Gold Rate In Chennai & Hyderabad Fall To 2-Week Low On May 12: 22/24K Dip By Rs 165–Rs 180/Gm; Silver Crashes

As tensions between India and Pakistan escalated, gold prices on the domestic market fell precipitously on Monday, May 12. Under pressure around US-China talks on trade, which ended well over the weekend as officials from both countries met in Switzerland to discuss tariffs, gold prices remained at about $3,280 an ounce. Due to tensions between India and Pakistan and unclear comments made by U.S. Federal Reserve Governor Powell, gold prices surged somewhat last week.

Gold/Silver Price In Chennai & Hyderabad Today On Monday, 12th May

Today, 24 carat gold costs Rs 9,688 per gram, 22 carat gold costs Rs 8,880 per gram, and 18 carat gold costs Rs 7,320 per gram in Chennai and Hyderabad. On Monday, the price of gold in Chennai and Hyderabad fell to Rs 88,800 for 22k of 10 gms from Rs 90,450 earlier, representing a savings of Rs 1,650. Today, the price of gold in Chennai and Hyderabad fell to Rs 8,88,000 for 22k of 100 grams from Rs 9,04,500 yesterday, which represents a Rs 16,500 drop in the price.

While gold prices in Chennai and Hyderabad fell by Rs 18,000 to Rs 9,68,800 for 24k of 100 grams on Monday from Rs 9,86,800 yesterday, the price of gold in Chennai and Hyderabad fell by Rs 1,800 to Rs 96,880 for 24k of 10 gms compared to Rs 98,680 yesterday.

While the price of gold in Hyderabad and Chennai fell Rs 13,500 to Rs 7,32,000 for 18k of 100 grams today from Rs 7,45,500 yesterday, the price of gold in Hyderabad and Chennai fell Rs 1,350 to Rs 73,200 for 18k of 10 grams on Monday compared to Rs 74,550 yesterday.

Today, silver costs Rs 109 per gram and Rs 1,09,000 per kilogram in Chennai and Hyderabad, respectively, down from Rs 111 and Rs 1,11,000 yesterday.

MCX Gold Outlook Today

"On the technical front, gold appears very bullish on both the weekly and daily charts. It is comfortably trading above all short-term and long-term moving averages with a positive Super Trend. However, MCX Gold has recently witnessed selling at three-year high volumes, indicating initial signs of weakness. On the daily chart, it has breached the 20 EMA support multiple times, signaling weakening momentum. We expect MCX Gold to remain volatile going forward, and fresh investment should be avoided at current levels. Support is currently placed at 94,650 and resistance at 99,150," commented Abhishek Pelu - Research Analyst at Way2Wealth Brokers.

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Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day, as bullion's haven status was impacted by signs of progress in trade talks between the US and China, along with some relief to geopolitical tensions," commented the research analysts of Nirmal Bang Securities.

Disclaimer

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