Gold Price Chennai; 100 Grams Gold Falls Sharply By Rs 46,900 In 7 Days; 18K, 22K, & 24K Gold Rates On July 24

Gold prices were broadly unchanged across retail stores in India after the biggest single-day fall of Rs 29,900 in July which was yesterday, right after the Budget 2024 announcement. However, this was not the case with the capital city of Tamil Nadu. In Chennai, prices of gold either 18K, 22K or 24K continue to fall. Gold prices have been volatile in 7 days, and 24K/100 grams of gold slipped by a whopping Rs 46,900 in this period. Silver has been down as well.

Explaining the downward trend in bullion, Rahul Kalantri, VP of Commodities, Mehta Equities said that gold and silver prices fell in the domestic markets after Finance Minister Smt. Nirmala Sitharaman cut the import duty on gold and silver from 15.0% to 6.0%. This substantial reduction of 9.0% created havoc in the domestic markets. Gold prices slipped to 4-month lows, and silver prices also dropped to nearly 3-month lows."

Following the significant cuts in import duties, Kalantri added, additional pressure could be seen on the prices in the domestic markets. However, prices showed some gains in the international markets amid downbeat U.S. economic data and hopes for a Federal Reserve rate cut.

Gold Prices In Chennai On July 24:

24K Gold Prices: 100 grams here nosedived by Rs 6,600 to Rs 7,08,000, while 10 grams is down by Rs 660 to Rs 70,800. Further, 8 grams of gold is lower by Rs 528 to Rs 56,640, and that of 1 gram is at Rs 7,080 lower by Rs 66 on July 24 compared to the previous prices.

22K Gold Prices: 100 grams of 22K plunged by Rs 6,000 to Rs 6,49,00. Also, 10 grams dipped by Rs 600 to Rs 64,900, 8 grams slid by Rs 480 to Rs 51,920, and lastly 1 gram inched lower by Rs 60 to Rs 6,490.

18K Gold Prices: In the lowest carat, gold price dived by Rs 4,900 to Rs 5,31,600 in 100 grams, followed by a drop of Rs 490 in 10 grams to Rs 53,160. Also, 8 grams and 1 gram of gold are down by Rs 392 and Rs 49 to Rs 42,528 and Rs 5,316 respectively.

Till before Budget 2024, gold prices were broadly more expensive in Chennai than compared to other metro cities in India. However, due to the latest decline post-budget, gold in Chennai is now cheaper than compared to cities like Mumbai, Kolkata and Delhi.

Gold Prices In Chennai Vs Other Cities On July 24:

Gold Price Mumbai: 24K/10 grams is at Rs 70,860, while 100 grams is available at Rs 7,08,600.

Gold Price Delhi: 10 grams of 24K is at Rs 71,010, and that of 100 grams in the same carat is being sold at Rs 7,10,100.

Gold Price Kolkata: In 24K, 10 grams of gold here is at Rs 70,860, and 100 grams is priced at Rs 7,08,600.

Gold Prices In Chennai In 7 Days:

After a Rs 6,600 dip in 24K of 100 grams on July 24, the same gold was down the most by Rs 29,900 on July 23. Further, 24K/100 grams of gold dropped by Rs 1,200 on July 22. Hence, this week, gold prices have only slipped in Chennai. This comes after gold price was muted on July 21, but was down by Rs 4,300 on July 20, further lower by Rs 3,300 on July 19, and also down by Rs 1,600 on July 18.

That being said, from July 18 to 24th, 24K of 100 grams has plummeted by an eye-bulging Rs 46,600 in these 7 days.

24k/100 grams gold was at a fresh all-time high on July 17, with prices surging by a whopping Rs 9,800 before correcting.

Going ahead, as per Kalantri, Gold has support at $2388-2374 and resistance at $2425-2444. Silver has support at $29.00-28.78 and resistance at $29.45-29.62. In INR, gold has support at ₹68,320-68,180 and resistance at ₹69,880-69,100.

Silver Prices In Chennai On July 24:

On Wednesday, 1 kg of silver declined by Rs 500 to Rs 87,500, while 100 grams of silver was down by Rs 50 to Rs 9,200. 10 grams of silver is lower by Rs 5 to Rs 920.

Looking ahead, the analyst believes silver has support at ₹84,550-84,080 and resistance at ₹85,720-86,200.

Silver Prices In Chennai In 7 Days:

Silver prices have continued to fall, tracking bullion's path. Before the Rs 500 dip in 1 kg silver on July 24, the price was down by Rs 3,500 on July 23. Prices were unchanged on July 22 and July 21.

While silver was down by Rs 1,750 on July 20, further lower by Rs 1,450 on July 19, and also down by Rs 1,300 on July 18. Silver was at all-time high of Rs 96,000 on July 17.