Gold Rate Crashes By Rs 8,700 In Chennai, Drops Rs 7,100 In Hyderabad, Bengaluru; 24K, 22K, 18K Gold Prices

Gold rates in India witnessed a sharp decline for the first time in ten days. On December 29, gold rates dropped across 24 carat, 22 carat, and 18 carat. This comes after gold crossed the Rs 1.42 lakh mark in 10 grams and touched back-to-back new record highs. A similar trend is seen in silver rates in India, as they pull away from their new all-time high of Rs 2.85 lakh. Among the major cities, gold rates crashed the most in Chennai, by Rs 8,700 in 100 grams and Rs 870 in 10 grams. On the other hand, gold dipped by Rs 710 to Rs 7,100 in its neighboring cities like Bengaluru and Hyderabad.

Gold Rates In India:

Gold Rates In Chennai:

The 24-carat gold rate crashed by Rs 8,700 in 100 grams to Rs 14,20,400, while it plunged by Rs 870 to Rs 1,42,040 per 10 grams.

Meanwhile, 22 carat dropped by Rs 8,000 to Rs 13,02,000 per 100 grams and tumbled by Rs 800 to Rs 1,30,200 per 10 grams. Also, 18 carat gold prices tumbled by Rs 8,500 to Rs 10,86,500 per 100 grams and dipped by Rs 850 to Rs 1,08,650 per 10 grams.

This performance comes after gold hit back-to-back record rallies in the past 10 days. For instance, after being muted on December 28, 100 grams gold of 24 carat surged by Rs 22,900 on December 28, and was up by Rs 7,600 on December 26. The price was higher by Rs 2,200 on December 25 and rose by Rs 3,300 on December 24. Gold was also up by Rs 21,800 on December 23rd and surged by Rs 18,500 on December 22nd. Prior to this, this gold rate was unchanged on December 21 but up by Rs 2,200 on December 20.

Last week, on December 27th, 24 carat and 22 carat and 18 carat gold prices hit their all-time highs of Rs 1,42,910, Rs 1,31,000 and Rs 1,09,500 in Chennai.

Gold Rates In Bengaluru + Gold Rates In Hyderabad:

Gold rates is similar in both Bengaluru and Hyderabad. That being said, on December 29, 100 grams gold plummeted by Rs 7,100 to Rs 14,17,100 in 24 carat, and dipped by Rs 710 to Rs 1,41,710 per 10 grams.

In case of 22 carat, gold nosedived by Rs 6,500 to Rs 12,99,000 per 100 grams and tumbled by Rs 650 to Rs 1,29,900 per 10 grams in Bengaluru and Hyderabad. The gold rates in 18 carat stood at Rs 1,06,280 per 10 grams which was down by Rs 540, and at Rs 10,62,800 per 100 grams after recording Rs 5,400 decline on Monday.

Just like Chennai, gold prices in Bengaluru and Hyderabad have witnessed decline for the first time in 10 days. For instance, 100 grams gold of 24 carat rose by Rs 24,000 on December 27, after surging by Rs 7,700 on December 26 and Rs 3,200 on December 25. This followed an upside of Rs 3,800 on December 24, surge of Rs 24,000 on December 23rd and upside of Rs 19,700 on December 22. Gold was unchanged on December 28, December 21 and December 20.

In Bengaluru and Hyderabad, gold prices touched a new all-time high on December 27 with 10 grams gold hitting Rs 1,42,420 in 24 carat, Rs 1,30,550 in 22 carat and Rs 1,06,820 in 18 carat.

What Is Impacting Gold Rates In India?

According to Ponmudi R, CEO of Enrich Money, precious metals continue to attract strong inflows as heightened global uncertainty, geopolitical risks, and central-bank actions influence portfolio positioning heading into the new year. Gold remains the preferred safe-haven asset, anchoring defensive allocations, while silver is increasingly emerging as the higher-beta outperformer of the current cycle, supported by a combination of risk-hedging demand and robust industrial demand amid supply constraints.

Gold Price Outlook:

Here's what to expect in gold prices this week, as per Ponmudi.

COMEX Gold Outlook:

COMEX Gold futures are consolidating near record highs in the $4,515-$4,540 per ounce range, with the multi-year bullish breakout firmly intact. Price action continues to display resilience, driven by persistent safe-haven demand, record central-bank purchases, ETF inflows, and expectations of further monetary easing. Pullbacks have remained shallow and are being bought aggressively. A sustained hold above $4,565 could open near-term targets of $4,600-$4,650, while strong support is anchored in the $4,500-$4,450 zone. The broader trend remains decisively bullish.

MCX Gold Outlook

MCX Gold futures are trading near all-time highs around ₹1,40,183, maintaining a powerful uptrend marked by higher highs and higher lows. Domestic prices continue to find support from global strength and rupee dynamics. A decisive breakout above Rs1,40,500 could accelerate the rally toward Rs1,45,000-Rs1,50,000 in the coming phase, while firm support is placed at Rs1,38,000-Rs1,36,400. The overall structure continues to favour buying on declines.

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