Gold Rates In Chennai Crashed, But Gold Prices Jump In Bengaluru, Hyderabad: Latest 24K, 22K, 18K Gold Prices

Gold rates in India recorded a swift jump on December 5, with 100 grams of gold rising by Rs 2,700 and 10 grams up by Rs 270 in 24 carat. However, this was not the case with gold prices in major metro cities in southern India. On Friday, gold rates in Chennai crashed but rallied in cities like Hyderabad and Bengaluru. On the other hand, silver rates in these cities tumbled sharply by Rs 4,000 each in 1Kg. The performance in precious metals is when RBI cut the key policy repo rate by 25 basis points.

Gold Rates In Chennai:

24 carat gold price dropped by Rs 220 to Rs 1,30,910 per 10 grams, plunged by Rs 2,200 to Rs 13,09,100 per 100 grams, slipped by Rs 176 to Rs 1,04,728 per 8 grams, and was down by Rs 22 to Rs 13,091 per 1 gram.

Meanwhile, 22 carat gold rate declined by Rs 200 to Rs 1,20,000 per 10 grams, plunged by Rs 2,000 to Rs 12,00,000 per 100 grams, contracted by Rs 160 to Rs 96,000 per 8 grams, and was lower by Rs 20 to Rs 12,000 per 1 gram.

Further, 18 carat gold in 10 grams tumbled by Rs 100 to Rs 1,00,150, and even plummeted by Rs 1,000 to Rs 10,01,500 per 100 grams. Also, 8 grams gold dipped by Rs 80 to Rs 80,120 and 1 gram gold is lower by Rs 10 to Rs 10,015.

Gold Rates In Bengaluru:

On the other hand, 24 carat gold price in Bengaluru jumped by Rs 270 to Rs 1,29,930 per 10 grams, climbed by Rs 2,700 to Rs 12,99,300 per 100 grams, was higher by Rs 216 to Rs 1,03,944 per 8 grams, and lastly gained by Rs 27 to Rs 12,993 per 1 gram.

In case of 22 carat in the city, 10 grams gold price zoomed by Rs 250 to Rs 1,19,100, 100 grams gold surged by Rs 2,500 to Rs 11,91,000, 8 grams gold rose by Rs 200 to Rs 95,280, and lastly 1 gram gold price edged higher by Rs 25 to Rs 11,910.

Under 18 carat, gold prices are up by Rs 210 to Rs 97,450 per 10 grams, expensive by Rs 2,100 to Rs 9,74,500 per 100 grams, higher by Rs 168 to Rs 77,960 per 8 grams, and inched up by Rs 21 to Rs 9,745 per 1 gram.

Gold Rates In Hyderabad:

Gold prices in Hyderabad are same as Bengaluru. Hence, 24 carat gold price in Hyderabad jumped by Rs 270 to Rs 1,29,930 per 10 grams, climbed by Rs 2,700 to Rs 12,99,300 per 100 grams, was higher by Rs 216 to Rs 1,03,944 per 8 grams, and lastly gained by Rs 27 to Rs 12,993 per 1 gram.

While the 22 carat gold price zoomed by Rs 250 to Rs 1,19,100 per 10 gram. Also, the price of 100 grams gold surged by Rs 2,500 to Rs 11,91,000, 8 grams gold rose by Rs 200 to Rs 95,280, and lastly 1 gram gold price edged higher by Rs 25 to Rs 11,910.

Lastly, the price of 18 carat gold is up by Rs 210 to Rs 97,450 per 10 grams, surged by Rs 2,100 to Rs 9,74,500 per 100 grams, higher by Rs 168 to Rs 77,960 per 8 grams, and inched up by Rs 21 to Rs 9,745 per 1 gram.

Despite the latest fall, gold rates in Chennai is still expensive than gold in Bangalore and Hyderabad.

Silver Rates In Bangalore Vs Silver Rates In Chennai Vs Silver Rates In Hyderabad:

Amidst the latest decline, silver is cheaper in Bengaluru than compared to Chennai and Hyderabad.

In Bengaluru, 1Kg silver price dropped by Rs 4,000 to Rs 1,87,000 on December 5.

On the contrary, in Chennai and Hyderabad, 1Kg silver rate plunged by Rs 4,000 to Rs 1,96,000.

What Is Impacting Gold & Silver Prices?

As per Rahul Kalantri, VP Commodities, Mehta Equities , gold firmed while silver dipped on Thursday after positive U.S. jobless claims data. Silver saw mild profit-booking from short-term futures traders as part of a routine pullback within its broader uptrend, ahead of the September PCE data, which is expected to shape expectations for monetary easing. Weak labour market indicators - including a sharper-than-expected drop in ADP payrolls and elevated layoffs - increased the likelihood of a rate cut at the upcoming FOMC meeting, with market odds now nearing 87%.

Looking ahead, Kalantri added, "A stronger rupee also exerted additional pressure on precious metals. Gold has support at $4165-4135 while resistance at $4260-4295. Silver has support at $56.40-55.85 while resistance is at $57.75-58.25. In INR gold has support at Rs1,29,350-1,28,650 while resistance at Rs1,30,750-1,31,200. Silver has support at Rs1,76,750-1,75,200 while resistance at Rs1,79,210, 1,80,300."

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