Both Chennai and Hyderabad saw substantial rises in gold prices today, July 22, with prices trading in sync between the two southern cities.
The rise is an indication of robust domestic bullion market momentum, which has been fueled by global cues as investors watched the approaching US-EU trade deadline and the possibility of tariffs. Upcoming central bank decisions, with the ECB expected to keep rates, will be actively watched by market players amid rising gold prices.
Gold & Silver Rates In Chennai & Hyderabad Today
On Tuesday, July 22, the price of 10 grams of 24k gold in Hyderabad and Chennai climbed by Rs 1,140 to Rs 1,01,290 from Rs 1,00,150 on Monday. In a similar vein, the price of 24k of 100 grams of gold in the cities went up from Rs 10,01,500 yesterday to Rs 10,12,900 today, a surge of Rs 11,400.
While the price of 22k of 10 grams of gold in Hyderabad and Chennai climbed by Rs 1,050 to Rs 92,850 from Rs 91,800 yesterday, the price of 22k of 100 grams of gold would cost Rs 9,28,500 today in the cities, up Rs 10,500 from Rs 9,18,000 yesterday.
In Hyderabad, the price of 10 gms of 18 carat gold today is Rs 75,970, which is Rs 860 more expensive than it was yesterday at Rs 75,110. Similarly, the price of 100 grams of 18k gold on Tuesday was Rs 7,59,700, up Rs 8,600 from Rs 7,51,100 on Monday.
While 18k of 100 grams of gold in Chennai will cost Rs 7,65,000 on Tuesday compared to Rs 7,56,000 on Monday, representing a costlier rate of Rs 9,000, 18-carat gold will cost Rs 76,500 per 10 grams today, up from Rs 75,600 yesterday, marking a price surge of Rs 900.
Today, silver costs Rs 128 per gram and Rs 1,28,000 per kilogramme in Chennai and Hyderabad, respectively, compared to Rs 126 and Rs 1,26,000 yesterday.
MCX Gold Outlook Today
“On the technical front, MCX Gold was very strong in yesterday’s trading session. It broke out of a 5-day consolidation zone after surpassing its 10- and 20-day EMA resistance levels. Momentum is building up, with the price trading above both short-term and long-term moving averages, indicating an immediate uptrend. However, the price is currently overextended, and immediate support lies much lower at the 98,140 level. Strong resistance is expected around the 99,800-100,548 zone,” commented Abhishek M Pelu – Research Analyst at Way2Wealth Brokers.
Gold & Silver Outlook Today
“Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range bound to higher for the day; as gold prices held near the highest in a month, as risk-off sentiment returned among investors watching the progress of trade negotiations ahead of US President Donald Trump’s Aug. 1 tariff deadline,” as per the analysts of Nirmal Bang Securities Pvt. Ltd.