Chennai Gold Rates Unchanged at Rs.71,000 for 22K on Dec 23; Silver Sees a Drop

Gold prices in Chennai today stayed unchanged, mirroring yesterday's rates with no fluctuations observed in the morning trade. After a week of significant volatility, during which gold rates experienced substantial gains and losses, the gold price in Chennai is now stable. The recent price movements have brought the yellow metal to more affordable levels, offering much-needed relief to buyers who had been anticipating a decline in prices.

Gold Price in Chennai Today

On 23rd Dec 2024, pure gold or 24 carat gold rates stood at Rs. 77, 450 while 22 carat or standard gold rates Stayed stable at Rs. 71, 000. In the similar fashion, the 18 carat gold rates in Chennai traded flat at Rs. 58,090.
Similarly, 100 grams of 24-carat gold retails at Rs. 7,74,500, and 22-carat gold per 100 grams costs Rs. 7,10,000.

Silver Prices in Chennai Today

Silver rates in Chennai today Fell Rs.100 per kg and currently stand at Rs.98,900 Similarly, the price for 100 grams of silver costs Rs. 9,890 which fell Rs.10.

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
20th December	Rs. 76,800	Rs. 70,400
19th December	Rs. 77,130	Rs. 70,700
18th December	Rs. 77,840	Rs. 71,350
17th December	Rs. 77,800	Rs. 71,500
16th December	Rs. 78,890	Rs. 71,400

Spot Gold and Spot Silver Rates

According to a recent Reuters report, spot gold rose by 0.2% to USD 2,626.44 per ounce as of 03:13 GMT, while U.S. gold futures dipped slightly by 0.1% to USD 2,642.10. Spot silver gained 0.7%, reaching USD29.72 per ounce. Federal Reserve policymakers indicated that the central bank would take its time before resuming rate cuts. Analysts highlighted strong support for gold at USD 2,595. Meanwhile, gold speculators reduced their net long positions to 203,937 contracts.

Major Drivers of Gold Prices Lately

Gold prices have been on a steady recovery, climbing for three consecutive days and holding above the USD 2,600 mark as per Report from FXStreet.

One key factor influencing gold prices is the recent US inflation data. The Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's preferred inflation gauge, showed slower-than-expected growth in November encouraging markets to reduce their bets on the US Dollar.

The report further stated that on Friday, investors reduced their long positions on the Dollar, taking cues from the softer inflation data.

The ongoing geopolitical conflict has also driven demand for gold as a safe-haven asset. Market Sentiment. While recent developments have supported gold prices, traders remain cautious about upcoming market trends and events that could influence the metal's value.