Today, Thursday, March 6, gold prices in major Indian cities like Hyderabad and Chennai fell precipitously as the rupee gained momentum. Following new tariff reprisals, in which China and Canada imposed tariffs on the US, the price of gold fluctuated amid the effects of recently imposed U.S. tariffs. The movement of bullion will be further influenced by important US economic data, such as ADP Nonfarm Employment, Nonfarm Payrolls, and Unemployment numbers, which will be widely watched in light of the dollar’s decline and the growing trade friction between the US.

Gold & Silver Price In Hyderabad And Chennai Today

In Chennai and Hyderabad, the current price of gold is Rs 8,749 per gramme for 24 carat gold, Rs 8,020 per gramme for 22 carat gold, and Rs 6,562 per gramme for 18 carat gold. In the cities, the price of 22k of 10 grams of gold dropped by Rs 450 to Rs 80,200 on Thursday from Rs 80,650 on Wednesday. In Chennai and Hyderabad, the price of 22k of 100 grams of gold dropped by Rs 4,500 to Rs 8,02,000 today from Rs 8,06,500 yesterday.

While 24k of 100 grammes of gold would cost Rs 8,74,900 in the cities compared to Rs 8,79,800 yesterday, marking a price decrease of Rs 4.900, 24k of 10 grammes of gold prices in Hyderabad and Chennai reached Rs 87,490 on Thursday compared to Rs 87,980 on Wednesday, showing a price drop of Rs 490.

In Hyderabad and Chennai, the price of 18k of 10 grams of gold dropped by Rs 370 to Rs 65,620 on Thursday from Rs 65,990 on Wednesday. In the same way, the price of 18k of 100 grams of gold dropped by Rs 3,700 to Rs 6,56,200 today from Rs 6,59,900 yesterday.

Today, silver costs Rs 1,06,900 per kilogramme and Rs 106.90 per gramme in Hyderabad. One kilogramme of silver would cost Rs 1,06,900 on Thursday, a 100 rupee decrease from Rs 1,07,000 on Wednesday.

MCX Gold Outlook Today

“From a technical perspective, MCX Gold witnessed a tug of war behavior among market participants and formed a doji candlestick pattern on the daily chart. The commodity established a base around the 84000-84500 levels and witnessed strong lower-level buying during this week, signaling a continuation of the uptrend, with prices likely to advance toward the 86800/87200 levels. However, MCX Gold is currently trading near its 4-hour crucial supply zone of 86150-86600, where a confirmed bearish candle on the 4-hour chart suggests a potential decline toward 85500/85230/84850 levels, supporting a countertrend move. Traders are advised to maintain tight stop losses, as the commodity is trading in a critical zone that could witness heightened volatility,” commented Jebaris Nadar – Research Associate at Way2Wealth Brokers.

Gold & Silver Price Outlook Today

“Gold and silver prices are trading range-bound today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day, as gold prices held near a record for a second day, as investors studied the latest developments around tariffs and their impact on the US economy and Federal Reserve decisions,” as per the analysis of Nirmal Bang Securities.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.