Home / Business and Economy / Chennai & Hyderabad See Massive Gold Rate Drop
Chennai & Hyderabad See Massive Gold Rate Drop
31 Aug
Summary
- Gold rates in Chennai and Hyderabad experienced a significant decrease.
- 22K gold price dropped by Rs. 14,700 per 100 grams in Chennai.
- Gold and silver futures declined heavily on MCX early Monday.
Gold prices in Chennai and Hyderabad experienced a substantial crash on Monday morning, providing significant relief for prospective jewelry buyers gearing up for upcoming festive and wedding seasons.
In Chennai, the price of 22-karat gold per 10 grams fell by Rs. 1350 to Rs. 1,43,700. The rate for 24-carat gold also dropped by Rs. 1470 per 10 grams, now costing Rs. 1,56,770. In Hyderabad, 10 grams of 22-carat gold decreased by Rs. 1000 to Rs. 1,49,500, while 24-carat gold corrected by Rs. 1090 per 10 grams, settling at Rs. 1,63,090.
This sharp decline follows a broader trend, with gold rates in India dropping over 4.3% in the past week. On the Multi Commodity Exchange (MCX), both gold and silver futures saw heavy declines in early trade on Monday. Gold futures fell 1.31%, while silver futures plunged 0.76%. This drop is attributed to trader bets on interest-rate hikes following hawkish remarks from Fed Chair Kevin Warsh, aimed at curbing inflationary pressures.
