Gold Rates Crash: Gold In Chennai Falls Rs 6,600, But Dips Rs 3,800 In Bengaluru, Hyderabad; 24K, 22K,18K Gold

Gold rates in India crashed sharply on January 3; however, the decline varied from city to city. For instance, on Saturday, the prices of 100 grams and 10 grams gold price plunged by Rs 6,600 and Rs 660 in 24 carat in the city of Chennai, but these same golds were down by Rs 3,800 and Rs 380 in cities like Bengaluru and Hyderabad. This week, gold prices are broadly volatile due to sharp profit booking from peak levels. However, sentiments remain positive due to expectations of US Federal Reserve rate cut.

Gold Rates In India:

Gold Rates In Chennai:

On Saturday, 24 carat gold prices crashed by Rs 6,600 to Rs 13,65,800 per 100 grams, while 10 grams dipped by Rs 660 to Rs 1,36,580. Meanwhile, 8 grams and 1 gram gold rate dropped by Rs 528 to Rs 1,09,264 per 8 grams, and 1 gram gold edged lower by Rs 66 to Rs 13,658 per 1 gram.

Under 22 carat gold rates, 100 grams gold price fell by Rs 6,000 to Rs 12,52,000, while 10 grams gold slipped by Rs 600 to Rs 1,25,200. Further, 8 grams and 1 gram gold tumbled by Rs 480 and Rs 60 to Rs 1,00,160 and Rs 12,520 respectively.

Meanwhile, in 18 carat gold prices, 100 grams gold price plunged by Rs 4,500 to Rs 10,44,500 and 10 grams gold dipped by Rs 450 to Rs 1,04,450. Additionally, 8 grams gold shed Rs 360 to Rs 83,560 and 1 gram gold is down by Rs 45 to Rs 10,445.

Gold Rates In Bengaluru + Gold Rates In Hyderabad:

It needs to be noted that gold rates in Bengaluru and Hyderabad are similar. So on Saturday, 24 carat gold rate dropped by Rs 3,800 to Rs 13,58,200 per 100 grams, declined by Rs 380 to Rs 1,35,820 per 10 grams, slipped by Rs 304 to Rs 1,08,656 per 8 grams, and edged lower by Rs 38 to Rs 13,582 per 1 gram.

Moreover, 22 carat gold prices also dropped significantly. 100 grams gold in this carat is down by Rs 3,500 to Rs 12,45,000, while 10 grams gold slipped by Rs 350 to Rs 1,24,500. Further, 8 grams and 1 gram gold price declined by Rs 280 and Rs 35 to Rs 99,600 and Rs 12,450 respectively.

Additionally, in 18 carat, 100 grams gold price dropped by Rs 2,800 to Rs 10,18,700, while tumbled by Rs 280 to Rs 1,01,870 per 10 grams. Also, 8 grams gold is down by Rs 224 to Rs 81,496 and 1 gram gold is lower by Rs 28 to Rs 10,187.

Gold Price Prediction:

According to Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA), Gold is inching up as safe-haven demands increase despite constant uncertainties across global markets. This can be attributed to increased buying sentiments despite periods of consolidation as traders and investors monitor interest rate and currency trends. Although growth is gradual, gold remains supported at higher levels, which is an indication that the outlook for gold is positive in the short run.

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