Gold Rates In Chennai, May 14: Yellow Metal Gets Cheaper; 24k/100 Grams Gold Price Drops 3800

Tuesday, May 14, sees a drop in gold prices in Chennai after the CPI continues its downward trend at 4.83%. In Chennai, a gram of 22-karat gold now costs Rs 6,690, while a gram of 24-karat gold costs Rs 7,298. The price of 22k of 100 grams of gold in Chennai is Rs 6,69,000 today, down from Rs 6,72,500 yesterday-a drop of Rs 3,500. The price of 24k gold in Chennai is Rs 7,29,800 for 100 grams, down from Rs 7,33,600 yesterday-a reduction of Rs 3,800. The price of 18k gold in Chennai, is Rs 5,48,000 for 100 grams, down from Rs 5,50,900 yesterday-a price drop of Rs 2,900. Following the celebration of Akshaya Tritiya on May 10th, gold prices in Chennai experienced a decline, from a level of Rs 6,770 per gram of 22k to Rs 6,690 whereas per gram of 24k of gold has fallen from Rs 7,385 level to Rs 7,298.

Ahead of tomorrow's US CPI findings, some of the previous week's exaggerated advances despite a stable Dollar and stable rates were pared, resulting in a 0.93% loss for spot gold on the global front. The US Dollar Index ended the day 0.10% down at 105.20, while the ten-year US rates fell 1.50 basis points to 4.485%.

On the domestic front, "Gold prices are expected to rise. One can buy at 71700 with a stop loss of 71450 for the target at 72000-72200. One can also sell at 72200 with a stop loss of 72500," said the brokerage firm Nirmal Bang in a report.

"Today's US data include PPI (April), which will be closely watched by the gold traders. The UK's job report (March) will also be in focus. The metal is expected to trade between $2320 and $2360 with a downward bias. Support is at $2334/$2320/$2300. Resistance is at $2350/$2380, said Praveen Singh - Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Technical View - MCX Gold

"The global gold prices experienced a decrease on Monday ahead of crucial U.S. inflation data, which could offer insights into the timing of the Federal Reserve's initial rate adjustment. Technically the domestic GOLD witnessed profit booking and closed with formation of bearish candlestick pattern on daily chart suggesting consolidation may continue. On the downside, the support for the MCX Gold is seen at 71200/70870 levels. Breakdown of 70220 can test at 69650 levels. The resistance will be at 72450/72890/73300/73500-74000 levels. Technically the bullish trend on GOLD would remain intact and traders are advised to trade with strict stoploss as volatility may remain high ahead of US inflation data," said the research analysts of Way 2 Wealth.

City Wise Gold Rates Today In India

• Chennai: Rs 66,900 (22k), Rs 72,980 (24K), Rs 54,800 (18k)
• Mumbai: Rs 66,750 (22k), Rs 72,820 (24k), Rs 54,620 (18k)
• Delhi: Rs 66,900 (22k), Rs 72,970 (24k), Rs 54,740 (18k)
• Kolkata: Rs 66,750 (22k), Rs 72,820 (24k), Rs 54,620 (18k)
• Bangalore: Rs 66,750 (22k), Rs 72,820 (24), Rs 54,620 (18k)
• Hyderabad: Rs 66,750 (22k), Rs 72,820 (24k), Rs 54,620 (18k)
• Kerala: Rs 66,750 (22k), Rs 72,820 (24k), Rs 54,620 (18k)
• Pune: Rs 66,750 (22k), Rs 72,820 (24k), Rs 54,620 (18k)
• Vadodara: Rs 66,800 (22k), Rs 72,870 (24k), Rs 54,660 (18k)
• Ahmedabad: Rs 66,800 (22k), Rs 72,870 (24), Rs 54,660 (18k)