Gold Rate Today Flat After Weekly Rally: Check 24K, 22K,18K Gold Price in Chennai & Hyderabad on July 5

Gold prices in the retail market stayed stable on Sunday, July 5, with both 24-karat and 22-karat gold rates today holding steady across Chennai & Hyderabad. Silver prices also traded largely flat in the domestic bullion market. Meanwhile, gold futures on the Multi Commodity Exchange (MCX) settled slightly lower at the end of Friday's trading.

Gold Rate Today In Chennai, July 5th

In Chennai, the 24K gold price stands at Rs.14,946 per gram today. For those looking to purchase 8 grams, the rate comes to Rs.1,09,600, while 10 grams of 24K gold is priced at Rs. 1,49,460 For 100 grams, buyers will need to pay Rs. 14,94,600.

22K gold price in Chennai is at Rs. 1,37,000 per 10 grams today. The rate for 8 grams of 22K gold stands at Rs.1,09,600, while 10 grams will cost Rs. 13,700. For 100 grams, the price is Rs.13,67,000.

18K gold in Chennai is available at Rs.11,440 per gram. The 8-gram rate is Rs. 91,520, the 10-gram rate is Rs. 1,14,400 and 100 grams is priced at Rs.11,44,000.

Gold Rate Today In Hyderabad

In Hyderabad, 24K gold price is at Rs. 14,673 per gram today. The 8-gram gold rate stands at Rs. 1,17,384, while 10 grams costs Rs .1,46,730. For 100 grams, the price is Rs. 14,67,300.

22K gold rate in Hyderabad is now available at Rs .13,450 per gram. The 8-gram gold rate is Rs. 1,07,600, 10 grams costs Rs .1,34,500, and 100 grams is priced at Rs .13,45,000.

The 18K gold price in Hyderabad today is now at Rs .11,005 per gram. The 8-gram rate is Rs. 88,040, the 10-gram rate is Rs. 1,10,050 and 100 grams costs Rs. 11,00,500.

MCX Gold And Silver

Gold and silver futures traded in a narrow range on the MCX on Friday, July 3rd. Gold futures for August 5th settled marginally lower at Rs. 1,47,365 per 10 grams, down by 0.01%, while silver futures for September 4th ended 0.04% higher at Rs. 2,37,499 per kg.

As per ICICI Commodity report, "MCX Gold Aug is expected to rise towards Rs.148,000-Rs. 149,500 level as long as it holds above Rs. 144,000 level. MCX Silver September is expected to rise towards Rs .241,000-Rs. 244,000 level as long as it stays above Rs. 230,000 level."

Spot Gold & Spot Silver Price

On the international front, gold was trading higher. According to Kitco, international spot gold was trading at $4,174.10 per ounce, up $52.20 or 1.27%.

Analysis & Outlook Ahead For Gold & Silver Prices

"Gold and silver posted their first weekly gains since May about 2% and 5%, respectively after weaker nonfarm and private payrolls data eased inflation and interest rate hike concerns. Payrolls rose just 57,000, compared to market expectations of 110,000, reducing the odds of a September rate hike to 54% from 66%. The World Gold Council also reported that central banks added a net 41 tonnes to their gold reserves in May." said Prithviraj Kothari, Managing Director, RiddiSiddhi Bullions Ltd., President, IBJA, and Chairman, Jain International Trade Organisation.

"Technically, both metals achieved their previously identified relief rally targets, Gold at US$4,100/US$4,165 (approximately Rs. 1,45,000/Rs. 1,47,000) and Silver at US$60/US$62 (approximately Rs. 2,35,000/Rs. 2,38,000). Continued short covering could push Gold towards US$4,250 (around Rs. 1,50,000) and Silver towards US$65 (around Rs. 2,45,000) next," he further added.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.