Gold Rates Down Today in Chennai, Hyderabad: Check Updated 24k, 22k, 18k Gold & Silver Prices for Nov 17

Gold prices in Hyderabad & Chennai today dropped slightly as the week began. Gold rates have been dropping over the past three sessions, and now the 24-carat gold is now 3% down. The continuous fall in gold price has sparked interest among customers looking to invest or buy jewellery for the upcoming wedding season.

Meanwhile, global gold prices moved upward as investors are awaiting key U.S. macroeconomic data, including inflation and employment reports, along with the outcome of the Federal Reserve's policy meeting, which is expected to have an impact on gold prices.

Gold rate in Chennai today

As of 17th November, the 22-carat gold rates in Chennai fell slightly by Rs. 100 to cost Rs. 115,400 per 10 grams, while the 24-carat gold rates dropped Rs. 110 per 10 grams to stand at Rs. 125,890 per 10 grams. Similarly, the 18-carat gold rates in Chennai declined by Rs. 150 to cost Rs. 96,250 per 10 grams.

Similarly, 100 grams of 24-carat gold rates are now priced at Rs 12,58,900, while 22-carat gold costs Rs 11,54,000. The 18-carat gold rates in Chennai currently retail at Rs. 962,500.

Gold Rate in Hyderabad

Just like in Chennai, gold prices in Hyderabad also fell slightly. The 22-carat gold rate dropped by Rs. 100 and is now priced at Rs. 114,550 per 10 grams. The 24-carat gold rate also declined by Rs. 110, bringing the price to Rs. 124,970 per 10 grams. Similarly, 18-carat gold in Chennai fell by Rs. 80 and now costs Rs. 93,730 per 10 grams.

Gold Price Outlook In the Near Term

"Gold prices dipped below $4,100 per ounce on Friday but remained on track for a nearly 3% weekly gain, with uncertainty persisting due to a major backlog of US economic data following the historic government shutdown. On the technical front, MCX gold saw a sharp decline in Friday's trading session. The yellow metal witnessed a strong pullback toward the short-term 10 and 20 DEMA lines in yesterday's session, coming immediately after the formation of a bearish inverted hammer candlestick pattern. With Friday's price action, the daily trend and momentum have weakened. Immediate support is placed at 123000, while resistance is positioned at 124000-127000." as per analyst from Way To Wealth.

Silver Prices Today in Hyderabad

Following gold's path, silver prices today in Hyderabad fell for the second consecutive time by Rs. 2000 to Rs. 173,000. Meanwhile, 100 grams of silver is currently priced at Rs 17,300 across India.

Silver Price in Chennai Today

While the metal rate in Chennai is correcting from the last three days and has fallen by Rs. 10,000. As of today, silver prices in Chennai are trading at Rs. 173,000 after dropping by Rs. 2,000.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange, Gold December Futures fell by 0.68% to Rs 122,717 per 10 grams. The Silver September Futures dropped today by 0.65% to Rs 155,000 per kg on November 17.

Spot Gold and Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold was up 0.1% at $4,083.92 per ounce as of 0256 GMT. U.S. gold futures for December delivery eased 0.2% to $4,085.30 per ounce. Spot silver rose 0.8% to $50.96 per ounce."

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