Gold Rates Crash Again! 100 Grams Gold Falls Rs 85,200; 24K, 22K, 18K Gold Prices In Chennai, Hyderabad

Gold rates in India continued to crash for second day in a row on February 6, despite US and Iran reportedly at the verge of escalating a war. Also, RBI decided to keep policy repo rate unchanged to multi-year low of 5.25%. These factors should have lifted precious metals, however, as per experts, market is observing Kevin Warsh's policy stance amid President Trump's comments pointing to imminent rate cuts. A Fed rate cut makes gold attractive and brings dollar under pressure.

"Markets are assessing Kevin Warsh's policy stance amid President Trump's comments pointing to imminent rate cuts, contrasted by Fed Governor Lisa Cook's warning on upside inflation risks and limited scope for near-term easing," said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.

Following this, gold rates in cities like Chennai dropped by Rs 85,200 in 100 grams and Rs 8,520 in 10 grams of 24 carat. In majority of cities, 10 grams gold prices are down by Rs 70,900 in 100 grams and Rs 7,090 in 10 grams.

Gold Rates In India:

Gold Rates In Chennai:

Gold rates in Chennai dropped the most compared to other cities. On February 6, 10 grams gold price slipped by Rs 2,180 to Rs 1,54,040 in 24 carat, while price dipped by Rs 2,000 to Rs 1,41,200 in 22 carat, and further shed Rs 1,500 to Rs 1,21,000 in 18 carat.

100 grams gold rates nosedived by Rs 21,800 to Rs 15,40,400 in 24 carat, plunged by Rs 20,000 to Rs 14,12,000 in 22 carat, and tumbled by Rs 15,000 to Rs 12,10,000 in 18 carat.

8 grams gold rates in Chennai stood at Rs 1,23,232 in 24 carat, at Rs 1,12,960 in 22 carat, and at Rs 1,12,960 in 18 carat. This gold dipped by Rs 1,200 to Rs 1,744 on Friday.

Further, the price of gold in Chennai today is Rs 15,404 per gram for 24 karat gold, Rs 14,120 per gram for 22 karat gold and Rs 12,100 per gram for 18 karat gold (also called 999 gold).

This is the second consecutive day decline in gold prices in this city. For instance, 100 grams gold price nosedived by Rs 63,400 yesterday. From February 5th to 6th, 100 grams gold crashed by Rs 85,200.

Gold Rates In Hyderabad:

10 grams gold price here plunged by Rs 2,070 to Rs 1,52,350 in 24 carat, further declined by Rs 1,900 to Rs 1,39,650 in 22 carat and also tumbled by Rs 1,560 to Rs 1,14,260 in 18 carat.

Meanwhile, 100 grams gold rates slipped by Rs 20,700 to Rs 15,23,500 in 24 carat, plunged by Rs 19,000 to Rs 13,96,500 in 22 carat and also dived by Rs 15,600 to Rs 11,42,600 in 18 carat.

From February 5th to 6th, 100 grams gold price has shed Rs 70,900 and 10 grams gold got dearer by Rs 7,090 in 24 carat.

Coming to 8 grams, this gold is available at Rs 1,21,880 in 24 carat, at Rs 1,11,720 in 22 carat and at Rs 91,408 in 18 carat. The prices here dipped by Rs 1,248 to Rs 1,656.

The cheapest gold price in Hyderabad is at Rs 15,235 per gram for 24 karat gold, Rs 13,965 per gram for 22 karat gold and Rs 11,426 per gram for 18 karat gold (also called 999 gold).

Gold Rates Predictions

As per Ponmudi R, CEO of Enrich Money, following are the outlook for spot gold and MCX gold which will impact gold rates in India as well.

Spot Gold Price Outlook:

COMEX Gold is trading within the $4,700-$5,000 zone after correcting sharply from recent highs above $5,500-$5,600. The broader uptrend remains intact, with the recent decline reflecting profit booking and healthy price digestion rather than trend reversal.

Further, prices remain below key short-term moving averages, indicating corrective pressure. Strong buying interest is visible in the $4,500-$4,700 support band. A sustained hold above this zone could set the stage for renewed upside, while a breakout above $5,200-$5,300 would reopen the path toward prior record highs.

MCX Gold Price Outlook

MCX Gold futures are trading near the Rs1,49,000-Rs1,55,000 zone following a sharp correction from record highs near Rs1,80,000-Rs1,81,000.

Despite near-term volatility, the broader uptrend structure remains supportive, with prices holding above key long-term supports. Strong demand is seen in the Rs1,37,000-Rs1,42,000 zone.

A sustained base above this area, followed by a breakout above Rs1,55,000-Rs1,60,000, could revive upside momentum toward Rs1,65,000-Rs1,75,000, keeping the medium-term outlook positive.

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