Gold Price Today In Chennai & Hyderabad After Akshaya Tritiya: 24K/100 Gms Yellow Metal Falls Rs 21,800

Following buyers' celebration of Akshaya Tritiya on Wednesday, gold prices in the domestic market fell precipitously on May 1. Despite demand for safe-haven assets, the bullion market is experiencing extreme volatility due to rising geopolitical factors and reciprocal tariffs imposed on nations as a result of US President Donald Trump's erratic acts. After the U.S. advance GDP shrank at an annual rate of 0.3% in Q1, investors will now closely monitor the U.S. Non-Farm Payrolls report, Federal rate cut decisions-despite impending central bank activities-as well as geopolitical tensions and trade policies.

Gold/Silver Price Today In Chennai & Hyderabad

Currently, 24 carat gold costs Rs 9,573 per gramme in Chennai and Hyderabad, while 22 carat gold costs Rs 8,775 per gramme. The price of gold in Chennai and Hyderabad reached Rs 87,750 for 22k of 10 grams on Thursday, down Rs 2,000 from Rs 89,750 on Wednesday, whereas 24k per 100 grams of gold will cost Rs 8,77,500 in the cities today, which was Rs 8,97,500 yesterday, representing a price drop of Rs 20,000.

While 24k of 100 gms of gold would cost Rs 9,57,300 in the cities today, compared to Rs 9,79,100 yesterday, signifying a price drop of Rs 21,800, the price of 24k of 10 grams of gold in Chennai and Hyderabad on Thursday fell by Rs 2,180 to Rs 95,730 from Rs 97,910 on Wednesday.

In Chennai, 18k of 10 grams of gold will cost Rs 72,500 on Thursday, down from Rs 74,340 yesterday, which represents a price savings of Rs 1,840. 18k of 100 grams of gold in Chennai today reached Rs 7,25,000 compared to Rs 7,43,400 yesterday, representing a price drop of Rs 18,400.

In Hyderabad, the price of 18k of 10 grams of gold dropped by Rs 1,640 to Rs 71,800 on Thursday from Rs 73,440 on Wednesday, while the price of 18k of 100 grams of gold dropped by Rs 16,400 to Rs 7,18,000 on Thursday from Rs 7,34,400 yesterday on Akshaya Tritiya.

Silver is now priced at Rs 107 per gramme and Rs 1,07,000 per kilogramme in Hyderabad and Chennai, respectively, down from Rs 109 and Rs 1,09,000 yesterday. This is a price drop of Rs 2 for one gramme and Rs 2,000 for one kilogramme.

MCX Gold & Silver Outlook

"MCX Gold June is expected to face the hurdle near ₹96,200 and move towards ₹95,000 level. Below, ₹95,000, it would turn weaker towards ₹94,200. MCX Silver June is expected to consolidate in band of ₹96,800 and ₹98,800 level. Below ₹96,800, it would turn weaker towards ₹95,200," said the research analysts of ICICI Direct Research.

Spot Gold Outlook

"Gold is expected to face the hurdle near $3350 and move lower towards $3275 per ounce amid easing trade war concerns. Growing optimism over trade deal between US and other major trading nations would negate the safe haven appeal in the bullion. But, no clarity on trade negotiations between US and China could provide some support to the bullions. Furthermore, expectation of slower job growth numbers and sharp drop in advance GDP numbers would increase the chance of Fed rate cut, which could provide support to the yellow metal," commented ICICI Direct Research brokerage firm.

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.