Big Drop In Gold Rates In Chennai Today By Rs 15,200, Silver Rates Flat; Check 24K, 22K, 18K Gold Prices

Gold rates in India dropped sharply on April 6, following weak global cues. But in a city like Chennai, gold dropped by as much as Rs 15,200 in a single day. On the other hand, the silver rate stood unchanged for the second consecutive day on Monday at Rs 2.55 lakh per 1Kg, which is still expensive in Chennai compared to other cities. Major reason behind the decline in gold and silver is the strengthening of the dollar and expectations of rate hikes ahead due to inflationary concerns.

Gold Rates In Chennai:

24 carat gold rate plunged by Rs 1,520 to Rs 1,50,660 per 10 grams, while the price nosedived by Rs 15,200 to Rs 15,06,600 per 100 grams. Gold is down by Rs 1,216 to Rs 1,20,528 per 8 grams and 1 gram gold slipped by Rs 152 to Rs 15,066.

Further, 22 carat gold prices declined by Rs 1,400 to Rs 1,38,100 per 10 grams, while 100 grams gold price plummeted by Rs 14,000 to Rs 13,81,000. Additionally, 8 grams gold rate declined by Rs 1,120 to Rs 1,10,480 and 1 gram gold edged lower by Rs 140 to Rs 13,810.

Under 18 carat, gold rates tumbled by Rs 1,150 to Rs 1,15,200 per 10 grams and dipped by Rs 11,500 to Rs 11,52,000 per 100 grams. In the same carat, 8 grams gold is down by Rs 920 to Rs 92,160 and 1 gram gold is lower by Rs 115 to Rs 11,520.

Silver Rates In Chennai:

In this city, 1Kg silver price stood at Rs 2.55 lakh on April 6, while 100 grams and 10 grams silver rates were also unchanged to Rs 25,500 and Rs 2,550. Further, 8 grams silver is flat at Rs 2,040 and 1 gram silver is at Rs 255.

Gold price has declined by 2% and silver is down by 4% in April so far.

What Is Impacting Gold & Silver Prices Today?

As per Gaurav Garg, research analyst at Lemonn markets desk, gold and silver prices saw mixed movements today, with gold trading at $4695.00 per ounce (approximately ₹1,40,140 per 10 grams), up 0.94%, while silver dipped slightly to $72.68 per ounce (around ₹2,16,941 per kg), down 0.08%.

He added that the recent strength of the U.S. dollar has weighed heavily on precious metals, as escalating tensions in the Middle East and rising inflation fears continue to dampen investor sentiment, leading to a cautious outlook for the Federal Reserve's rate cuts. Additionally, crude oil prices edged down to $111.33 per barrel (approximately ₹10,336), reflecting a slight decrease of 0.19%, as traders remain vigilant amid geopolitical uncertainties.

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