Gold Rates In Chennai, Hyderabad; 100 Grams Up Rs 1,54,900 In 7-Days; 24K, 22K, 18K Gold Prices

Gold rates in India has recorded biggest ever weekly rally. On January 23, gold prices rebounded from previous day and registered blockbuster single-day rally with 10 grams price nearing Rs 1.60 lakh mark. Gold rate in Chennai is most expensive, while gold is nearing Rs 1.58 lakh in Hyderabad. This rally is supported by the ongoing geopolitical risks and weaker dollar.

Gold Rates In India:

Gold Rates In Chennai:

24 carat gold price rallied by Rs 4,910 to Rs 1,59,820 per 10 grams, while 100 grams gold price in the same carat skyrocketed by a whopping Rs 49,100 to Rs 15,98,200. The price of 8 grams gold also climbed by Rs 3,928 to Rs 1,27,856 and 1 gram gold is up by Rs 491 to Rs 15,982.

Further, 22 carat gold rate zoomed by Rs 4,500 to Rs 1,46,500 per 10 grams, and registered a strong upside of Rs 45,000 to Rs 14,65,000 per 100 grams. Gold of 22 carat also surged by Rs 3,600 to Rs 1,17,200 per 8 grams, and was higher by Rs 450 to Rs 14,650 per 1 gram.

Coming to 18 carat, gold prices here have advanced by Rs 37,000 to Rs 12,22,000 per 100 grams, surged by Rs 3,700 to Rs 1,22,200 per 10 grams, and is up by Rs 2,960 to Rs 97,760 per 8 grams. The cheapest gold is at Rs 12,220, which is up by Rs 370.

In the past seven days, gold prices are up on all days except on January 22. Here's how 100 grams gold price of 24 carat performed from January 17 to January 23:

January 23: Rs 49,100 rally

January 22: Rs 23,500 drop

January 21: Rs 56,200 surge

January 20: Rs 49,100 upside

January 19: Rs 18,600 upside

January 18: Gold rates were unchanged on this day.

January 17: Rs 5,400 surge.

Taking into consideration the above performance, 100 grams and 10 grams gold prices have skyrocketed by Rs 1,54,900 and Rs 15,490 in 24 carat in 7-days.

Gold Rates In Hyderabad:

In Hyderabad, 24 carat gold price soared by Rs 28,400 to Rs 15,71,500 per 100 grams, while it rallied by Rs 2,840 to Rs 1,57,150 per 10 grams. Under the same carat, 8 grams gold is up by Rs 2,272 to Rs 1,25,720 and 1 gram gold edged higher by Rs 284 to Rs 15,715.

Gold in 22 carat is at Rs 1,44,050 per 10 grams, up by Rs 2,600. While 100 grams gold surged by Rs 26,000 to Rs 14,40,500. Further, 8 grams gold rose by Rs 2,080 to Rs 1,15,240 and 1 gram gold is up by Rs 260 to Rs 14,405.

In case of 18 carat gold, 10 grams gold is up by Rs 2,130 to Rs 1,17,860 and 100 grams gold price zoomed by Rs 21,300 to Rs 11,78,600. Additionally, 8 grams gold rose by Rs 1,704 to Rs 94,288 and 1 gram gold is up by Rs 213 to Rs 11,786.

That being said, gold rates in Hyderabad is cheaper than gold rates in Chennai. But gold is at fresh record high in both cities currently.

What Is Impacting Gold Prices?

According to Rahul Kalantri, VP Commodities, Mehta Equities, the rally was supported by ongoing geopolitical risks, weakness in the U.S. dollar, and expectations of Fed rate cuts. Yesterday's prices remained highly volatile as profit-taking intensified following the U.S. President's meeting with the NATO chief and comments suggesting easing trade tensions with Europe. Stronger-than-expected U.S. GDP data also weighed on bullion prices. Despite this, metals rebounded later in the session ahead of the Bank of Japan policy decision, with safe-haven buying resurfacing amid signals that some European nations may reduce exposure to U.S. Treasuries.

Gold Prices Prediction:

Looking ahead, Kalantri said, gold has support at $4870-4815 while resistance at $4965-5020. Silver has support at $95.10-92.75 while resistance is at $98.65-100.30. In INR gold has support at Rs1,54,650-1,52,310 while resistance at Rs1,58,850-1,60,150. Silver has support at Rs3,20,810, 3,10,170 while resistance at Rs3,31,810, 3,37,470.

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