Gold Rates In Chennai: 24K/100 Grams Yellow Metal Price Rises By Rs 3200

Ahead of Akshaya Tritiya, gold prices in Chennai climbed for the second day in a row. In Chennai, the price of 22-karat gold is currently Rs 6,640 per gramme, while 24-karat gold is priced at Rs 7,243 per gramme. The price of 22k/10 grammes of gold in Chennai jumped by Rs 300 today to Rs 66,400 from Rs 66,100 yesterday, while the price of 100 grammes of 22k gold increased by Rs 3000 to Rs 6,64,000 in Chennai from Rs 6,61,000 yesterday.

For 24 of gold per 10 grams the price of the yellow metal in Chennai today is Rs 72,430 which is a spike of Rs 320 from Rs 72,110 on Monday whereas the gold price for 24k/100 grams in the city today reached Rs 7,24,300 which is a spike of Rs 3,200 from Rs 7,21,100 yesterday.

Due to this week's comments from the Federal Reserve and US economic data, consumer appetite for bullion has fallen again globally. Nonetheless, if global demand soars in the face of hazy geopolitical events in the Middle East and dismal US jobs data, domestic gold prices in Chennai for 2024 are probably going to stay unstable.

Positive macroeconomic factors, including the US Federal Reserve's easing of stance, could spur gold sentiment in India amid Akshaya Tritiya which will be observed on May 10, as per market observers.

Commenting on the outlook of gold, the brokerage company Nirmal Bang said, "Gold prices are expected pullback till 71500-71650. One can buy at 71200 with a stop loss of 70950."

Globally, spot gold prices fell more than 1% last week and reached their lowest point in a month. In the US, spot gold prices saw a decline on Tuesday, after recovering from the $2280 level following the Fed's hawkish remarks, even though US gold futures for June delivery settled higher.

Commenting on the gold rates prediction, the research analysts of ICICI Direct Research said, "Gold prices are expected to find support near the 50 day SMA at $2275 and rise back towards the initial hurdle at $2355 amid growing prospects that the Federal Reserve would cut its interest rates two time in this year. Softening of government treasury yields after last weeks Fed's decision and narrowing spreads between the 2 and 10 year US treasury yields towards -30.0 from -33.6 indicates the Fed would move towards lower interest rates. Prices could also find support amid fading hopes of Gaza cease fire talks after disagreement between the two side. Meanwhile, this week focus will turn towards the comments from the Fed members, which would provide more clarity on the timing of first interest rate cut. MCX Gold is expected to hold the support at 70,200(30 DEMA) and move back towards 72,400."

On Tuesday, gold prices on the MCX started the day on a muted note. Gold June futures contracts saw a 0.15% decline, trading at Rs 71,261 per 10 grams, on the back of ongoing Middle East turmoil and a disappointing US jobs report.

Disclaimer

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