Gold Prices Plunge In Chennai on Nov 1: Silver Sees Steep Drop, 24K/10g Falls by Rs.770

Chennai gold rates today have seen a sharp decline following a week-long rally. Recently, festive demand has been a key factor driving gold prices upward in India. Additionally, the rise in Chennai gold prices has been influenced by uncertainties surrounding next week's U.S. election and fluctuations in the U.S. dollar.

As of November 1st, gold price in Chennai Dropped by Rs. 770 per 10 grams for 24-carat gold which is currently at Rs. 80,560 , while 22-carat gold declined by Rs. 700 which is now priced at Rs. 73,850 every 10 grams. Similarly, the 18-carat gold price in Chennai today got cheaper by Rs.550/- and is currently at Rs. 60,850/- per 10 grams.

Seasonal Demand Driving Gold Prices

The recent rally in gold and silver prices was ,majorly fueled by huge demand during the festive season. India, a major global consumer of gold, witnessed heightened buying activity, particularly during Diwali and Dhanteras. As the festive season concludes, the upcoming Hindu wedding season, which extends from November to February, is expected to provide the next major push to gold rates in Chennai and the rest of the country.

Despite the strengthening dollar, global gold prices are affected by the uncertainty surrounding the upcoming U.S. presidential election scheduled on November 5. Investors are closely watching for potential shifts in economic policy following the election, as these shifts may impact fiscal strategies and market stability. Furthermore, the release of U.S. non-farm payroll data and other key economic indicators is expected to play a huge role in shaping market expectations for the Federal Reserve's next policy meeting.

Gold Rates In Other Major Cities In India:

Cities	24 carat	22 carat
Delhi	₹ 80,710	₹ 74,000
Mumbai	₹ 80,560	₹ 73,850
Bangalore	₹ 80,560	₹ 73,850
Kolkata	₹ 80,560	₹ 73,850

Chennai Silver Prices On November 1st

Silver rate in Chennai today Observed a huge drop of Rs. 3000 per kg of white metal to cost at Rs. 1,06,000..For 100g, the silver metal got cheaper by Rs. 300, reaching Rs. 10,600. This marks the first decline in the past 7 days, as the recent surge in silver prices In Chennai was majorly due to the increased demand in the ongoing festive season.

Gold And Silver futures:

Gold and silver futures on the Multi Commodity Exchange (MCX) are currently consolidating after a recent decline from record highs. Gold futures for December 5th delivery are trading 0.02% higher today, priced at Rs. 78,443 per 10 grams. Similarly, silver futures are up 0.11%, trading at Rs. 94,735 per kilogram.

Spot Gold And Silver Rates

As stated in the latest Reuters report, Gold prices surged by over 4% in October, driven by a surge in safe-haven demand fueled by geopolitical tensions in the Middle East and uncertainty surrounding the US elections. As of 2:35 GMT, spot gold was trading flat at $2,746.09 per ounce. After reaching an all-time high of $2,790.15 during intraday trading on Thursday, prices retreated slightly. Similarly, spot silver remained stable at $32.65 per ounce.