Gold Price Rally Picks Up Pace in Chennai & Hyderabad On Dec 3; 24K, 22K,18K Gold & Silver Rates Nears Record

Gold prices in Chennai and Hyderabad rose again on December 3 after a brief decline on Tuesday, with the yellow metal inching closer to its all-time high. All major purities registered gains, pushing 24K gold above Rs. 1.3 lakh per 10 grams, 22K gold above Rs. 1.2 lakh, and 18K categories above Rs. 1 lakh.

In the international market, gold prices are also on the rise because of the rising optimism around a potential US Federal Reserve rate cut in December. Spot gold is trading above $4,200 per ounce. Since domestic gold rates closely follow international market trends, prices in India, including major cities like Chennai and Hyderabad, are highly sensitive to global cues.

Back home, the RBI Monetary Policy Committee meeting begins today, with the outcome scheduled for December 5. The commodity market is expected to react sharply to the policy decision, so expect more volatility in gold prices in the coming days.

Gold Price in Chennai

On December 3rd, the 10 grams of 24-carat gold rates in Chennai stood at Rs. 131,570, which rose by Rs. 220, while the 22-carat gold prices in Chennai cost Rs. 120,600 after rising by Rs. 200. The cheaper variant is no longer cheap, as the 18-carat gold rate in Chennai jumped by Rs. 150 to retail at Rs. 100,550 per 10 grams.

Silver prices in Chennai today

Silver rates in Chennai today have been rising continuously for the last seven days and have crossed above 2 Lac. Currently, 1 kg of silver costs Rs. 201,000, with an increase of Rs. 5000, and 100 grams of silver cost Rs. 20,100, which jumped by Rs. 500.

Gold Price in Hyderabad

Gold prices in Hyderabad are also mirroring the gold rates in India today, where the price of 22-carat gold stood at Rs. per 10 grams. A 24-carat gold rate in Hyderabad retails at Rs. 104,900 per 10 grams.

Silver Prices in Hyderabad

Just like in Chennai, the silver price in Hyderabad spiked sharply today by Rs. 5000 per kg, taking the prices to Rs. 201,000. Similarly, the 100g silver rates are Rs. 20,100.

Gold and Silver Futures Prices on the Multi Commodity Exchange

Currently, gold futures prices due to mature on December 5th are standing at Rs. 127,995 after rising by 0.52%. Silver futures, which are set to mature on December 5th, rose by 0.87% to Rs. 178,114.

According to a commodity research report by Way to Wealth, "On the technical front, MCX Gold has continued to show positive momentum following the symmetrical triangle breakout and is now trading near its all-time high levels. A strong breakout above these levels could open the door for further upside. Immediate support is placed at 129000, while resistance is seen at 130800-132250. Traders can buy MCX Gold near 129000 for targets of 130800-132250, while any sustained weakness below 128990 will warrant a review of the current outlook."

Spot Gold and Spot Silver Price Update

According to Reuters, spot gold rose 0.4% to $4,222.22 per ounce as of 0506 GMT, after falling more than 1% in the previous session. U.S. gold futures for December delivery were up 0.8% at $4,252.90 per ounce. Silver was up 0.4% at $58.73/oz after climbing to a fresh record high of $58.94 earlier in the session."

"Gold slipped 1% to below $4,200 per ounce as traders booked profits after Monday's six-week high, with expectations firming for a 25 bps US rate cut next week amid weak economic data and dovish Fed commentary. Attention now shifts to the upcoming ADP employment report and delayed PCE data for further clarity on the Fed's policy path," the Way to Wealth Research report mentioned.

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