Gold Rates Sees Big Jump Today After Rs 71,000 Crash; 24K, 22K, 18K Gold Rates In Chennai, Hyderabad On Feb-7

Gold rates in India jumped sharply on February 7, after falling for two days straight. However, on Saturday, gold prices saw a much stronger surge in Hyderabad compared to Chennai. The upside comes after international spot gold rallied nearly 4% and recorded weekly gains after an intense volatile week.

From February 5th to 6th, gold prices in these two cities continued to fall with 100 grams and 10 grams falling by Rs 57,300 and Rs 5,730 in 24 carat in Hyderabad. While 100 grams and 10 grams of the same carat dropped by a whopping Rs 71,000 and Rs 7,100 in Chennai.

Gold Rates In India:

Gold Rates In Chennai:

On February 7, 24 carat gold price surged by Rs 1,850 to Rs 1,57,310 per 10 grams, but saw its strongest climb in 100 grams by Rs 18,500 to Rs 15,73,100. Also, 8 grams and 1 gram gold price in the same carat stood at Rs 1,25,848 and Rs 15,731, registering an upside of Rs 1,480 and Rs 185 from the previous day.

Meanwhile, 22 carat gold rates in this city soared by Rs 1,700 to Rs 1,44,200 per 10 grams, but rose by a whopping Rs 17,000 to Rs 14,42,000 per 100 grams. Additionally, 8 grams gold here saw an upside of Rs 1,360 to Rs 1,15,360 and 1 gram gold edged up by Rs 170 to Rs 14,420.

Under the 18 carat, gold price in Chennai saw an upside of Rs 1,500 in 10 grams to Rs 1,23,500, but soared by Rs 15,000 to Rs 12,35,000 in 100 grams. In the lowest grams, gold jumped by Rs 1,200 to Rs 98,800 per 8 grams and was up by Rs 150 to Rs 12,350 per 1 gram.

Gold Rates In Hyderabad:

Compared to Chennai, gold rates in Hyderabad saw a greater surge on February 7th. For instance, 24 carat gold price recorded an upside of Rs 2,890 in 10 grams to Rs 1,56,600, but it rallied by a breathtaking Rs 28,900 to Rs 15,66,000 in 100 grams. Here, 8 grams gold advanced by Rs 2,312 to Rs 1,25,280 and 1 gram edged higher by Rs 289 to Rs 15,660.

Moreover, in 22 carat, gold price zoomed by Rs 2,650 in 10 grams to Rs 1,43,550, skyrocketed by Rs 26,500 to Rs 14,35,500 per 100 grams, jumped by Rs 2,120 to Rs 1,14,840 per 8 grams and was up by Rs 265 to Rs 14,355 per 1 gram.

Also, 18 carat gold rates in Hyderabad gained sharply by Rs 2,170 to Rs 1,17,450 in 10 grams, following a robust upside of Rs 21,700 to Rs 11,74,500 per 100 grams. Additionally, 8 grams and 1 gram gold rate soared by Rs 1,736 and Rs 217 to Rs 93,960 and Rs 11,745 respectively.

What Is Impacting Gold Prices?

As per Trading Economics, signs of US economic softening and lingering geopolitical uncertainty combined with the aftereffects of forced selling drove volatility in precious metals. But the rebound followed a late January liquidation wave triggered by higher margin requirements and a steep selloff in silver that spilled across precious metals, pushing prices lower before buyers re entered.

Furthermore, Trading Economics data highlighted that weaker US labour data, with weekly initial jobless claims rising to 231k and announced job cuts jumping to roughly 108k in January, reinforced expectations for Federal Reserve easing later this year, lowering real yield expectations and restoring a fundamental bid for bullion. US Iran talks in Oman described as a good start eased immediate escalation risks without removing broader uncertainty, sustaining gold's defensive appeal, while a softer US dollar and position rebuilding further amplified the rebound.

Gold Rates In India Prediction:

As per Ponmudi R, CEO of Enrich Money, here's how gold prices will perform next week:

Spot Gold Price Outlook:

COMEX gold is consolidating above the $4,800-$4,900 region after retreating from record highs. The multi-year rising channel remains intact, with the former breakout zone near $4,500-$4,600 acting as strong structural support. As long as $4,800 holds, the current phase is viewed as a corrective pause. Renewed safe-haven demand or easing dollar strength could reopen the path toward $5,200 and beyond.

MCX Gold Price:

MCX Gold is stabilizing after correcting from the Rs1,78,000-Rs1,80,000 zone. Strong demand is emerging near Rs1,50,000-Rs1,55,000, while the broader upward channel structure remains intact. A sustained move above Rs1,60,000 could revive bullish momentum toward Rs1,70,000-Rs1,80,000+ over the medium term.

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