Gold prices in Chennai touched new all-time high on September 25, extending its record rally in the week. In the southern city, gold prices are up by Rs 50 to Rs 6,600 on Wednesday, tracking record surge in international prices. 24K/10 grams yellow metal has soared to cross Rs 77,000 mark, while the cheapest gold to buy is of Rs 5,777 in 18K of 1 gram. Meanwhile, silver prices have skyrocketed to touch new high, to be precisely, crossing Rs 1 lakh mark for the first time.
Gold Rate In Chennai On September 25:
24K gold price in Chennai rallied by Rs 6,600 in 100 grams to Rs 7,70,200 on Wednesday, while 10 grams gold price jumped by Rs 660 to Rs 77,020. Further, 8 grams gold rose by Rs 528 to Rs 61,616, and 1 gram price is up by Rs 66 to Rs 7,702.
Meanwhile, 22K gold price shot up by Rs 6,000 to Rs 7,06,000 in 100 grams, followed by strong surge of Rs 600 in 10 grams to Rs 70,600, and upside of Rs 480 to Rs 56,480 in 8 grams. Also, 1 gram gold is up by Rs 60 to Rs 7,060.
Furthermore, gold price in 18K climbed by Rs 4,900 to Rs 5,78,300 in 100 grams. The price of 10 grams gold is up by Rs 490 to Rs 57,830, while 8 grams gold is up by to Rs 392 in 46,264, and 1 gram gold is up by Rs 49 to Rs 5,783.
Silver Prices In Chennai On September 25:
Following the bullish trend, 1Kg silver prices jumped by Rs 3,000 on September 25, 2024, to Rs 1,01,100 in 1Kg. This precious metal is up by Rs 300 to Rs 10,100 in 100 grams, and up by Rs 30 to Rs 1,010 in 10 grams.
The prices of 8 gram silver is up by Rs 24 to Rs 808, and 1 gram silver is the cheapest to buy to Rs 101 up by Rs 3.
Why gold prices are up? Yellow metal prices are due to continued weakness in US dollar, which makes bullion attractive in the overseas market. This is due to geopolitical tensions, and expectations of two more rate cuts from US Federal Reserve.
Looking ahead, Emkay Global Financial Services, Commodities and Currency Desk said, expectation of further interest rate cuts by the Fed has fuelled the rally, Escalation of geopolitical tensions between Israel and Lebanon have also pushed up gold prices.
Emkay added, "Crossing this critical level indicates gold may touch $3,000 in the medium to long-term."
Spot Gold: The XAU/USD aka spot gold touched a new lifetime high of $2,670.52 an ounce in early hours of Wednesday before holding near $2,657 per ounce level.
US Gold Futures: The US gold futures with December expiry is trading above $2,681 an ounce, after hitting a new record high of $2,694.75 an ounce.
MCX Gold, Silver Prices: MCX gold futures with October expiry touched a new all-time high of Rs 76,000 per 10 grams. While the silver futures with December expiry touched Rs 92,309 per 1kg.
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