Gold Rates Today In Chennai & Hyderabad Fall Again In Just 24 Hrs: How Much Can You Save On 14th May?

The domestic gold market saw a steep decline on Wednesday, May 14, driven by an ease in global turmoil. Gold is now in a correction phase as global concerns are driving investors towards safer assets, softening U.S.-China trade tensions, and weakening dollar, but it still serves as an essential hedge against currency volatility and geopolitical risks. Gold has dropped below $3,250 an ounce on the global market as investors focus on U.S. economic data, such as retail sales and the CPI, which could influence Fed policy.

Gold & Silver Rates In Chennai & Hyderabad Today On Wednesday, 14th May

Gold currently costs Rs 9,606 per gram for 24 carat gold and Rs 8,805 per gram for 22 carat gold in Hyderabad and Chennai. The price of gold in Hyderabad and Chennai on Wednesday was Rs 88,050 as opposed to Rs 88,550 for 22k of 10 grams on Tuesday, which represents a Rs 500 price decline. On Wednesday, the price of gold in Hyderabad and Chennai appeared Rs 8,80,500 as opposed to Rs 8,85,500 yesterday, which represents a price savings of Rs 5,000 on 22k of 100 grams.

The current price of 24 carat gold per 10 grams in Hyderabad and Chennai is Rs 96,060, down from Rs 96,600 yesterday, which represents a price drop of Rs 540. Meanwhile, the current price of 24 carat gold per 100 grams in Hyderabad and Chennai is Rs 9,60,600, down from Rs 9,66,000 on Tuesday, indicating a savings of Rs 5,400 for customers.

The price of 18k of 10 grams of gold in Hyderabad will be Rs 72,040 on Wednesday, down Rs 410 from Rs 72,450 on Tuesday. Meanwhile, the price of 18k of 100 gms of gold will be Rs 7,20,400 on Wednesday, dropping Rs 4,100 from Rs 7,24,500 on Tuesday. Chennai's 18 carat gold rate per 10 grams is Rs 72,550 today, down Rs 400 from yesterday's price of Rs 72,950. Meanwhile, Chennai's 18 carat gold rate per 100 grams dropped Rs 4,000 from Rs 7,29,500 on Tuesday to Rs 7,25,500 on Wednesday.

The price of silver in Hyderabad and Chennai today is flat at Rs 109 per gram and Rs 1,09,000 per kilogram.

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MCX Gold Outlook Today

"On the technical front, MCX Gold has breached its 20 EMA support on the daily chart and is trading well below this level. MCX Gold has witnessed selling on increased volumes in recent trading sessions. It has also breached the 10 and 20 EMA supports multiple times in the recent past. A double top pattern has formed on the daily chart. Any successful breakdown could increase selling pressure in MCX Gold. Support is placed at 92,300, while resistance is seen at the 94,900-97,200 levels," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading 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 small gain after US inflation data came in weaker-than-expected, spurring traders to shore up bets on interest rate cuts by the Federal Reserve," highlighted the research analysts of Nirmal Bang Securities.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.