Gold Rates In Chennai Skyrocket On Diwali: 24K/10g Gold Soars Above Rs. 81,000 On Oct 31

Chennai gold price today is shining bright as India celebrates Diwali today. Gold rates in India touched a fresh peak this morning after festive demand spurred the rapid movement in gold rates in the domestic market, which is also influenced by the upcoming US presidential election and the geopolitical uncertainties in the Middle East.

On 31st October, gold rates in Chennai for 24-carat gold jumped by Rs. 170/- and are currently priced at Rs. 81,330/- per 10 grams, while 22-carat gold rose Rs. 150/- per 10 grams to reach Rs. 74,550/-. Similarly, the 18-carat gold price in Chennai today also increased by Rs. 100/- and is presently at Rs. 61,400/- per 10 grams.

Diwali Celebrations Ignite Gold Demand

During this festive season, gold and silver remain in huge demand due to the surge in buying tradition. Over the past 10 days, gold prices in Chennai have climbed by more than 2% as buyers in India increase their holdings. Silver has also experienced a rally as the Diwali and Dhanteras celebrations reach peak buying levels.

Global gold prices have adopted a bullish trend this week amid anticipation for the U.S. presidential election on November 5th. Markets are closely watching economic indicators, with particular attention on the release of Personal Consumption Expenditures (PCE) inflation data. This data could provide key insights into the Federal Reserve's future stance on interest rates, influencing investor sentiment and gold demand.

Gold rates in other major cities in India:

Cities	24 carat	22 carat
Delhi	₹ 81,480	₹ 74,700
Mumbai	₹ 81,330	₹ 74,550
Bangalore	₹ 81,330	₹ 74,550
Kolkata	₹ 81,330	₹ 74,550

Chennai Silver Prices On 31st October

Silver rates in Chennai today extended a slight gain again with a minimal rise of Rs. 100 per kg, bringing the price to Rs. 1,09,100, and for 100g, the prices increased by Rs. 10, reaching Rs. 10.910. This is the third consecutive gain for silver this week, as the prices soared due to the increased demand during the ongoing festive season.

Gold And Silver futures:

On the multi commodity exchange (MCX), gold and silver futures experienced a slight decline after recently touching record highs. Gold futures, set to mature on December 5, saw a drop of 0.17%, bringing the price to ₹79,600. Meanwhile, silver futures prices also saw a decline of 0.80%, with the prices settling at Rs. 96,962.

Spot Gold And Silver Rates

According to a Reuters report, Spot gold was steady at $2,786.89 per ounce, as of 0254 GMT, after hitting a record high of $2,790.15 earlier in the session. Prices have firmed 6% for the month so far.Spot silver fell 0.3% to $33.68 per ounce, U.S. gold futures dipped 0.1% to $2,797.80.