Gold Rates In Chennai, Oct 22: Gold Prices Hover Near Record High, Check Latest Rates

After a sharp rally recently, gold prices in Chennai today have paused for a breather. The festival buying is providing a strong push to the gold prices in Chennai. On Tuesday, gold prices remained steady in Chennai with rates across various purities showing no significant changes.

While the 24-carat gold rates in Chennai are currently stable, a jump in gold prices in Chennai for 24-carat was observed yesterday where prices spiked by Rs. 220 to Rs. 79,650/- per 10 grams. Similarly, the 22-carat gold prices in Chennai experienced a gain of Rs. 200 to reach Rs. 73,010/- per 10 grams. In the same way, the 18-carat gold price in Chennai rose by Rs. 330/- per 10 grams and reached Rs. 60,250/- per 10 grams.

For other quantities also no movement in prices is observed today, 1 gram of 24 carat gold in Chennai costs Rs. 7,964 while 100 grams is priced at Rs. 7,96,400/-. 1 gram of 22 carat gold prices in Chennai is today at Rs. 7,300/-, while 100 gram is at Rs. 7,30,00/-.

Silver Rates In Chennai:

The silver price in Chennai today is currently at Rs. 1,10,000/- per kg and Rs. 11,000/- per 100 grams. White metal prices in Chennai have increased by Rs. 1000/- and Rs. 100/- per kilogram and per 100 grams, respectively.

Gold Rates In Other Major Cities In India:

Cities	24 carat	22 carat
Delhi	₹ 79,790	₹ 73,150
Mumbai	₹ 79,640	₹ 73,000
Bangalore	₹ 79,640	₹ 73,000
Kolkata	₹ 79,640	₹ 73,000

Spot Gold Prices On 22nd October:

After touching the fresh peak of $2,740 on Monday, spot gold prices today are up by 0.48% and are currently trading at $2,734.44 per ounce with gains of $12.98. U.S. gold futures also soared this morning, moving 0.3% higher at $2,738.9 as per Reuters' report.

Factors Affecting Gold Prices

In 2024, gold has shown impressive performance, delivering returns of 21.3% year-to-date, as per latest reports. Chennai's gold market has consistently been a focal point due to the strong preference for gold within the South Indian community. Gold prices in Chennai typically align with national rates but often surpass them due to a strong local demand. While global factors at play are contributing to the recent surge, domestic appetite for gold has also majorly influenced the upward trend. With Diwali just days away, investors anticipate a fresh impetus to gold prices. Traditionally, festivals in India often witness increased demand for gold, as it is considered an auspicious metal and a popular gift during celebrations.

On the international front, spot gold breached a major milestone last week, crossing the $2,700 psychological level for the first time. This continued surge is mainly due to a heightened demand for safe-haven assets in the face of ongoing geopolitical tensions. Additionally, the uncertainty surrounding the upcoming US presidential elections will continue to provide strong support for gold prices.