Chennai Gold Market Sees Mild Recovery; See 24K Price HERE

Gold prices in Chennai witnessed a mild uptick on Saturday, mirroring a similar movement across other key Indian markets. The rebound comes a day after a noticeable dip in the previous session. As of this morning, the price of 22-karat gold in the Chennai market stood at Rs 9,060 per gram, while 24-karat gold—commonly referred to as 999 purity—was retailing at Rs 9,883 per gram.

This marginal increase aligns with price trends observed in cities such as Mumbai, Kolkata, Pune, Bengaluru, and Hyderabad, where gold rates for both 22K and 24K variants were identical to Chennai’s. The improvement in domestic pricing is being closely tracked by jewellers and investors alike, as bullion continues to attract interest amid ongoing economic uncertainties.

Gold Prices Dropped Sharply on Friday

While prices edged higher on Saturday, the yellow metal had experienced a sharp correction in the previous trading session. In Delhi, gold of 99.9 per cent purity fell by Rs 600 to settle at Rs 99,020 per 10 grams, down from Rs 99,620 on Thursday, according to figures released by the All India Sarafa Association. Similarly, gold of 99.5 per cent purity declined by Rs 500, reaching Rs 98,500 from the earlier level of Rs 99,000.

Silver also experienced a notable slide. The price of the metal dropped by Rs 1,000, bringing it down to Rs 1,04,800 per kilogram from Rs 1,05,800—an adjustment that includes all applicable taxes.

Market analysts attributed Friday’s downturn to gains in the US dollar and an uptick in US treasury yields, driven by unexpectedly strong macroeconomic data from the United States.

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What Drives Gold Prices?

India continues to be the second-largest gold consumer globally, trailing only China. The bulk of its demand is met through imports, with a smaller share coming from recycled gold. Since gold is traded internationally in US dollars, fluctuations in the dollar’s value can have a direct bearing on domestic pricing.

In addition to international factors, local elements such as import duty, Goods and Services Tax (GST), and other state-level levies also play a crucial role in determining gold’s retail price in Indian cities, including Chennai.

Despite short-term volatility, the consistent rise in both 22K and 24K rates over recent months underscores gold’s long-standing status as a dependable hedge against inflation and economic uncertainty—making it a favoured choice for Indian investors.

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