Gold Rate Crashes Rs 94,400/100 Grams In 5 Days; 24K, 22K, 18K Gold Rates In Chennai, Hyderabad, Delhi, Mumbai

Gold rates in India has continued to crash steeply for three consecutive day this week. On September 2nd, 24 carat gold crashes at least by Rs 20,700 in 100 grams and by Rs 2,070 in 10 grams in cities like Mumbai, Hyderabad and Delhi. However, the decline is worst in Chennai. Not just that, in some cities, gold prices have plunged by Rs 94,400 in 100 grams and by Rs 9,440 in 10 grams in just five days. The reason is the rising bond yields and crude oil prices due to uncertainties in US-Iran conflict. Also, hawkish remarks of US Federal Reserve amidst sticky inflation has increased the odds of rate hike this month, which made demand for gold unappealing.

Gold Rates In Chennai

In Chennai, gold price has fallen the most. On September 2nd, 24-carat gold price dropped by Rs 26,200 to Rs 15,20,200 per 100 grams and 10 grams gold plunged by Rs 2,620 to Rs 1,52,020. In case of 22-carat, gold price crashed by Rs 24,000 to Rs 13,93,500 per 100 grams and dipped by Rs 2,400 to Rs 1,39,350 per 10 grams. Further, in Chennai, 18-carat gold price declined by Rs 22,500 to Rs 11.72 lakh per 100 grams and down by Rs 2,250 to Rs 1,17,200 per 10 grams.

Notably, 24-carat gold in Chennai crashed by Rs 21,300 in 100 grams on September 1st after it crashed by Rs 14,700 on August 31st. Gold prices were unchanged on August 30th, but had fallen by up to Rs 32,200 per 100 grams on August 29th as well. In these five days, 24-carat gold price nosedived by Rs 94,400 in 100 grams and by Rs 9,440 per 10 grams.

Gram	24K Gold	22K Gold	18K Gold
1	₹15,202 (-₹262)	₹13,935 (-₹240)	₹11,720 (-₹225)
8	₹1,21,616 (-₹2,096)	₹1,11,480 (-₹1,920)	₹93,760 (-₹1,800)
10	₹1,52,020 (-₹2,620)	₹1,39,350 (-₹2,400)	₹1,17,200 (-₹2,250)
100	₹15,20,200 (-₹26,200)	₹13,93,500 (-₹24,000)	₹11,72,000 (-₹22,500)

Gold Rates In Hyderabad + Gold Rates In Mumbai:

The gold rates in Hyderabad and Mumbai are same. On Wednesday, 24-carat gold price in these two cities dropped by Rs 20,700 to Rs 15,20,200 per 100 grams and plunged by Rs 2,070 to Rs 1,52,200 per 10 grams. Further, 22-carat gold price decreased by Rs 19,000 and Rs 1,900 in 100 grams and 10 grams to Rs 13,93,500 and Rs 1,39,350 respectively. Also, 18-carat gold price is down by Rs 15,500 to Rs 11,40,200 per 100 grams and lower by Rs 1,550 to Rs 1,14,020 per 10 grams.

Gram	24K Gold	22K Gold	18K Gold
1	₹15,202 (-₹207)	₹13,935 (-₹190)	₹11,402 (-₹155)
8	₹1,21,616 (-₹1,656)	₹1,11,480 (-₹1,520)	₹91,216 (-₹1,240)
10	₹1,52,020 (-₹2,070)	₹1,39,350 (-₹1,900)	₹1,14,020 (-₹1,550)
100	₹15,20,200 (-₹20,700)	₹13,93,500 (-₹19,000)	₹11,40,200 (-₹15,500)

Gold Rates In Delhi:

Gold prices in Delhi also plunged by Rs 15,500 to Rs 20,700 in 100 grams and declined by Rs 1,550 to Rs 2,070 in 10 grams. Here, 24-carat gold price is at Rs 15,21,700 per 100 grams and at Rs 1,52,170 per 10 grams. Also, 22-carat gold rates are at Rs 13,95,000 per 100 grams and at Rs 1,39,500 per 10 grams. Further, 18-carat gold rates are at Rs 11,41,700 per 100 grams and at Rs 1,14,710 per 10 grams.

Gram	24K Gold	22K Gold	18K Gold
1	₹15,217 (-₹207)	₹13,950 (-₹190)	₹11,417 (-₹155)
8	₹1,21,736 (-₹1,656)	₹1,11,600 (-₹1,520)	₹91,336 (-₹1,240)
10	₹1,52,170 (-₹2,070)	₹1,39,500 (-₹1,900)	₹1,14,170 (-₹1,550)
100	₹15,21,700 (-₹20,700)	₹13,95,000 (-₹19,000)	₹11,41,700 (-₹15,500)

What Is Impacting Gold Rates In India?

As per Aamir Makda, Commodity & Currency Analyst ,Technical Research, Choice Broking, Gold price in India has resumed gapped down today at 150,033, continued to decline for the 6th consecutive session. Price has resumed trading below 50 and 100-DEMA level placed at 151,681 and 150,179 respectively. Gold fell on Wednesday to its lowest in more than three weeks, as the escalating Middle East conflict lifted oil prices and stoked inflation and rate-hike fears.

Also, traders are also focused on upcoming US employment data. Traders are pricing in a 67% chance of a rate hike at the Federal Reserve's policy meeting this month. Immediate support would be at 149,150 and breakout of this level will boost downside momentum in Gold price in today's session.

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