Gold Prices Nosedive in Chennai, Hyderabad: Crashes 20% From Record High; Check March 23 Gold & Silver Rate

Even as today gold price correction is a potential entry point for retail buyers, investor sentiment is cautious. The yellow metal has shed a substantial portion of its recent gains over the past 10 days, and is now trading nearly 20% below its all-time high levels recorded in January.

The weakness is also evident in international markets, where gold prices declined nearly 2%. Data from Trading Economics indicates that gold slipped below $4,400 per ounce on Monday. As per their report, "the ongoing Middle East conflict intensified inflation fears, while major economies face pressure to boost liquidity, including through gold sales, to offset the war's impact. The Iran war shows little sign of easing, with President Donald Trump threatening strikes on Iranian power plants if the Strait of Hormuz is not reopened, while Tehran warned it would target key US and Israeli assets across the region if its energy facilities were hit. "

Gold rate in Hyderabad today

As of 23rd March, the 22-carat gold rates in Hyderabad crushed by Rs.5450 to cost Rs. 1,28,350 per 10 grams, while the 24-carat gold rates dropped Rs.5950 per 10 grams to stand at Rs.1,40,020 per 10 grams. Similarly, the 18-carat gold rates in Hyderabad declined by Rs.4460 to cost Rs. 1,05,020 per 10 grams.

Gold Rate in Chennai

Similarly,the gold prices in Chennai also took a big hit. The 22-carat gold rate slumped by Rs. 6700 and is now priced at Rs. 1,29,500 per 10 grams. The 24-carat gold rate also fell by Rs. 7300, bringing the price to Rs. 1,41,280 per 10 grams. Similarly, 18-carat gold in Chennai crashed by Rs.5600 and now costs Rs. 1,08,000 per 10 grams.

Silver Prices Today in Hyderabad + Chennai

On the other hand, silver prices today in both Hyderabad & Chennai recoded huge drop for the fifth consecutive day. Silver is currently retailing at Rs. 2,35,000 after a fall of Rs. 15000 per Kg. Meanwhile, 100 grams of silver is currently priced at Rs 23,500..

MCX Gold Futures Updates

Both the precious metals on the On the Multi Commodity Exchange are trading in deep red today. Gold Futures prices today slumped by 5.95% to trade at Rs. 1,35,900 per 10 grams at the time of writing. Silver May Futures crashed sharply by 8.12% and were trading at Rs 2,08,367 per Kg.

Spot Gold and Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold fell 2.7% to $4,366.94 per ounce as of 0432 GMT. U.S. gold futures for ⁠April delivery fell 4.5% to $4,369.90. Spot silver lost 3.4% to $65.45 per ounce."

Gold & Silver Rates In Top 5 Cities In India

City	24K (Rs/g)	22K (Rs/g)	18K (Rs/g)
Delhi	Rs 14,017	Rs 12,850	Rs 10,517
Mumbai	Rs 14,002	Rs 12,835	Rs 10,502
kerala	Rs 14,002	Rs 12,835	Rs 10,502
Bangalore	Rs 14,002	Rs 12,835	Rs 10,502
Kolkata	Rs 14,002	Rs 12,835	Rs 10,502

City	10-gram silver (Rs)	1-kg silver (Rs)
Delhi	Rs 2,300	Rs 2,30,000
Mumbai	Rs 2,300	Rs 2,30,000
Kerala	Rs 2,300	Rs 2,30,000
Bangalore	Rs 2,300	Rs 2,30,000
Kolkata	Rs 2,300	Rs 2,30,000

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