Gold Prices Glitter Again In Chennai & Hyderabad Amid Wedding Season Demand; Check Latest Prices, May 25

The ongoing summer wedding season in India has added fresh sparkle to the gold market, with 22K and 24K gold prices in Chennai and Hyderabad observing a fresh rise today due to strong jewellery demand.

Gold rates in India have rebounded this week after recoding a sharp correction last week, during which 24-carat gold prices fell nearly 1%. The temporary dip encouraged many buyers and investors to accumulate gold at lower levels. However, with wedding season purchases picking up once again, gold prices in Chennai and Hyderabad have moved higher today.

The fresh rally in domestic gold prices is because of the strength in the international bullion market. Spot gold prices climbed closer to USD 4,600 per ounce on Monday, recovering some of last week's losses as easing concerns over a possible US-Iran agreement improved global market sentiment and reduced fears surrounding inflation and aggressive interest rate hikes.

Gold rate in Chennai today, May 25

The 22-carat gold rate in Chennai jumped today by Rs. 550 per 10 grams, bringing the price higher to Rs. 1,61,240 per 10 grams. Meanwhile, the 24-carat gold price in Chennai jumped by Rs. 500 now retailing at Rs. 1,47,800 per 10 grams. The 18-carat gold also saw a spike of Rs. 400 per 10 grams, currently priced at Rs. 1,24,000.

Gold rate in Hyderabad Today

On May 25, gold prices in Hyderabad as well rose across all purity levels. The 22-carat gold rate in Hyderabad jumped by Rs. 320 per 10 grams and is now priced at Rs. 1,46,100 per 10 grams. Meanwhile, the 24-carat gold price in Hyderabad today spiked by Rs. 320, bringing the rate to Rs. 1,59,380 per 10 grams. Even the 18-carat gold rate in Hyderabad saw a jump of Rs. 250, currently retailing at Rs. 1,19,540 per 10 grams.

MCX Gold and Silver Futures Update

On the MCX, gold futures slated to mature on June 5th are trading at Rs.1,59,230, up by 0.35%. Similarly, silver futures, which are set to expire on July 3rd, rose by 1.37% to trade at Rs. 2,75,570.

Silver Prices in Chennai Today + Silver Prices in Hyderabad Today

Silver prices in Chennai & silver prices in Hyderabad today show no major movements. The Last major change in silver rate in Chennai & Hyderabad was a gain of Rs. 5000 per kg, which was recorded on Friday, May 22. Currently, 1 kg of silver in both Chennai & Hyderabad costs Rs 2,95,000. 100 g of silver currently costs Rs 29,500.

Spot Gold Prices + Spot Silver Price Today

According to the latest Reuters Report,"Spot gold was up 1.1% at $4,557.46 per ounce, ​as of 0542 GMT. U.S. gold futures for June delivery gained ​0.8% to $4,558.80. Spot silver climbed 2.9% to $77.67 per ounce."

As per Kotak Commodity report, "Spot Gold is trading more than 1% higher while Silver has surged over 3%, benefiting from a precise alignment of two of their most powerful short-term drivers, prospect of a US-Iran deal has weighed heavily on oil prices, which in turn has softened inflation expectations, reducing urgency for Fed tightening thereby weakening the dollar. "

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