Gold prices in Chennai today observed a slight gain as investors adopted a cautious approach amid the ongoing U.S. elections and anticipation of the Federal Reserve’s policy meeting outcome. Yellow metal rates in Chennai edged up slightly after the minor drop that was seen yesterday.

On November 6th, the 24 carat gold price in Chennai rose to Rs. 80,350/- for 10 grams and Rs. 73,650/- for 10 grams of 22 carat gold. The Chennai gold rate today increased by Rs. 110/- and Rs. 100/- per 10 grams for both the 24 carat (pure) and 22 carat (standard) gold variants. In a similar beat, the 18-carat gold observed an increase of Rs 60. today are priced at Rs. 60,600/- per 10 grams,

What lies Ahead For Gold:

The current state of gold and silver prices in India is majorly dependent on global cues. Investors are waiting for clarity from the international event for gold prices to see any gradual movement as market sentiment develops over the coming days. The U.S. elections have created a sense of uncertainty, with investors hesitant to make significant investments until results are out. Upcoming political shifts can influence economic policies, trade relations, and the strength of the U.S. dollar, all of which directly impact gold prices worldwide. The US dollar is currently gaining substantial strength and is up 1.35%. However, clear direction in the commodity markets may be seen once the election results drop and any subsequent policy announcements are made.

Gold Rates In Other Major Cities In India:

Silver Prices In Chennai On 6th November

Silver prices in Chennai remained steady today, showing no significant changes from yesterday’s rates, with the white metal currently priced at Rs. 1,05,000 per kg. For 100 grams, silver costs Rs. 10,500. Silver prices have stayed stable across the country, while gold has seen some gains.

Gold and Silver Futures:

Gold futures on the Multi Commodity Exchange (MCX) for December 5th delivery are trading lower, down 1% at Rs. 77,707 per 10 grams. Similarly, silver futures for the December 5th expiry have dropped by 2.74%, currently trading at Rs. 92,057 per kg.

Spot Gold And Silver Rates

According to the latest Reuters report, spot gold remained steady at $2,745.42 per ounce, holding its position after reaching an all-time high of $2,790.15 last Thursday. On Wednesday, gold prices stayed stable as investors awaited results from a closely contested U.S. presidential race. U.S. gold futures saw a slight increase, rising 0.2% to reach $2,754.10 per ounce. Meanwhile, spot silver dipped 0.53%, trading at $32.49 per ounce as investors keep a close watch on political developments in the United States, which could impact economic policies and global demand for precious metals in the near term.

Story first published: Wednesday, November 6, 2024, 12:32 [IST]