(Source: ECI | ABP NEWS)
Gold Price In Chennai Today: Bullion Retreats After Touching Record High
The ongoing US government shutdown, now in its ninth day, continues to keep the dollar subdued, indirectly supporting commodities like gold and silver.
Gold prices in the domestic market retreated on Thursday, easing after hitting record highs earlier this week. On the Multi Commodity Exchange (MCX), December gold futures fell by Rs 1,098, or 0.89 per cent, to Rs 1,22,111 per 10 grams, after climbing to an all-time high of Rs 1,23,450 per 10 grams on Wednesday. Silver futures also slipped, dropping Rs 1,008, or 0.67 per cent, to Rs 1,48,847 per kilogram, following a previous peak of Rs 1,50,282 per kilogram.
Globally, Comex gold for December delivery dipped 0.34 per cent to $4,056.85 per ounce, while silver futures fell 1.17 per cent to $48.42 per ounce after touching $49.19. Analysts attributed the correction to profit-taking after a strong four-day rally that pushed gold above the $4,000 mark, alongside easing geopolitical tensions in the Middle East. “Gold prices pulled back on Thursday after a four-day rally that took the metal above $4,000 per ounce, amid profit-taking, as the first step toward a peace deal between Israel and Hamas eased demand for safe-haven assets,” said Darshan Desai, CEO of Aspect Bullion & Refinery.
US Economic Factors in Focus
Traders are closely monitoring developments in the United States, where President Donald Trump announced an initial agreement between Israel and Hamas, following discussions in Egypt. This development prompted investors to book profits, applying downward pressure on bullion prices. Additionally, the US Federal Reserve’s September meeting minutes indicated near-unanimous support for interest rate cuts amid labour market risks, though policymakers differed on whether one or two more cuts would be appropriate this year.
The ongoing US government shutdown, now in its ninth day, continues to keep the dollar subdued, indirectly supporting commodities like gold and silver. Market experts highlight that traders are waiting for stronger follow-through selling before concluding whether the peak in gold prices has passed. US Federal Reserve Chair Jerome Powell’s speech later today is expected to provide further cues on the global monetary policy outlook.
Chennai Gold Rates Today
In Chennai, the prevailing gold rates stand at Rs 11,400 per gram for 22-karat gold and Rs 12,437 per gram for 24-karat gold, commonly known as 999 gold. Amid ongoing economic uncertainty and fluctuating markets, gold remains a preferred asset for investors seeking long-term wealth preservation and financial security.
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