Gold Rate Today, Dec 1: 18K Gold Hits Rs. 1 Lakh Mark in Chennai & Hyderabad; Check 24K, 22K Gold Prices

Gold rates today saw a massive leap, coming very close to their October high. This is the third consecutive rise in gold prices in the last three days and the first increase this month. With this sharp jump, 18-karat gold prices have crossed Rs. 1 lakh per 10 grams for the first time in history, making it a challenging period for retail buyers in India. Jewellers say customers are becoming cautious about purchasing gold jewellery as gold rates in Chennai and Hyderabad continue to rise sharply during the peak wedding season.

Silver prices also soared to fresh record highs after climbing for six straight sessions. In just the last five days, the silver price has gained nearly Rs. 25,000 per kg.

Globally, however, spot gold prices edged slightly lower. According to Reuters, spot gold slipped 0.1% to $4,225.91 per ounce, even as the U.S. dollar fell to a two-week low, making dollar-denominated bullion cheaper for investors holding other currencies.

City-Wise Gold and Silver Rates on 1st December

Hyderabad Gold & Silver Prices

Chennai Gold Price and Silver Prices

MCX Gold & Silver Futures Performance

On the Multi Commodity Exchange, both gold and silver futures traded sharply higher on December 1st. As of noon, Gold December Futures were up by 0.76%, trading at Rs. 127,850 per 10 grams. Meanwhile, Silver December Futures rose even further by 1.12% to Rs. 173,566 per kg.

Gold Price Target Ahead

According to a report by Nirmal Bang Securities, "Gold prices are expected to rise. One can buy at 130000 with a stop loss of 129500. Prices are expected to test 130700-131200."

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade rangebound to slightly higher for the day, as silver prices jumped to a record, reinforcing a gain of nearly 6% in the previous session, when a trading outage added to ongoing supply tightness and rising expectations for an interest-rate cut in the US," the report further stated.

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