Chennai Gold Prices Fall Sharply: 24K Gold Down Rs.3,000 Per 100g, Silver Steady

Gold prices in Chennai have fallen sharply, marking the second decline this week as the U.S. dollar index strengthens alongside treasury yields. The focus has now shifted to the upcoming Union Budget, which is expected to have a significant impact on the commodity market. Analysts anticipate that gold rates in Chennai may stabilize or show some improvement post-budget announcements.

Gold prices in Chennai today

On 28 January 2025, gold rates in Chennai for the 22-carat gold metal retail at Rs. 75,100 with a drop of Rs. 300 per 10 grams. The 24-carat pure gold is currently valued at Rs. 81,930 with a fall of Rs. 320 per 10 grams. Similarly, the 18-carat gold slipped by Rs. 200 per 10 grams to cost Rs. 62,000 per 10 grams.

In the bulkier segments, 100 grams of 24-carat gold in Chennai is now priced at Rs. 8, 19,300, which fell by Rs. 3,200, and the 22-carat yellow metal per 100 grams is now standing at Rs. 7,51,100 with a drop of Rs. 3,000.

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 to Rs. 100.

Chennai Gold Prices 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
27th January	Rs. 82,250	Rs. 75,400
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

Spot Gold Rates 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 was nearly steady at $2,740.11 per ounce as of 0436 GMT. Bullion prices fell more than 1% on Monday as a low-cost Chinese artificial intelligence model triggered a sell-off in the broader market.U.S. gold futures rose 0.2% to USD 2,743.50. Spot silver was down 0.6% at USD 30.03 per ounce.

MCX Gold and Silver Futures Outlook

"MCX Gold February is expected to slip towards the ₹79,000 level as long as it stays below the ₹80,000 level, while the MCX Silver March is expected to slip towards the ₹88,500 level as long as it trades below the ₹91,500 level," said an ICICI Direct commodity research report.

Outlook for Gold and Silver Prices

Analysts at ICICI Direct Research stated that "Spot gold is likely to slip towards the USD 2720 level on a strong dollar and a rise in US treasury yields. Further, investors will remain cautious ahead of US Federal Reserve monetary policy, where the central bank is likely to keep its policy unchanged, while all eyes will be on comments to get clarity on the future rate path. Additionally, the market will try to decode how US President Donald Trump's policies will impact the Fed's views on growth and inflation. Moreover, the expectation of improved economic data from the US will hurt prices.

Furthermore "Spot gold is likely to slip towards the USD 2720 level as long as it trades below the USD 2760 level. Spot Silver is likely to face stiff resistance near the USD 30.40 level and dip further towards USD 29.50. A break below the USD 29.50 level prices may slip further towards the USD 29.0 level."