Massive Crash In Gold Rate Today, 28-08-2026 in Chennai & Hyderabad; Check 24K, 22K & 18K Prices On Friday

Gold Prices crashed sharply this morning on the occasion of Raksha Bandhan making the yellow metal cheaper across major Indian cities on Friday.

Gold rates have fallen for the second consecutive time this week and have made 24 karat gold slightly affordable by Rs. 40000 per 100g of gold.

Jewellers and retailers are expected to record more footfall in the stores since prices are lower and people will make advance purchases ahead of the peak demand season, when gold prices traditionally surge to sky-high levels.

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

Spot gold on Monday slipped by around 0.7% to below $4600 per ounce 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 28, the 24 carat gold rates in Chennai slipped by Rs.3160 per 10 grams to cost Rs.1,59,820 per 10 grams. The 22-carat gold rates also surged by Rs. 2900 per 10 grams to cost Rs. 1,46,500. The cheaper variant, or the 18-carat gold, now costs Rs. 1,19,870 which surged by Rs.2370 per gram.

Silver Prices in Chennai & Hyderabad Today

Silver prices in both Chennai and Hyderabad also fell by Rs.5000 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 crashed just like in Chennai, the 24K gold rate today in Hyderabad stands at Rs. 1,59,820 per 10 gram, while the 22K gold rate today in Hyderabad is Rs.1,46,500 per 10 gram and the 18K gold rate today is Rs 1,19,870 per 10 gram.

Spot Gold and Silver Price Update

As per the latest Reuter's report, "Spot gold fell 0.5% to $4,580.19 per ounce by 0438 GMT. It touched a more than three-month high of $4,696.18 on Tuesday, following the U.S. Treasury's announcement of support measures for long-duration bonds."

Expert Analysis of Gold and Silver Prices

"Gold and silver held firm this week, buoyed by ongoing currency debasement concerns, as markets awaited Fed Chair Kevin Warsh's Jackson Hole address on Friday. Rate expectations currently stand at 36.5% for September and 72.7% by December. Geopolitically, Qatar's PM will visit Tehran to ease U.S.-Iran tensions following renewed sanctions rhetoric from Washington." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of IBJA and Chairman at Jain International Trade Organisation

"Technically, gold is consolidating between $4,585-$4,675 internationally, with domestic prices correcting to Rs 157,000 amid rupee strength from RBI intervention. Silver mirrors this pattern, trading $67-$70 internationally and correcting to Rs 238,500 domestically. Both ranges are expected to hold through the week." he further added.