Gold Rates in Chennai Drop Slightly on Nov 5; 24K/100g Gold Down Rs. 1600, Silver Sheds Rs. 1000

Gold rates in Chennai today are experiencing a decline after a two day standoff that was observed previously. Investors are closely monitoring the US election which is scheduled today and the Federal Reserve policy meeting which is due this week is going to particularly impact the gold prices.

Chennai Gold prices for 10 grams of 24-carat gold is Rs. 80,240/- which fell by Rs. 160 and similarly, 22-carat gold rates in Chennai today dropped by Rs. 150, Rs. 73,550/- for 10 grams. Likewise, the 18-carat gold price in Chennai today also decreased by Rs.200 and stood at Rs. 60,550/- per 10 grams. For the higher weight category of gold as well, the rates saw a decline. Currently, 100 grams of 24-carat gold cost Rs. 8,02,400 which dropped by Rs. 1600 and 100 grams of 22-carat gold fell by Rs. 1500 to cost Rs. 7,35,500.

Global Turmoil Impacts domestic Prices

The ongoing volatility in gold prices is majorly due to uncertainty surrounding the U.S. presidential election, which has investors widespread attention. The race is particularly close between former President Donald Trump and current Vice President Kamala Harris, creating heightened anticipation among market participants. The recent strength of the U.S. dollar is adding to the pressure on gold prices. Investors are also keeping a close eye on the Federal Reserve's policy meeting scheduled for November 7th. This meeting is expected to be a key event, as the Fed will announce its stance on potential interest rate cuts as part of its broader rate reduction strategy.

Domestic gold market as well is currently undergoing a correction after the strong rally that peaked last week. This month's outlook is however bullish despite the prices moving downward which is expected to bounce back as the demand surges.

Gold Rates In Other Major Cities In India:

Cities	24 carat	22 carat
Delhi	₹ 80,390	₹ 73,700
Mumbai	₹ 80,240	₹ 73,550
Bangalore	₹ 80,240	₹ 73,550
Kolkata	₹ 80,240	₹ 73,550

Silver Prices In Chennai On 5th November

Silver rate in Chennai today Observed a major drop of Rs. 1000 per kg of white metal to cost at Rs. 1,05,000. For 100g, the silver metal got cheaper by Rs. 100, reaching Rs. 10,500. This decline comes after three days of no price movements in the silver market. Silver has been undergoing correction after the recent rally in Chennai silver rates was majorly due to the increased demand during the festive season.

Gold and Silver Futures:

Gold futures prices On the Multi Commodity Exchange (MCX) for December 5th delivery closed at Rs. 78,375 per 10 grams recording a drop of 0.06%. Similarly, silver futures, for December 5th expiry, Declined by 0.05% trading at Rs 94,235 per kg.

Spot Gold And Silver Rates

As reported by Reuters, the gold market displayed minimal movement on Tuesday. By 05: 23 GMT, spot gold prices hovered around $2,735.96 per ounce, reflecting a very slight change. This subdued performance comes after a record-breaking week for gold, where it reached a historic high of $2,790.15 per ounce. Similarly, U.S. gold futures experienced a minor decline of 0.1%, settling at $2,744.70.While both spot and futures prices remain close to their recent peaks, investor caution seems to be the prevailing sentiment. While silver mirrored gold's lack of movement, staying steady at $32.48 per ounce, it will be interesting to see if silver follows a similar path like gold in the coming days.