Gold Prices Soar 9% in 30 Days: Chennai & Hyderabad Gold Rate Today, August 17; Check 24K, 22K & 18K Prices

Gold Rate Today, August 17: Yellow metal prices spiked across major Indian cities on Monday containing last week's bull run.

Gold rate in India has surged almost 9% in just one month as the demand for gold has been increasing as the festive wedding season approaches.

Jewellers and retailers are recording more footfall in the stores since people are making advance purchases ahead of the peak demand season when gold prices surge to sky-high levels.

The retail gold prices in Chennai & gold prices in Hyderabad surged across the 24K, 22K, 18K categories, taking cues from the global market.

Spot gold on Monday jumped by around 0.4% due to a weaker dollar and low expectations of a rate hike in the FED's upcoming meeting in September.

Gold Rates in Chennai Today

On August 17, the 24 carat gold rates in Chennai soared by Rs. 530 per 10 grams to cost Rs.1,55,660 per 10 grams. The 22-carat gold rates also surged by Rs. 500 per 10 grams to cost Rs. 1,42,700. The cheaper variant, or the 18-carat gold, now costs Rs. 1,20,500, which surged by Rs. 500 per gram.

Silver Prices in Chennai & Hyderabad Today

Silver prices in both Chennai and Hyderabad have maintained stability today, and the price per kilogram is Rs. 2,55,000 and 100 grams of white metal currently stand at Rs.25,500.

Gold Rates in Hyderabad Today

The gold rate in Hyderabad also surged just like in Chennai; the 24K gold rate today in Hyderabad stands at Rs. 15,566 per gram, while the 22K gold rate today in Hyderabad is Rs. 14,270 per gram and the 18K gold rate today is Rs 12,050 per gram. For buyers planning larger purchases, the 10-gram gold price today in Hyderabad is Rs. 1,55,660 for 24-carat gold, Rs. 1,42,700 for 22-carat gold, and Rs. 1,12,050 for 18-carat gold.

Spot Gold and Silver Price Update

As per the latest Reuters report, "Spot gold rose 0.4% to $4,391.49 per ounce by 0520 GMT. Prices hit a more-than-two-month high ​last week. U.S. gold futures for December delivery edged 0.3% higher to $4,448.40. Spot silver rose 1.4% to $65.57 per ounce."

Expert Analysis of Gold and Silver Prices

Nirmal Bang Securities in its commodity report said, "Gold and silver prices are slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day, as gold and silver prices extended a two-week advance, with weaker US retail sales data weighing on the US dollar and making bullion cheaper for most buyers. Gold prices are expected to rise One can buy at Rs. 1,54,000 with a stop loss of Rs. 1,53,000 for the target at Rs. 1,55,500-Rs. 1,56,200"