Gold On Fire In South India Today, 23rd Dec: Massive Rally Sends Prices Soaring In Chennai, Hyderabad & Vizag

Today, December 23, gold prices are skyrocketing throughout South India as the bullion market rises sharply, bringing rates close to record highs in major cities including Chennai, Hyderabad, and Visakhapatnam (Vizag). This unfolded after significant central bank buying and ETF inflows drove spot gold prices to a record above $4,400/oz on the global market due to anticipation of US rate cut and growing geopolitical concerns.

Gold Rates Today In Chennai

Today, the price of gold in Chennai climbed to Rs 10,650 per gram for 18 carat gold, Rs 12,770 per gram for 22 carat gold, and Rs 13,931 per gram for 24 carat gold.

The price of 24K of 10 grams of gold in Chennai jumped by Rs 2,180 to Rs 1,39,310 today from Rs 1,37,130 yesterday. Similarly, the price of 24K of 100 grams of gold in Chennai jumped by Rs 21,800 from Rs 13,71,300 on Monday to Rs 13,93,100 on Tuesday.

Gold rates in Chennai today for 22k of 10 grams reached Rs 1,27,700, which was Rs 1,25,700 yesterday, representing a price jump of Rs 2,000, hence 22k of 100 grams of gold rates in Chennai on Tuesday reached Rs 12,77,000 after jumping by Rs 20,000 from Rs 12,57,000 on Monday.

The price of 18k of 10 grams of gold in Chennai climbed by Rs 1,600 from Rs 1,04,900 yesterday to Rs 1,06,500 today. As a result, the price of 18k of 100 grams of gold in Chennai on Tuesday reached Rs 10,65,000 after rising by Rs 16,000 from Rs 10,49,000 on Monday.

Gold Rates In Hyderabad Today

Today, the price of gold in Hyderabad surged to Rs 10,391 per gram for 18 carat gold, Rs 12,700 per gram for 22 carat gold, and Rs 13,855 per gram for 24 carat gold.

Gold rates in Hyderabad today for 24k of 10 grams reached Rs 1,38,550, which was Rs 1,36,150 yesterday, representing a price surge of Rs 2,400. Hence, 24k of 100 grams of gold in Hyderabad on Tuesday reached Rs 13,85,500, which was Rs 13,61,500 on Monday, representing a price surge of Rs 24,000 overnight.

The price of 22k of 10 grams of gold in Hyderabad went up by Rs 2,200 to Rs 1,27,000 today from Rs 1,24,800 yesterday. In contrast, the price of 22k of 100 grams of gold in Hyderabad climbed by Rs 22,000 overnight on Tuesday from Rs 12,70,000 to Rs 12,48,000 on Monday.

The price of 18k of 10 grams of gold in Hyderabad went up by Rs 1,800 from Rs 1,02,110 yesterday to Rs 1,03,910 today. As a result, the price of 18k of 100 grams of gold jumped by Rs 18,000 from Rs 10,21,100 on Monday to Rs 10,39,100 on Tuesday.

Gold Rates In Visakhapatnam Today

Today, the price of gold in Visakhapatnam surged to Rs 10,391 per gram for 18 carat gold, Rs 12,700 per gram for 22 carat gold, and Rs 13,855 per gram for 24 carat gold.

Today, 24k of 10 grams of gold rates on Vizag reached Rs 1,38,550, which was Rs 1,36,150 yesterday, indicating a price rise of Rs 2,400. Similarly, on Tuesday, 24k of 100 grams of gold rates in Vizag reached Rs 13,85,500, which was Rs 13,61,500 on Monday, indicating an overnight price spike of Rs 24,000.

Gold rates today in Vizag reached Rs 1,27,000 for 22k of 10 grams compared to Rs 1,24,800 yesterday, representing a price jump of Rs 2,200. 22k of 100 grams of gold surged by Rs 22,000 to reach Rs 12,70,000 on Tuesday, which was Rs 12,48,000 on Monday.

Gold prices in Vizag reached Rs 1,03,910 on Tuesday for 18k of 10 grams, which was Rs 1,02,110 on Monday, indicating a price increase of Rs 1,800. As a result, the price of 18k of 100 grams of gold today was Rs 10,39,100, which was Rs 10,21,100 yesterday, indicating a significant overnight price jump of Rs 18,000.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to remain in an uptrend and consistently trades above the short-term 10- and 20-DEMA lines, keeping the trend positive and momentum strong. In yesterday's session, it broke out above a five-day consolidation range, further strengthening the momentum. We expect the positive momentum to continue going forward. Immediate support is placed at 135,700-134,900, while resistance is seen at 139,150-141,350. Since the overall trend is bullish, traders can consider buying MCX Gold near 135,700 for a target of 139,150-141,350. Any sustained weakness below 134,800 would warrant a review of the current view," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Rates Fundamental Outlook Today

"Gold and silver prices are trading higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day; as gold prices rose to an all-time high on Tuesday - the 50th day it's broken records this year - as investors weighed escalating geopolitical tensions and the prospects for more US rate cuts. Silver also advanced to a record," commented the research analysts of Nirmal Bang Securities.

Spot Gold Prediction Today

"Spot Gold is expected to trade higher and move towards $4500 per ounce on weaker dollar and growing prospects of more rate cuts from US Federal Reserve. As per the CME Few-watch tool March rate cut probability has gone above 45%, whereas January rate cut probability held near 20%," commented the technical research analysts of ICICI Securities.

"Further, expectation of moderation in US GDP numbers and sluggish growth in US labor market would force Fed members to support loose monetary policy. For the day, spot gold is likely to hold support at $4430 and move higher towards $4500 per ounce. Only a move above $4500 per ounce it would rise towards $4550 per ounce," they further added.

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