Gold Price Drops In Chennai & Hyderabad Today, 14th April: 22/24/18K Gold Becomes Cheaper; Silver Dips Too

The weakening dollar and growing trade tensions are the main causes of Monday, April 14th's dramatic decline in gold prices on the domestic market. A falling US dollar and growing demand for safe haven assets as a result of growing US-China trade tensions are projected to keep gold in higher demand as it continues its record-breaking rise to reach new lifetime highs close to Rs 93,500 on the MCX. The yellow metal will be impacted by growing trade tensions between the US and China, worries about the recession, and the likelihood of rate cuts. Gold recently reached a new high on the global market, rising beyond $3,200 per ounce.

Gold/Silver Price In Chennai & Hyderabad Today

Today, 24 carat gold costs Rs 9,551 per gram, 22 carat gold costs Rs 8,755 per gram, and 18 carat gold costs Rs 7,164 per gram in Hyderabad and Chennai. In Hyderabad and Chennai, the price of 22k of 10 grams of gold dropped to Rs 87,550 on Monday from Rs 87,700 earlier. Meanwhile, the price of 22k of 100 grams of gold dropped by Rs 1,500 to Rs 8,75,500 today from Rs 8,77,000 yesterday.

While 24k of 100 gms of gold would cost Rs 9,55,100 in the cities today compared to Rs 9,56,700 yesterday, signifying a price decline of Rs 1,600, 24k of 10 grams of gold in Hyderabad and Chennai reached Rs 95,510 on Monday compared to Rs 95,670 yesterday.
In Hyderabad and Chennai, the price of 18k of 10 grams of gold dropped by Rs 120 to Rs 71,640 on Monday from Rs 71,760 earlier. In the same way, the price of 18k of 100 grams of gold plummeted by Rs 1,200 to Rs 7,16,400 today from Rs 7,17,600 on Saturday.

In Hyderabad and Chennai, the current prices for silver are Rs 109.90 per gramme and Rs 1,09,900 per kilogramme, respectively, as opposed to the previous rates of Rs 110 and Rs 1,10,000.

MCX Gold Outlook

"Technically, after a sharp pullback, gold has resumed its upward trend. Intraday charts, which were previously bearish and forming lower lows and lower highs, have now shown a trend reversal. It is trading above all short-term and long-term moving averages on the intraday timeframe, forming a bullish higher high and higher low pattern. Support is now placed at 90,900, with resistance at 92,400 and 94,300," said Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Spot Gold Outlook

"Gold is expected to trade higher amid weakness in the US dollar and safe haven buying. The dollar is facing a confidence crisis as it is loosing its reserve currency status due to the trade negotiations. Escalating trade tension between US and China would bring more investment into the bullions. Moreover, recession concerns and increasing probability of rate cut would support the yellow metal to scale new highs. Gold prices will also get benefit from increasingly volatility in trade and geopolitical risk. On the data front fresh addition in ATM and OTM put strikes indicates prices to hold strong support near $3150. On the upside a strong call base near 3250 strike could provide resistance to price. MCX Gold June is expected to move towards ₹93,400,as long as it holds above ₹91,400 level," commented the research analysts of ICICI Direct Research.

Disclaimer

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