Gold Prices In Chennai Mirror Nationwide Weakness, Check Rates On July 9

Gold rates in Chennai edged lower on Wednesday, mirroring the broader weakness seen in both domestic and international markets. The price of 22-karat gold in the city stood at Rs 9,000 per gram, while 24-karat gold was retailing at Rs 9,818 per gram. The movement aligns with subdued sentiment across major bullion hubs and follows a drop in futures trading.

On the Multi Commodity Exchange (MCX), gold for August delivery fell by Rs 386 to Rs 96,086 per 10 grams. This represents a 0.4 per cent decline, with trading volume reaching 12,436 lots. According to market analysts, tepid demand in the spot market coupled with weak international cues are weighing on bullion prices.

International Gold Rates Slide Ahead of Economic Data

Global gold prices also remained under pressure, with futures in New York falling by 0.56 per cent to $3,298.40 per ounce. The weakness is largely attributed to investor caution ahead of key macroeconomic data from the US. Physical demand in international markets has also been subdued, which has added to the downside.

India’s gold prices are closely tied to global trends, as the country imports the majority of its gold. Being the second-largest consumer of the metal after China, any fluctuation in international prices or currency exchange rates tends to influence domestic pricing. Additionally, import duty, Goods and Services Tax (GST), and local levies also factor into retail rates.

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Consistent Trends Across Indian Metros

Across other major Indian cities, gold prices have shown similar patterns. In Mumbai, Pune, Bengaluru, Hyderabad, and Kolkata, 22-karat gold was quoted at Rs 9,000 per gram, while 24-karat gold was available at Rs 9,818. In Delhi and Lucknow, 22K gold stood at Rs 9,015 per gram, with 24K at Rs 9,833. Ahmedabad reported Rs 9,005 for 22K and Rs 9,823 for 24K gold.

Despite short-term fluctuations, gold remains a preferred asset for investors seeking a safe haven amid global uncertainty. The recent price dip is being viewed as part of a broader consolidation phase, rather than a significant correction.

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