Biggest Gold Prices Crash Today! Gold Rates In Chennai Fall By Rs 16,500, Hyderabad Gold Down Rs 13,700

Gold rates in India dropped sharply on April 17 after three consecutive days of rallies. The biggest crash of Friday, however, was in gold rates of Chennai, where 24 carat gold plunged nearly Rs 16,500. Meanwhile, gold in the majority of cities was down by nearly Rs 14,000 including in Hyderabad. Silver rates in Chennai and Hyderabad stood unchanged at Rs 2.75 lakh, compared to other cities where silver fell by Rs 5,000 on Friday.

Gold and silver prices pulled back from their 1-month high levels in the global market despite hopes of a permanent ceasefire between US and Iran. Also, gold is down despite crude oil prices being under pressure as Israel and Lebanon declared a 10-day ceasefire. Gold witnessed profit booking and continues to trade volatile.

Gold Rates In Chennai:

24 carat gold price in Chennai plunged by Rs 16,400 in 100 grams to Rs 15,50,200, while gold is down by Rs 1,640 in 10 grams to Rs 1,55,020. Further, gold dipped by Rs 1,312 in 8 grams to Rs 1,24,016 and 1 gram gold is lower by Rs 164 to Rs 15,502.

In case of 22 carat, gold here dropped by Rs 15,000 in 100 grams to Rs 14,21,000 and tumbled by Rs 1,500 to Rs 1,42,100 per 10 grams. Also, 8 grams gold is lower by Rs 1,200 to Rs 1,13,680 and 1 gram gold inched down by Rs 150 to Rs 14,210.

Furthermore, 22 carat gold prices tumbled by Rs 12,000 to Rs 11,86,000 per 10 grams and dipped by Rs 1,200 to Rs 1,18,600 per 10 grams. Additionally, 8 grams gold is lower by Rs 960 to Rs 94,880 and 1 gram gold dipped by Rs 120 to Rs 11,860.

Gold Rates In Hyderabad:

24 carat gold price slipped by Rs 13,700 in 100 grams to Rs 15,42,000 and plunged by Rs 1,370 to Rs 1,54,200 per 10 grams. In Hyderabad, 24 carat gold in 8 grams slid lower by Rs 1,096 to Rs 1,23,360 and 1 gram gold is down by Rs 137 to Rs 15,420.

Under 22 carat, gold is available at Rs 14,13,500 in 100 grams which fell by Rs 12,500. Here, 10 grams gold dropped by Rs 1,250 to Rs 1,41,350. Meanwhile, 8 grams gold is down by Rs 1,000 to Rs 1,13,080 and 1 gram gold edged lower by Rs 125 to Rs 14,135.

Moreover, in case of 18 carat, gold is available at Rs 1,15,650 per 10 grams and at Rs 11,56,500 per 100 grams. Here, 10 grams gold dropped by RS 1,030 alone on April 17 and 100 grams gold price plunged by Rs 10,300 to Rs 11,56,500. Also, 8 grams gold dipped by Rs 824 to Rs 92,520 and 1 gram gold is down by Rs 103 to Rs 11,565.

Silver Rates In Chennai + Silver Rates In Hyderabad

What Is Impacting Gold & Silver Prices Today?

As per Gaurav Garg, research analyst at Lemonn markets desk, in today's trading, gold prices rose to approximately ₹1,43,827 per 10 grams, reflecting a 0.81% increase, while international prices climbed to $4,824.10 per ounce. Silver also gained traction, trading at ₹2,35,905 per kilogram, up 0.66%, with global prices at $79.13 per ounce, bolstered by hopes surrounding US-Iran talks that could ease geopolitical tensions.

Conversely, crude oil experienced a significant drop, with WTI prices falling to $89.56 per barrel, down 5.42%, driven by concerns over potential oversupply and a stronger dollar, which has impacted demand forecasts.

The expert said that the market is closely monitoring these developments, as the interplay between geopolitical factors and economic indicators continues to influence commodity prices.

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