Gold Prices In Chennai Surge Back To 80,000 Mark On Oct 26; 24K/100g Gold Up By Rs.7,100

As India gears up for the upcoming Diwali festivities next week, there's a surge in consumer spending, particularly in the jewelry market. Gold prices in Chennai today took a huge leap again back to the record levels reversing recent decline. Yellow metal rates in Chennai are currently moving upwards due to several factors, including ongoing geopolitical tensions in the Middle East and uncertainty surrounding the US elections. Additionally, the recent release of stronger-than-expected US job data has further impacted market sentiment, contributing to the rise in gold prices.

On 26th October, the 22-carat gold price in Chennai for 10 grams spiked by Rs. 650 bringing it to Rs. 73,600. The 24-carat gold price also surged by Rs. 710 per 10 grams to stand at Rs. 80,290. On the other hand, 18-carat gold observed a substantial increase of Rs. 450 per 10 grams to reach Rs. 60,600.

For larger quantities, the price of 100 grams of 24-carat gold has increased by Rs. 7,100, now priced at Rs. 8,29,000. Similarly, the price of 100 grams of 22-carat gold has risen by Rs. 6,500, currently valued at Rs. 7,36,000.

Gold Prices Shine Bright for Dhanteras

The time is here for the most eagerly awaited days for purchasing gold and silver for indians as a part of their tradition during Dhantrayodashi or Dhanteras which is falling on October 29, 2024, this auspicious occasion traditionally draws families to jewelry stores to purchase gold and silver in the form of Coins, jewelries, or utensils for sacred purposes which is also a part of the annual investment. Consequently, gold price in Chennai is anticipated to surge even further as the investor sentiment remains positive around the precious metal.

The global gold market is experiencing renewed buying interest. This increase in gold prices came despite a stronger-than-expected report on the U.S. labor market. According to the latest October data from the U. S labor departments, initial jobless claims dropped to 227,000, below the forecasted 242,000, indicating a resilient job sector. As stated in The latest Reuters report " Non-yielding gold has risen over 32% so far this year as safe-haven demand stemming from ongoing tensions in the Middle East bolstered prices, along with a half-point basis cut by the Federal Reserve."

Gold rates in other major cities in India:

Cities	24 carat	22 carat
Delhi	₹ 80,440	₹ 73,750
Mumbai	₹ 80,290	₹ 73,600
Bangalore	₹ 80,290	₹ 73,600
Kolkata	₹ 80,290	₹ 73,600

Silver Rates In Chennai Today

1 kilogram silver rate in Chennai observed no movement today after dropping by Rs. 5,000 in the last two days and is currently standing at 1,07,000. Similarly, the price for 100 grams of silver also remained steady at Rs. 10,700. On the Multi Commodity Exchange, silver futures maturing December 5th are trading at Rs. 97,269, rising by 0.24%.

Spot Gold And Silver Rates On October 26th

According to Reuters, spot gold rose by 0.2% to $2,741.50 per ounce as of 1:44 p.m. ET (1744 GMT). Prices reached a record high of $2,758.37 on Wednesday, marking the third consecutive weekly gain. U.S. gold futures closed 0.2% higher at $2,754.60, while spot silver gained 0.26%, climbing to $33.70.