Gold Rate Today: Sharp Rally in 24K, 22K & 18K Gold Prices; Chennai, Hyderabad Rates Jump on September 8

Gold Rate Today, September 8: Yellow metal prices spiked across major Indian cities on Tuesday. Gold 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 the gold prices surge to sky high levels.

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

Gold Rates in Chennai Today

On September 8th, the 24 carat gold rates in Chennai jumped by Rs. 1520 per 10 grams to cost Rs.1,55,670 per 10 grams. The 22-carat gold rates also surged by Rs. 1400 per 10 grams to cost Rs. 1,42,700. The cheaper variant, or the 18-carat gold, now costs Rs. 1,20,400 which surged by Rs. 1400 per gram.

Silver Prices in Chennai & Hyderabad Today

Silver prices in both Chennai and Hyderabad have not changed from the last five days and the price per kilogram costs 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. 15,535 per gram, while the 22K gold rate today in Hyderabad is Rs. 14,240 per gram and the 18K gold rate today is Rs 11,651 per gram. For buyers planning larger purchases, the 10-gram gold price today in Hyderabad is Rs. 1,55,350 for 24-carat gold, Rs. 1,42,400 for 22-carat gold, and Rs. 1,16,510 for 18-carat gold.

Spot Gold and Silver Price Update

As per the latest Reuter's report, "Spot gold was up 0.6% at $4,432.79 per ounce, as of 0432 GMT. U.S. gold futures for December delivery were ​little changed at $4,478.40. Spot silver gained 1.2% to $66.96 per ounce."

Expert Analysis of Gold and Silver Prices

"Gold whipsawed through last week sliding to a three-week low near $4,300 before rallying above $4,540 on dovish Fed comments, then retreating to $4,477 after a blowout August jobs report reignited rate-hike bets, leaving it nearly flat at -0.1%. Silver outperformed, closing up 0.8% near $66.30." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of IBJA. and Chairman at Jain International Trade Organisation*

"Strait of Hormuz tensions continued to underpin prices after fresh US strikes on Iranian targets. Central banks kept buying, led by China's 21st straight month of accumulation and Poland's 82-tonne addition this year. With CPI and PPI due this week, markets remain highly data-dependent, and gold's next move hinges on inflation prints and geopolitical risk. Gold: Resistance at $4,550-4,570; support at $4,300-4,320, the level that needs to hold. Upside potential toward $68-69 on any risk-off move; first meaningful support at $63-64 if sentiment weakens."