Gold Rates Rally in Chennai & Hyderabad: Big Jump in 24K, 22K Prices; Silver Hits Rs. 3L Again

Gold prices in Hyderabad and Chennai moved higher today after seeing a small drop yesterday. Gold rates are once again on the rise mainly because of increased demand for the yellow metal due to the ongoing uncertainty in west Asia. The slight fall in Gold rates earlier encouraged many buyers to step in. People looking to invest in gold or purchase jewellery took advantage of the lower rates, which helped push prices up again.

In the international market too, gold prices gained nearly 0.5%. According to Trading Economics, Gold prices rose to around $5,160 per ounce on Tuesday, recouping losses from the previous session, as the US dollar weakened after President Trump suggested the conflict in the Middle East may end soon."

Gold rate in Hyderabad today

As of 10th March, the 22-carat gold rates in Hyderabad jumped by Rs.650 to cost Rs. 1,48,850 per 10 grams, while the 24-carat gold rates rose by Rs.700 per 10 grams to stand at Rs. 1,62,380 per 10 grams. Similarly, the 18-carat gold rates in Hyderabad jumped by Rs. 530 to cost Rs.1,21,790 per 10 grams.

Gold Rate in Chennai

As of March 10, gold prices in Chennai saw a huge jump. The 22-carat gold rate spiked by Rs. 1000 and is now priced at Rs.1,50,500 per 10 grams. The 24-carat gold rate also jumped by Rs.1090 , bringing the price to Rs. 1,63,090 per 10 grams. However the 18-carat gold in Chennai fell by Rs.1100 and now costs Rs. 1,28,900 per 10 grams.

Silver Prices Today in Hyderabad + Chennai

On the other hand, silver prices today in both Hyderabad & Chennai jumped after remaining stable for three consecutive days. Silver is currently retailing at Rs. 3,00,000 after Rs.10000 rise per Kg. Meanwhile, 100 grams of silver is currently priced at Rs 30,000.

Spot Gold and Spot Silver Price Today

As per Way to Wealth, "Gold fell to around $5,110 per ounce as a stronger US dollar and fading expectations of Federal Reserve rate cuts outweighed safe-haven demand, while oil surged above $100 amid escalating Middle East tensions and supply disruptions near the Strait of Hormuz, raising inflation and stagflation concerns."

The report further added,"On the technical front, MCX Gold has seen consistent support near its 20 DEMA line on the daily chart. If this support holds, a bounce from these levels cannot be ruled out. The trend remains bullish, and momentum is on the positive side. Immediate support is now placed at 158,950, while 163,140- 164,900 stands as the immediate resistance on the higher side. Traders may consider buying MCX Gold for the target of 163,140-164,900, keeping a stop-loss at 157,500."

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