Gold Rate In Chennai/Hyderabad Today, April 29: 22, 24 & 18K Rise Ahead of Akshaya Tritiya; Silver Steady

A stronger U.S. dollar and signals of an easing in trade tensions between the U.S. and China caused an enormous rise in gold prices on the domestic market on Tuesday, April 29. With consumer sentiment being strong and markets now looking at upcoming U.S. economic data for clues on Fed policy, gold prices are staying around Rs 1 lakh for 10 grams ahead of Akshaya Tritiya, following today's surge in the yellow metal. The important US economic data this week-the unemployment rate, nonfarm payrolls, and ADP nonfarm employment-will be widely monitored and are probably going to cause volatility after gold fell to about $3,300 an ounce.

Gold/Silver Price In Chennai & Hyderabad Today

Today's gold prices in Chennai and Hyderabad are Rs 9,797 per gram for 24 carat gold, Rs 8,980 per gram for 22 carat gold, and Rs 7,435 per gram for 18 carat gold. While the price of gold in the cities climbed by Rs 4,000 to Rs 8,98,000 for 22k of 100 grams today from Rs 8,94,000 yesterday, the price of gold in Chennai and Hyderabad on Tuesday reached Rs 89,800 compared to Rs 89,400 on Monday for 22k of 10 grams.

While 24k of 100 grams of gold will cost Rs 9,79,700 in the cities today compared to Rs 9,75,300 yesterday, representing an increase in the price of Rs 4,400, the price of gold in Chennai and Hyderabad on Tuesday hit Rs 97,970 compared to Rs 97,530 on Monday, corresponding to a costlier rate of Rs 440 for 24k of 10 grams.

In Chennai, the price of 18k of 10 grams of gold stood at Rs 74,350 on Tuesday compared to Rs 74,050 on Monday, whereas in Hyderabad, 18k of 10 grams of gold rates stood at Rs 73,480 today compared to Rs 73,150 yesterday, representing a price jump of over Rs 300 in both the cities.

The price of silver in Hyderabad and Chennai today was flat at Rs 111 per gram and Rs 1,11,000 per kilogram.

MCX Gold Outlook Today

"Tensions over disputed U.S.-China trade talks and political uncertainty kept bullion elevated after last week's record high. Markets now focus on upcoming U.S. economic data for signals on Fed policy. On the technical front, MCX Gold has shown a buildup of momentum on intraday charts. On the daily and weekly charts, MCX Gold appears bullish, with strong momentum. Buying on dips should be the preferred trading strategy. Traders can buy MCX Gold with targets of 96,600 and 98,730. Any close below 95,350 on the 30-minute chart should be taken as a stop-loss," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day, as gold prices edged lower ahead of key economic data this week that could offer some insights into the impacts of President Donald Trump's trade war," Nirmal Bang Securities highlighted in a note on Tuesday.

Sell On Rally Is An Opportunity For Precious Metals

As per Tejas Shigrekar, Senior Technical Analyst - Commodities and Currencies at Angel One, "Gold Resistance range of 96900- 97000 levels. Trading consistently above 97000 levels would lead to strong resistance at 98100 levels. We expect Gold prices to find support in the range of 91700- 91200 levels. Silver Resistance range of 97100- 97600 levels. Trading consistently above 97600 levels would lead to strong resistance at 99700 levels. We expect Gold prices to find support in the range of 89100- 88500 levels."

Disclaimer

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