Chennai Gold Rate Observes Modest Dip Post-Diwali Surge; 22K/100g Yellow Metal Slips By Rs.1500 On Nov 2

Chennai gold price today is experiencing a modest decline coinciding with the celebration of Govardhan Puja. This comes after a surge in demand during Diwali, which had driven prices to record levels as festival buying surged. However, the gold market now appears to be in a phase of correction. Contributing to this shift is the recent strengthening of the U.S. dollar, along with rising bond yields, both of which exert downward pressure on gold prices.

Gold rates in Chennai for the 22-carat variant Dropped by Rs. 150/- and is currently at Rs. 73,700 per 10 grams. While the 24-carat gold saw a decline of Rs. 160 per 10 grams to cost Rs. 80,400. Just like that, the 18-carat gold rates in Chennai saw a marginal drop of Rs. 100/-, reaching Rs. 60,750/- per 10 grams. For other gold weight categories as well, a similar drop in prices is observed today. The price of 100 grams of 24-carat gold fell by Rs. 1600, bringing it to Rs. 8,04,000, while 100 grams of 22-carat yellow metal slipped by Rs. 1500, now priced at Rs. 7,37,000.

Gold Rates Stabilize Amid Mixed Global Trends

Domestic gold prices consolidate as the festival season nears its end. The next major push that would be seen in India would be the wedding season, when gold is purchased as a part of tradition and culture. The demand is expected to surge, which will drive Chennai gold prices even higher.

According to the latest report from the World Gold Council, global gold demand rose by approximately 5% in the third quarter this year, reaching a record high for this period and pushing total consumption beyond $100 billion for the first time. However, the strengthening U.S. dollar and the rising bond yields are currently exerting downward pressure on gold prices. Investors are now looking forward to the US election scheduled next week, which will have a major impact on the gold prices.

Gold Rates In Other Major Cities In India:

Cities	24 carat	22 carat
Delhi	₹ 80,550	₹ 73,800
Mumbai	₹ 80,400	₹ 73,400
Bangalore	₹ 80,400	₹ 73,400
Kolkata	₹ 80,400	₹ 73,400

Chennai Silver Prices On November 2nd

Silver rates in Chennai held steady today, with the rate for the white metal remaining at Rs. 1,06,000 per kilogram. For 100 grams, silver was also stable at Rs. 10,600. The recent rise in Chennai's silver prices was due to increased demand during the festive season. On the Multi Commodity Exchange (MCX) Gold futures for December 5th delivery closed at Rs. 78,443 per 10 grams.0.02% higher. Similarly, silver futures are up 0.11%, trading at Rs. 94,735 per kilogram.

Spot Gold And Silver Rates

At Friday's close, spot gold experienced a slight decline, trading lower by 0.22% to settle at $2,736 per ounce. Similarly, silver spot prices also saw a decrease, with a drop of 0.56%, bringing it to $32.46 per ounce as per latest reports from FXstreet. Both precious metals faced mild downward pressure in the trading session, indicating cautious sentiment among investors amid evolving market factors.