Gold Price In Hyderabad & Chennai Today: 22K/100 Gms Jumps Rs 25k, 24K/100 Gms Rally Rs 27,300; Silver Drops

Tuesday, May 6th, saw an enormous spike in gold prices on the domestic market as investors awaited the US Fed rate cuts. Additionally, the dollar's depreciation and the Fed's policy stance fueled the metal's surge. Because of the uncertainty surrounding the U.S.-China negotiations on trade and the market's close attention to key US economic data, gold prices are predicted to remain volatile ahead of this week's FOMC policy, particularly in the aftermath of a strong US jobs report.

Gold & Silver Price In Hyderabad - Chennai Today, 6th May

The price of gold in Hyderabad and Chennai today is Rs 9,846 per gram for 24 karat gold, Rs 9,025 per gram for 22 karat gold. The price of 22 karat gold per 10 grams in Hyderabad and Chennai is Rs 90,250 today, up Rs 2,500 from yesterday's price of Rs 87,750. In contrast, the price of 22 karat per 100 grams of gold in the cities on Tuesday is Rs 9,02,500, up Rs 25,000 from Monday's price of Rs 8,77,500.

The price of 24 carat gold per 10 grams in Hyderabad and Chennai is Rs 98,460 today, up Rs 2,730 from yesterday's price of Rs 95,730. On the other hand, the price of 24 carat gold per 100 grams in Hyderabad and Chennai on Tuesday remained Rs 9,84,600, up Rs 9,57,300 from Monday, representing a costlier rate of Rs 27,300.

While 18k of 100 gms of gold in Hyderabad would cost Rs 7,38,400 today compared to Rs 7,18,000 yesterday, showing a price rise of Rs 20,400, 18k of 10 grams of gold in Hyderabad remained at Rs 73,840 on Tuesday compared to Rs 71,800 yesterday. In Chennai, 18k of 10 gms of gold was worth Rs 74,600 on Tuesday, up from Rs 72,500 yesterday. In Chennai, 18k of 100 grams of gold would now cost Rs 7,46,000, up from Rs 7,25,000 yesterday, signifying a Rs 21,000 costlier price.

In Chennai and Hyderabad, the price of silver is Rs 107.90 per gram and Rs 1,07,900 per kilogram today, as opposed to Rs 108 and Rs 1,08,000 yesterday.

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 96,100-98,731, while support is placed at 93,840," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day, as gold prices steadied - following a surge of almost 3% on Monday - as investors focused on a weaker dollar, with prospects for potential US trade deals reverberating through currency markets including in Asia," commented the research analysts of Nirmal Bang Securities.

Disclaimer

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