Gold Prices Surge in Chennai as Diwali Celebrations Drive Demand

by Yuki

Chennai’s gold prices have reached new heights today, coinciding with India’s Diwali celebrations. As of October 31, gold rates in Chennai have seen a significant increase, driven by festive demand and external factors including the upcoming U.S. presidential election and geopolitical tensions in the Middle East.

This morning, the price of 24-carat gold in Chennai surged by ₹170, bringing the rate to ₹81,330 per 10 grams. Meanwhile, 22-carat gold rose by ₹150 to reach ₹74,550 per 10 grams. The price of 18-carat gold also saw an increase, rising by ₹100 to ₹61,400 per 10 grams.

Over the past ten days, gold prices in Chennai have climbed over 2% as buyers are actively increasing their holdings during this festive season. The demand for gold and silver has intensified due to traditional buying customs associated with Diwali and Dhanteras.

In the context of global trends, gold prices have displayed a bullish trend this week in anticipation of the U.S. presidential election on November 5. Investors are closely monitoring economic indicators, particularly the upcoming Personal Consumption Expenditures (PCE) inflation data, which could offer insights into the Federal Reserve’s monetary policy and impact gold demand.

Gold prices in other major Indian cities are as follows:

Delhi: 24-carat gold at ₹81,480; 22-carat gold at ₹74,700

Mumbai: 24-carat gold at ₹81,330; 22-carat gold at ₹74,550

Bangalore: 24-carat gold at ₹81,330; 22-carat gold at ₹74,550

Kolkata: 24-carat gold at ₹81,330; 22-carat gold at ₹74,550

Silver Prices Reflect Rising Demand

On the same day, silver prices in Chennai also saw a modest increase, with rates rising by ₹100 per kg to reach ₹1,09,100. For 100 grams, the price rose by ₹10, settling at ₹10,910. This marks the third consecutive day of gains for silver, attributed to heightened demand during the festive season.

Futures Market Update

In the futures market, gold and silver have experienced slight declines after recently achieving record highs. Gold futures, scheduled to mature on December 5, dropped by 0.17%, now priced at ₹79,600. Silver futures fell by 0.80%, with prices settling at ₹96,962.

Global Gold and Silver Rates

Spot gold remained steady at $2,786.89 per ounce as of 0254 GMT, after reaching a record high of $2,790.15 earlier in the session. This marks a 6% increase in prices for the month. Spot silver saw a minor decline of 0.3%, settling at $33.68 per ounce, while U.S. gold futures dipped by 0.1% to $2,797.80.

As the festive season progresses, market participants are expected to keep a close watch on both domestic and international gold and silver prices.

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