Gold Prices Today, Dec 4: Another Fall in 24K & 22K Gold Rates in Chennai & Hyderabad; Silver Also Drops

Gold prices are in the high fluctuation mode this week, rising and falling on alternate days as the yellow metal remains highly volatile. On Thursday, gold rates slipped as investors turned cautious ahead of key macroeconomic announcements and central bank decisions. With the RBI MPC meeting ongoing and a policy outcome expected tomorrow, traders are avoiding large positions.

Globally, all eyes are on the upcoming US Federal Reserve (FOMC) meeting, which is expected to provide fresh cues on the interest rate. Meanwhile, the US dollar has strengthened sharply against the rupee, which is currently near record-low levels.

According to spotgold.org, spot gold is currently trading at $4,186.05, down 0.38%.

An ICICI Commodity report said, "Spot gold is expected to hold its gains and trade with a positive bias toward the $4,250 level on account of a weaker dollar and softening US Treasury yields. Prices may also rise amid increasing expectations of a December rate cut. As per the CME FedWatch Tool, traders are now pricing in nearly an 89% chance of a December rate cut, up from 84% last week. Additionally, gold may receive support from safe-haven demand and continued central bank buying."

Gold rate in Chennai today

The 22-carat gold rate in Chennai slumped by Rs 400 per 10 grams, bringing the price lower to Rs 120,200 per 10 grams. Meanwhile, the 24-carat gold price in Chennai fell by Rs. 440, now retailing at Rs. 131,300 per 10 grams. The 18-carat gold also saw a drop of Rs. 300 per 10 grams, currently priced at Rs. 100,250.

Silver Prices in Chennai Today

Silver prices in Chennai today also dropped following gold's lead. As of today, 1 kg of silver in Chennai costs Rs. 200,000 after falling by Rs. 1000. While 100 g of silver currently costs Rs. 20,000 in India.

Gold rate in Hyderabad today

On December 4th the gold prices in Hyderabad also fell across all purity levels. The 22-carat gold rate in Hyderabad dipped by Rs. 200 per 10 grams and is now priced at Rs. 119,500 per 10 grams. Meanwhile, the 24-carat gold price in Hyderabad today fell by Rs. 220, bringing the rate to Rs. 130,360 per 10 grams. Even the 18-carat gold rate in Hyderabad saw a drop of Rs. 160, currently retailing at Rs. 97,780 per 10 grams.

Silver Prices in Hyderabad Today

The silver rate in Hyderabad today fell by Rs. 1000/kg; as of December 4th, 1 kg of silver priced in Hyderabad retails at Rs. 200,000. While 100 g of silver rates in India cost Rs 20,000.

MCX Gold & Silver Price Today

On the Multi Commodity Exchange (MCX), gold futures set to expire on February 5 were trading lower in early trade. Gold prices slipped 0.49% to Rs 129,821 per 10 grams as of 11:30am. Silver futures maturing on March 5th also edged down slightly, declining 1.66% to Rs 179,326 per kg around the same time.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.