Gold Rates In Chennai Decline Before Dhanteras: 22K/100 Grams Gold Falls By Rs 4,500; Silver Steady

Chennai gold price today is experiencing a significant drop across all purities of gold, largely driven by a stronger U.S. dollar, as investors look ahead for fresh indicators on the Federal Reserve's upcoming monetary policy stance. This decline in prices, arriving just before the festive celebration of Dhanteras, presents an advantageous moment for buyers who have been facing higher prices in recent months. With gold rates easing, the current dip provides a welcomed respite, making it an ideal time for buyers in Chennai to make the most of this festive season.

Gold rates in Chennai on 28th October for 24-carat gold dropped by Rs.490/- and are currently priced at Rs. 79,800/- per 10 grams, while 22-carat gold plunged Rs. 450/- per 10 grams to reach at Rs. 73,150/-. Similarly, the 18-carat gold price in Chennai today declined by Rs.370/- and is presently at Rs. 59,850/- per 10 grams.

For those buying in larger quantities, the price of 100 grams of 24-carat gold decreased by Rs. 4,900/- , bringing it to Rs.7,98,000. Similarly, the 100-gram price of 22-carat gold dropped down by Rs.4,500, now valued at Rs 7,31,500.

What's Driving Gold Downward?

Buyer sentiment currently remains strong as the entire country prepares for the Dhanteras festival tomorrow and Diwali on October 31. It's well-known that demand typically tends to surge during this time of year. However, the recent drop in prices might indicate potential lower sales due to the high prices previously seen. Meanwhile, silver prices have remained stable, showing no movement in the last few days.

On the international front, according to a report from FXStreet, the U.S. dollar has continued its recent upward trend, reaching its highest level since July 30. The 10-year U.S. treasury bond is close to a three-month high, which is supporting the U.S. dollar and putting pressure on gold prices. Additionally, the macroeconomic releases from the U.S. on Friday contributed to a series of positive data, suggesting that the economy is on solid ground and reinforcing market expectations for smaller rate cuts from the Federal Reserve, which will provide a directional push to Gold prices.

Gold Rates In Other Major Cities In India:

Cities	24 carat	22 carat
Delhi	₹ 79,950	₹ 73,300
Mumbai	₹ 79,800	₹ 73,150
Bangalore	₹ 79,800	₹ 73,150
Kolkata	₹ 79,800	₹ 73,150

Chennai Silver Rates On October 28th

1 kilogram silver rate in Chennai remained steady and has seen no price movements in the last three days and is currently standing at 1,07,000. Similarly, the price for 100 grams of silver also remained steady at Rs. 10,700. On the Multi Commodity Exchange, the silver futures maturing December 5th are trading at Rs. 96,721 down by Rs. 413 or 0.43%.

Spot Gold And Silver Rates Today

According to Reuters, "Spot gold has experienced a decline of 0.4%, bringing its price down to $2,735.47 per ounce as of 05:27 GMT. This follows a record high of $2,758.37 that the bullion reached last Wednesday. In addition to gold, spot silver also saw a decrease, falling by over 1% to $33.35 per ounce. Furthermore, U.S. gold futures have dropped by 0.3%, now trading at $2,747.70"