Gold prices in Chennai surged to an all-time high today as escalating trade tensions between the U.S., Mexico, and China fueled a rally in precious metals.The U.S. dollar, which had previously surged to a record high, has now started to retreat, further supporting the bullion rally. Analysts suggest that if the trade dispute worsens, gold prices could see further upside in the coming days.

Today’s Gold Rates in Chennai

As of February 5, 2025, the 22-carat gold price in Chennai jumped by Rs. 950 per 10 grams, reaching Rs. 79,050 per 10 grams. Similarly, the 24-carat gold rates in Chennai increased by Rs. 1,040 per 10 grams, reaching Rs. 86,240 at retail. In the same way, 18-carat gold rates increased by Rs. 780 per 10 grams, reaching Rs. 64,680 per 10 grams.

For people looking for bulkier quantities, 100 grams of 22-carat gold rates in Chennai are now retailing at Rs. 7,90,500 after surging by Rs. 10,500, whereas the 24-carat gold is now at Rs. 8,62,400 which rose by Rs. 9,500 per 100 grams.

Silver Prices in Chennai Today

Silver prices in Chennai today spiked by Rs. 1,000 per kilogram to cost Rs. 107,000, and 100 grams of white metal currently stand at Rs. 10,700 after rising by Rs. 100.

Chennai Gold Prices Movement in the Last Five Days

Over the last five days, the prices have been quite volatile with major gains and losses.

Dates	24-carat/10g	22 carat/10g
4th february	Rs. 85,200	Rs. 78,100
3rd february	Rs. 84,050	Rs. 77,050
2nd february	Rs. 84,490	Rs. 77,450
1st February	Rs. 84,490	Rs. 77,450
31st January	Rs. 84,330	Rs. 77,300

Spot Gold and Silver Rates Update

According to Reuters, “Spot gold surged 1.1% to USD 2,844.56 per ounce as of 1:40 p.m. ET (18:40 GMT), after briefly touching a new all-time high of USD 2,845.14 earlier in the session. Meanwhile, U.S. gold futures closed 0.7% higher at USD 2,875.80. Spot silver also saw a strong rally, rising 2.5% to USD 32.33 per ounce.”

The report further stated that, “The surge in gold prices comes as investors turn to safe-haven assets following China’s retaliatory tariffs against the U.S., a response to trade restrictions imposed by President Donald Trump. Heightened geopolitical and economic tensions continue to fuel demand for bullion, pushing prices to record levels.”

MCX Gold and Silver Futures Outlook

Gold on the Multi Commodity Exchange (MCX) has touched a record high today after crossing the 84,000 mark. Gold futures, expected to mature on April 4, 2025, jumped by 0.49% to trade at Rs. 84,204. Meanwhile, silver futures, with an expiry date of March 5, 2025, also rose this morning by 0.13% at Rs. 95,833.

Expert Analysis of Gold and Silver Prices

According to the India Bullion and Jewelers Association, as featured in the Nirmal Bang securities report, “Gold rose to a new all-time high on Tuesday after US President Donald Trump’s 10% tariffs on China prompted swift retaliation from Beijing, buoying haven demand. Bullion gained as much as 1% to $2,844.35 an ounce, surpassing the previous record reached on Monday, as the dollar weakened after China announced measures in retaliation. A softer greenback makes the precious metal more appealing for investors holding other currencies. China retaliated to Trump’s opening trade war tariffs by targeting a handful of American companies and slapping levies on some US goods, in a move seemingly designed to avoid escalating tensions between the world’s biggest economies. There’s unease about what lies ahead, burnishing gold’s appeal as a store of value in uncertain times. Whether the dollar keeps rising will be important, as a stronger greenback makes bullion more expensive for many buyers. The resilience of both countries’ economies and any ripple effects for monetary policy are among the biggest questions as the trade war unfolds. The Federal Reserve paused interest-rate cuts last month, adopting a “wait-and-see” approach with regard to actions from the new US administration. Trade-war fears had jolted precious-metals markets even before Trump went ahead with the tariffs on China. US prices of gold and silver have surged above international benchmarks in recent weeks, prompting dealers and traders to rush huge volumes of the metals into America before any tariffs take effect.”