review of the current view," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range bound to slightly lower for the day; as gold prices held a decline as progress in talks between the US and key trading partners hurt demand for haven assets," commented the research analysts of Nirmal Bang Securities.

Disclaimer

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