Gold Price In Chennai & Hyderabad Today: 22K & 24K/100 Gms Soars Over Rs 5000; 1 Kg Silver Hits Rs 1.11 Lakh

On Wednesday, May 7, domestic gold prices continued to rise as Israel and Hamas' geopolitical tensions intensified. Despite a surge in safe-haven buying, gold may see short-term pressure as markets await the US Federal Reserve's upcoming policy announcement. On the global stage, gold dropped below $3,380 an ounce on Wednesday ahead of the Fed's rate decision and Powell's remarks for policy direction.

Gold/Silver Price In Chennai & Hyderabad Today

Today, 24 carat gold costs Rs 9,900 per gram in Chennai and Hyderabad, while 22 carat gold costs Rs 9,075 per gram. Gold prices in Chennai and Hyderabad on Wednesday reached Rs 90,750 for 22k of 10 grams compared to Rs 90,250 on Tuesday, whereas 22k of 100 grams of gold will cost Rs 9,07,500 in the cities today compared to Rs 9,02,500 yesterday representing a price surge of Rs 5,000.

In Chennai and Hyderabad, the price of gold climbed to Rs 99,000 on Wednesday for 24k of 10 grams from Rs 98,460 on Tuesday. Meanwhile, 24k of 100 gms of gold would cost Rs 9,90,000 today, up Rs 5,400 from Rs 9,84,600 yesterday.

Today 18 carat gold rate per 10 grams in Chennai is Rs 74,550 compared to Rs 74,600 yesterday whereas 18k of 100 grams of gold rates in Chennai on Wednesday reached Rs 7,45,500 compared to Rs 7,46,000 on Tuesday. The price of 18 carat gold per 10 gms in Hyderabad is Rs 74,250 today, up from Rs 73,840 yesterday. Meanwhile, the price of 18k of 100 grams of gold in Hyderabad on Wednesday was Rs 7,42,500, up from Rs 7,38,400 yesterday, signifying a Rs 4,100 rise in the price.

The price of silver in Hyderabad and Chennai today is Rs 111 per gram and Rs 1,11,000 per kilogram compared to Rs 107.90 and Rs 1,07,900 yesterday representing a price gain of Rs 3.10 and Rs 3,100 respectively.

MCX Gold Outlook Today

"On the technical front, gold has been regaining momentum and has formed a bullish candlestick pattern on the daily chart. It experienced a selloff on three-year high volumes in recent sessions, which is an early sign of weakness. However, other technical indicators remain bullish. Fresh investments should be avoided, and rallies should be used to book profits. Currently, resistance is seen at 98800-99200 while support is placed at 95350," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Prediction Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day, as gold prices fell, snapping a two-day advance, as signs of progress on US-China trade talks curbed demand for havens even as military hostilities between India and Pakistan escalated," stated Nirmal Bang Securities in a note.

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.