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    Chennai Gold Rates Stay Steady Amid Global Trade Jitters

    2 days ago

    Gold prices in Chennai held steady on Wednesday, with 22-karat gold quoted at Rs 9,290 per gram and 24-karat (999 gold) at Rs 10,135 per gram. The prices reflect stability across major Indian cities, even as international bullion markets react to a complex mix of trade policy and economic signals.

    Last week, MCX gold futures for October delivery gained Rs 971 or 0.98 per cent, while COMEX gold advanced $51 or 1.52 per cent to close at $3,413.80 per ounce. Analysts say safe-haven demand has strengthened following US President Donald Trump’s recent tariff measures and weaker-than-expected US payroll data.

    Pranav Mer, Vice President at JM Financial Services, said: “In the week ahead, gold prices may continue to trade steady but with a positive bias… very few data are lined up in the week, which means that volatility may increase in the coming trading sessions.”

    Also Read : Bank Holidays Next Week: Check How Many Days Banks Will Remain Closed Between August 4-10, See RBI Calendar HERE

    Physical Buying and Rupee Trends Shape Chennai Prices

    Domestic gold prices have been cushioned by the rupee’s weakness. Angel One’s Prathamesh Mallya highlighted: “MCX gold prices made highs of Rs 1,00,410 per 10 grams and corrected lower towards Rs 98,047 per 10 grams, down by nearly 2.5 per cent. The fall in gold prices was lower as compared to the global bullion prices on account of rupee depreciation by around Rs 86.5 to Rs 87.5 against the US Dollar in the same time period.”

    Physical demand has also been a key factor. According to NS Ramaswamy from Ventura Securities, “India’s domestic gold had generated physical buying after a pullback in prices from Rs 1,00,555 per 10 grams last week to Rs 97,700 per 10 grams.”

    With Chennai gold rates holding firm, analysts believe continued trade-related uncertainty and Fed rate expectations will keep safe-haven demand alive, offering support to bullion prices in the city and beyond.

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