Gold Rally Continues In Chennai & Hyderabad With Big Jump in 24K, 22K Rates; Silver Explodes Rs. 20000
Business
Gold prices in Hyderabad and Chennai moved higher today after seeing a small drop yesterday. As the week comes to an end, gold rates are once again on the rise, mainly because of increased demand for the yellow metal.
The slight fall in prices earlier encouraged many buyers to step in. People looking to invest in gold or purchase jewellery took advantage of the lower rates, which helped push prices up again.
In the international market too, gold prices gained nearly 2%. According to Trading Economics, gold crossed $5,080 per ounce, touching monthly highs. The rise happened after a major US Supreme Court ruling on global tariffs created uncertainty in the markets. Whenever there is economic or political uncertainty, investors usually turn to gold as a safe investment, leading to a fresh rally in gold prices.
Gold rate in Hyderabad today
As of 21st February, the 22-carat gold rates in Hyderabad jumped by Rs. 1,910 to cost Rs. 1,59,280 per 10 grams, while the 24-carat gold rates dropped Rs. 1750 per 10 grams to stand at Rs. 1,46,000 per 10 grams. Similarly, the 18-carat gold rates in Hyderabad jumped by Rs. 1430 to cost Rs. 1,19,460 per 10 grams.
Gold Rate in Chennai
As of Feb 21st, gold prices in Chennai saw a huge jump. The 22-carat gold rate spiked by Rs. 2600 and is now priced at Rs. 1,46,800 per 10 grams. The 24-carat gold rate also jumped by Rs. 2840, bringing the price to Rs. 1,60,150 per 10 grams. Similarly, 18-carat gold in Chennai zoomed by Rs. 2100 and now costs Rs. 1,25,600 per 10 grams.
Silver Prices Today in Hyderabad + Chennai
On the other hand, silver prices today in both Hyderabad & Chennai jumped massively for the second consecutive day. Silver is currently retailing at Rs. 2,90,000 after a rise of Rs. 20000 per Kg. Meanwhile, 100 grams of silver is currently priced at Rs 29,000.
MCX Gold Futures Updates
On the Multi Commodity Exchange, Gold August Futures rose by 0.07% before closing on Friday at Rs 1,56,993 per 10 grams.
Spot Gold and Spot Silver Price Today
As per the latest Reuters commodity report, “Spot gold was up 1.5% at $5,071.48 an ounce by 02:08 p.m. (1908 GMT). U.S. gold futures for April delivery settled 1.7% higher at $5,080.90. Spot silver gained 5.8% to $82.92 an ounce.”
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