Chennai Gold Prices Drop Ahead Of Union Budget 2025: 24K, 22K, And 18K Gold Become Cheaper

Gold prices in Chennai fell sharply after enjoying a streak of gains in the previous week. This drop is mainly due to the weakening U.S. dollar, which is exerting pressure on gold prices. Additionally, the upcoming Union Budget in India is expected to have a significant impact on the gold market, especially if any changes in import tariffs are announced. On the international front, spot gold is also losing value as traders await the Federal Reserve's upcoming policy meeting. The meeting, which is just around the corner, is anticipated to have a major influence on gold prices worldwide.

Gold Prices in Chennai Today

On 27th January, 22-carat gold rates in Chennai fell by Rs. 150 to cost Rs. 75,400 per 10 grams, and similarly, the 24-carat gold rates in Chennai per 10 grams retailed at Rs. 82,250 after slipping Rs. 170 per 10 grams. Similarly, the 18-carat gold prices also saw a drop in rates per 10 grams, and the prices stood at Rs. 62,200 per 10 grams after slipping Rs. 130 per 10 grams.

Similarly, the 100 g of 24-carat gold in Chennai declined by Rs. 1700 to cost Rs. 8,22,500. 22-carat gold now costs Rs. 7,52,500 per 100 grams, which slipped by Rs. 1500.

Silver Prices in Chennai Today

Silver Prices in Chennai Today Slipped after prices showed no major movement in past trading sessions. Currently, 1 kg of white metal in Chennai now costs Rs. 1,04,000, which dropped by Rs. 1000, and 100 grams of white metal currently stands at Rs. 10,400 after declining Rs. 100.

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
26th January	Rs. 82,420	Rs. 75,550
25th January	Rs. 82,420	Rs. 75,550
24th January	Rs. 82,420	Rs. 75,550
23rd January	Rs. 82,090	Rs. 75,250
22nd January	Rs. 82,090	Rs. 75,250

Spot Gold and Silver Rates Update

Spot gold prices in the international market have experienced a decline as traders await the upcoming Federal Reserve policy meeting. According to a Reuters report, spot gold dropped 0.6% to USD 2,755.79 per ounce at 03:04 GMT, after reaching near-record highs last Friday. Meanwhile, U.S. gold futures also fell by 0.6%, settling at USD 2,761.20 per ounce.

In addition to gold, spot silver saw a notable drop of 1.1%, with prices falling to USD 30.26 per ounce.

MCX Gold and Silver Futures Outlook

"MCX Gold February is expected to rise further towards the Rs.80,400 level as long as it stays above the Rs.79,500 level. Meanwhile, MCX Silver March is expected to slip towards the Rs.90,000 level as long as it trades below the Rs.92,500 level," said an ICICI Direct Commodity Research Report.

Market Outlook For Gold and Silver Prices

Analysts at ICICI Direct Research stated that " Spot gold is likely to rise further towards the USD 2790 level on the softening of US Treasury yields following US President Donald Trump's comments on lower interest rates and weaker-than-expected economic data from the US. Further, prices may rally on a rise in demand for safe havens following uncertainty surrounding potential tariff plans. Furthermore, the Trump administration said they will impose sweeping measures on Colombia after the country turned away 2 US military aircraft with migrants being deported.

Furthermore "Spot gold is likely to rise towards the USD 2790 level as long as it trades above the $2740 level. Spot Silver is likely to face stiff resistance near the USD 31 level and dip further towards USD 30. A break below USD 30 level prices may slip further towards USD 29.50 level."