Huge Drop In Gold Price In Chennai, 28 April; 24k, 22k, 18k Gold Rate Fall Nearly 1% Today; Silver Dips Too

The gold price in Chennai today fell sharply, the first decline of this week. April had been fairly flat overall, with no major changes in the gold rate

In the international market, spot gold eased toward $4,600 per ounce, as investor sentiment shifted in the ever evolving geopolitical developments. All eyes are now on the renewed diplomatic engagement between the United States and Iran, which could potentially ease tensions.

At the same time, investors are turning their attention to major central bank decisions scheduled this week, including those from the US Federal Reserve, the European Central Bank, and the Bank of Japan.

Gold Price In Chennai today

On Tuesday, 28th April, the 22 karat gold rates in Chennai slipped by Rs. 1300 per 10 grams to cost Rs. 1,41,000. While the 24-carat gold fell sharply by Rs. 1420 per 10 gram and currently retails at Rs. 1.53,820. The cheaper variant also experienced a drop of Rs. 1100 to cost Rs. 1,17,600

The bulkier quantities of gold also saw a similar drop on a large scale as the 100 grams of 22-carat gold now cost Rs. 14,10,000 after falling considerably by Rs. 13000. Similarly, 10 grams of 24-carat gold cost Rs. 15,38,200 which slipped by Rs. 14,200.

Silver Prices in Chennai Today

White metal prices in Chennai saw a massive fall today after two consecutive days of stability. Today, the price of 1 kg of silver plummeted by Rs.5000, now costing Rs. 2,65,000. Similarly, the price of 100 grams of silver took a significant hit, dropping Rs. 500 to settle at Rs.26,500.

Chennai Gold Price Movement in the Last Five Days

Over the last five days the prices have been quite volatile with major gains and losses.

Dates	24-carat/10g	22 carat/10g
27 April	Rs. 15,524	Rs. 14,230
26 April	Rs. 15,491	Rs. 14,200
25 April	Rs. 15,491	Rs. 14,200
24 April	Rs. 15,382	Rs. 14,100
23 April	Rs. 15,448	Rs. 14,160

Spot Gold and Spot Silver Rates in the International Commodity Market

According to a recent report from Reuters, Spot gold was down 1.1% ​at $4,628.63 per ounce, as of 0746 GMT, its lowest level since ⁠April 7. U.S. gold futures for June delivery fell 1.1% to $4,642.90. Spot silver fell 2.9% to $73.28 per ounce."

Gold and Silver Outlook Ahead

"The bullion market faces competing forces, US-Iran tensions at the Strait of Hormuz provide geopolitical support, while a stronger dollar, elevated Treasury yields, and prolonged Fed rate tightness suppress prices. Gold recovered modestly to $4,700 after diplomatic signals emerged. The Fed's April 29 decision remains the critical macro trigger. India's rupee weakened to Rs. 94 per dollar amid rising crude costs." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation.

"Central banks globally continue accumulating gold, though at a slower pace. Institutional ETF demand stays structurally strong. Technically, gold faces resistance at $4,850 (Rs. 1,55,000). A confirmed break above this level could open a path toward $5,000 (Rs. 1,60,000). Immediate support is established at $4,650 (Rs. 1,51,000)." he further added.

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