Dhanteras Sparks Surge In Chennai Gold Prices; 22K/100 Grams Gold Records Jump Of Rs 6000

Chennai is witnessing a huge surge in gold prices today as the most-awaited festival of the year is finally here. With the joy and spirit of Diwali taking over everyone, gold prices in Chennai skyrocketed again due to a significant increase in demand for gold and silver during the Dhanteras and Diwali festivities in India. Gold prices are currently being supported by the uncertainty prevailing around the approaching US elections as the market participants await the release of key U.S. economic data due this week.

Gold prices in Chennai edged slightly higher today compared to yesterday. 10 grams of 24-carat (purest gold) jumped by Rs. 650, reaching Rs. 80,450, while 22-carat gold, a more common type for jewelry, increased by Rs. 600 per 10 grams and is currently at Rs. 73,450. A similar hike was seen in 18-carat gold prices in Chennai as well, which observed a hike of Rs. 500 to reach Rs. 60,750. For larger quantities, the price of 100 grams of 24-carat gold has increased by Rs. 6,500, now priced at Rs. 8,45,000. Similarly, the price of 100 grams of 22-carat gold has risen by Rs. 6,000, currently valued at Rs. 7,34,500.

Buying Frenzy Engulfs India This Festive Season:

While the surge in demand has led to a hike in India gold prices, it hasn't deterred enthusiastic buyers. Local jewelers in Chennai have reported an impressive rush of customers, both retail and wholesale, seeking to purchase gold in various forms, including jewelry, coins, and bars. Gold is the most sought-after metal during festive seasons because of its unfading luster as it symbolizes wealth, prosperity, and tradition.

Globally, the rising bullion rates are particularly supported by the uncertainty surrounding the US election scheduled for November 5th and the anticipation of the release of the U.S. PCE and payrolls report this week, which has further contributed to the upward trend in gold prices. The dropping US Dollar Index currently is also providing a favorable environment for gold.

Gold rates in other major cities in India:

Cities	24 carat	22 carat
Delhi	₹ 80,600	₹ 73,900
Mumbai	₹ 80,450	₹ 73,750
Bangalore	₹ 80,450	₹ 73,750
Kolkata	₹ 80,450	₹ 73,750

Chennai Silver Rates On October 29th

Silver rates in Chennai today for 1 kg jumped by Rs. 1000 to settle at Rs. 1,0,800/-. Similarly, for 100 grams, the prices rose by Rs. 100 to reach Rs. 10,800. On the Multi Commodity Exchange, the silver futures maturing December 5th are trading at Rs. 97,450 increasing by 0.03%.

Spot Gold And Silver Rates

According to a Reuters report, "Spot gold was up 0.5% at $2,755.42 per ounce, as of 02:26 GMT. Prices hit a record high of $2,758.37 last Wednesday, while spot silver was up 1.2% at $34.0875 per ounce. Additionally, the U.S. gold futures settled almost unchanged at $2,755.9."