Gold Price In Chennai-Hyderabad Today: 24K/100 Grams of Gold Rally Rs 6,000; 1 Kg Silver Price Zooms Rs 1,000

Thursday, March 13, saw an enormous rise in the price of gold and silver on the domestic market as expectations of an early Fed rate shrink were rekindled by lower-than-expected CPI statistics. Gold prices also saw an enormous spike in major Indian cities like Hyderabad and Chennai, where 22k of 100 grams of gold rose by Rs 5,500 while 24k of 100 grams of gold climbed by Rs 6,000. As rising global trade worries continued to drive demand for safe-haven assets, gold prices climbed to nearly record highs of $2,940 per ounce on Thursday amid market players who will be watching US PPI data later today.

Gold & Silver Prices In Hyderabad & Chennai Today

While 22k of 100 grammes of gold will cost Rs 8,12,000 in Hyderabad & Chennai today compared to Rs 8,06,500 yesterday, representing a price growth of Rs 5.500 in the cities, 22k of 10 grammes of gold prices in Hyderabad and Chennai on Thursday reached Rs 81,200 compared to Rs 80,650 on Wednesday, corresponding to a price jump of Rs 550.

While 24k of 100 grammes of gold will cost Rs 8,85,800 in the cities today compared to Rs 8,79,800 yesterday, representing a price increase of Rs 6,000, 24k of 10 grammes of gold prices in Hyderabad and Chennai reached Rs 88,580 on Thursday compared to Rs 87,980 on Wednesday, indicating a price jump of Rs 600.

While 18k of 100 grammes of gold would cost Rs 6,64,400 in the cities compared to Rs 6,59,900 yesterday, marking a price increase of Rs 4,500, 18k of 10 grammes of gold prices in Hyderabad and Chennai touched Rs 66,440 on Thursday compared to Rs 65,990 on Wednesday, signifying a price hike of Rs 450.

Silver currently costs Rs 110 per gramme and Rs 1,10,000 per kilogramme in Hyderabad and Chennai. In Hyderabad and Chennai, one kilogramme of silver will cost Rs 1,10,000 today compared to Rs 1,09,000 on Wednesday, marking a 1,000 rupee rise in the price. Ten grams of silver will cost Rs 1,100 today in comparison to Rs 1,090 yesterday, and 100 grams of silver will cost Rs 11,000 today compared to Rs 10,900 yesterday.

Gold Price Outlook Today

"Gold rose to around $2,940 per ounce on Thursday, approaching record levels, as escalating global trade tensions continued to fuel safe-haven demand. .US President Donald Trump warned of additional tariffs on EU goods after the EU and Canada retaliated against existing US trade barriers. Both headline and core US inflation came in below expectations, reassuring investors about disinflation progress and giving the Federal Reserve more flexibility for a less restrictive stance. However, the impact of tariffs has yet to materialize, and inflation could rise again in the coming months.. From a technical perspective in domestic market priced has closed above the resistance zone which can take price in uncharted territory, however in $ terms the price is facing resistance at all time high levels . Traders should wait for a confirmation of a new high close in $ terms before creating fresh longs in the commodity," said Dhananjay Mahendra Kansara - Research Analyst at Way2Wealth Brokers Pvt. Ltd.

Bullion Technical Outlook Today

Buy Above: 86,700 | Targets: 86,900, 87,200, 87,700 | Stop-loss: 86,650

Sell Below: 86,500 | Targets: 86,230, 85,909, 85,550 | Stop-loss: 86,250

"Gold has been trading in an ascending channel on the 4-hour chart, closing at 86,686, up by 534 points, marking a new all-time high. If gold sustains above the 86,500 range, another positive momentum can be expected. The channel's support zone lies in the 85,100-85,200 range, and a break below this could lead to further weakness. Intraday momentum is expected above 86,700 and below 86,500," as per the research analysts of broking firm Enrich Money.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.