Gold Prices Jump Ahead of Raksha Bandhan! Check Today's Latest 24K, 22K & 18K Gold Rate in Hyderabad & Chennai

Gold prices saw a notable surge on Tuesday, August 5, in major southern cities Hyderabad and Chennai, just ahead of upcoming festivals like Raksha Bandhan and Janmashtami, which typically drive higher consumer demand for gold jewellery and coins. The uptick in prices is largely attributed to global market trends, festive buying, and a steady increase in safe-haven demand.

24 Karat Gold Rate in Hyderabad and Chennai on August 5

In both Hyderabad and Chennai, the rate for 24 Karat gold, which is the purest form of gold, rose by Rs 82 per gram. In Hyderabad, 1 gram of 24K gold is now priced at Rs 10,222, up from Rs 10,140 the previous day.

A standard purchase of 10 grams now costs Rs 1,02,220, reflecting an increase of Rs 820 in a single day. For bulk buyers or jewellers purchasing 100 grams, the price has surged to Rs 10,22,200, which is Rs 8,200 higher than the previous session.

24K Gold Rate Chennai mirrored the same price movement, with 1 gram of 24K gold also priced at Rs 10,222. This uniformity in pricing across cities indicates a broader trend influenced by national and international factors. Like Hyderabad, the 10 gram price in Chennai reached Rs 1,02,220.

22K Gold Rate in Chennai and Hyderabad Today

22 Karat gold on August 5, commonly used in jewellery making, also recorded notable gains. In Hyderabad, the price increased by Rs 75 per gram, bringing the rate to Rs 9,370, up from Rs 9,295 yesterday. This means that buyers looking to purchase 10 grams of 22K gold will now have to pay Rs 93,700, an increase of Rs 750. A bulk 100 gram purchase would cost Rs 9,37,000, a daily rise of Rs 7,500.

Chennai saw identical figures, with the 22K gold rate also jumping to Rs 9,370 per gram. This increase reflects heightened interest from jewellery buyers preparing for the upcoming festivals. The 10 gram rate in Chennai also reached Rs 93,700, confirming a pan-regional upward trend.

18 Karat Gold Rate Today in Hyderabad and Chennai

Prices of 18 Karat gold in Hyderabad for 1 gram climbed to Rs 7,667, an increase of Rs 62 from yesterday's Rs 7,605. For 10 grams, the price now stands at Rs 76,670, up Rs 620. Those buying in larger quantities, such as 100 grams, will now pay Rs 7,66,700, a jump of Rs 6,200.

In Chennai, the 18K gold rate also saw a rise of Rs 65 per gram, reaching Rs 7,745. The 10 gram price now sits at Rs 77,450, up from Rs 76,800 the previous day. The price of 100 gram of 18K gold in Chennai is Rs 7,74,500, marking a daily increase of Rs 6,500. This price movement shows that interest in 18K gold jewellery is also picking up ahead of the festive rush.

Why Are Gold Prices Climbing Ahead of Festivals?

Gold prices often rise ahead of key Indian festivals as demand for jewellery and gold coins surges. Raksha Bandhan (August 19) and Janmashtami (August 26) are widely celebrated, and buying gold is a deeply rooted cultural tradition during these times.

Retailers expect strong sales and buyers are already making advance purchases to avoid further price hikes. On a global level, safe-haven demand for gold remains strong due to ongoing geopolitical tensions and economic uncertainties. The Indian rupee's mild weakness against the US dollar has also contributed to the local price rise, as gold is imported and priced in dollars.