Gold prices in Chennai rose on August 9, much higher than yellow metal prices in retail stores of other cities in India. 24K/100 grams gold in Chennai is up by Rs 8,200 in a single-day on August 9. Yellow metal has broadly witnessed a volatile week amidst US recession fears, geopolitical tensions and expectations of early rate cut by Fed. Amidst the latest surge, the most expensive gold is at Rs 7,00,900, and the cheapest is at Rs 5,263. Silver prices have surged as well in this southern city.
Gold Prices In Chennai:
24K Gold Prices: 100 grams here jumped by Rs 8,200 to Rs 7,00,900, while 10 grams gold crossed Rs 70,000 mark to Rs 70,090 up by Rs 820. Also, 8 grams and 1 gram gold is up by Rs 656 and Rs 82 to Rs 56,072 and Rs 7,009 respectively on August 9.
24K/100 grams is the most expensive gold to buy in Chennai which has witnessed upside for second consecutive day. In the previous day, this gold was up by Rs 2,100. From August 8-9, gold is up by Rs 10,300.
22K Gold Prices: Here, 100 grams gold price in Chennai increased by Rs 7,500 to Rs 6,42,500, while 10 grams price surpassed Rs 64,000 mark to Rs 64,250 higher by Rs 750 on August 9 from the previous day. In a single-day, gold price in 8 grams and 1 gram also picked up by Rs 600 and Rs 75 to Rs 51,400 and Rs 6,425 respectively.
18K Gold Prices: In the lowest carat, gold in 100 grams soared by Rs 6,100 to Rs 5,26,300, while 10 grams price climbed by Rs 610 to Rs 52,630. Additionally, the 8 gram gold in 18K rose by Rs 488 to Rs 42,104, and the 1 gram price is up by Rs 61 to Rs 5,263.
The cheapest gold to buy is of 1 gram in 18K.
Silver Prices In Chennai:
1Kg of this precious metal soared by Rs 1,500 in a single-day to Rs 88,000 as against the previous day's price of Rs 86,500. Further, 100 grams silver gained by Rs 150 to Rs 8,800, and that f 10 grams is up by Rs 15 to Rs 880.
Lastly, 8 grams and 1 gram silver prices were up by Rs 12 and Rs 1.50 to Rs 704 and Rs 88 respectively. 1 gram of silver is cheapest to buy.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, weekly jobless claims data, which came in lower at 241k versus 249k, might exert slight pressure on gold prices. Although a September rate cut by the Fed appears likely, upcoming U.S. CPI data for July and the Nonfarm Payrolls report in early September will be crucial in confirming the certainty of the rate cuts. Gold traders should closely monitor these developments to gauge the future direction of prices.
Apart from the global phenomena, gold prices in Chennai also trended after RBI kept repo rate unchanged at 6.5% for the ninth monetary policy in a row. Investors of gold are broadly expecting rate cut from Fed and RBI ahead, which makes non-yielding assets like them attractive against dollar.
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