Gold prices in Chennai have surged once again, driven by concerns over the ongoing U.S. trade war. Following U.S. President Donald Trump’s announcement of new counter-tariffs on various countries, fears of economic instability have heightened, leading investors to flock to gold as a safe-haven asset. This, combined with rising gold demand in India, has contributed to the bullish trend in the precious metal’s prices.
As of today, gold prices in Chennai have continued their upward momentum for the seventh consecutive trading session. The price of 24-carat gold increased by Rs. 3,900 per 10 grams, reaching a new all-time high. Meanwhile, 22-carat gold also saw a rise of Rs. 350 per 10 grams, now priced at Rs. 79,800.
Silver Prices in Chennai have remained relatively stable, with a kilogram of silver priced at Rs. 107,000 and 100 grams of silver costing Rs. 10,700, following an increase of Rs. 100.
Chennai Gold Price Movement (Last Five Days):
8th February: 24-carat gold: Rs. 87,060 | 22-carat gold: Rs. 79,450
7th February: 24-carat gold: Rs. 86,510 | 22-carat gold: Rs. 79,300
6th February: 24-carat gold: Rs. 86,510 | 22-carat gold: Rs. 79,300
5th February: 24-carat gold: Rs. 86,240 | 22-carat gold: Rs. 79,300
4th February: 24-carat gold: Rs. 85,200 | 22-carat gold: Rs. 78,100
Spot Gold and Silver Price Update: Spot gold rose by 0.5% to $2,875.79 per ounce, following a record high of $2,886.62 reached on Friday. Meanwhile, U.S. gold futures rose 0.5% to $2,902.40 per ounce, and spot silver gained 0.6%, trading at $31.99 per ounce.
MCX Gold and Silver Futures Outlook: Gold futures on the Multi Commodity Exchange (MCX) reached a new record, crossing the Rs. 85,000 mark. As of now, gold futures for April 4, 2025, are trading at Rs. 85,243, up by 0.42%. In contrast, silver futures, with an expiry date of March 5, 2025, saw a slight dip of 0.20%, trading at Rs. 95,146.
Expert Analysis: According to the India Bullion and Jewelers Association, as cited in the Nirmal Bang Securities report, gold pared some gains on Friday after reaching a fresh record high of $2,886.79 an ounce. The price dip was attributed to the strengthening U.S. dollar amidst uncertainty surrounding Trump’s tariff plans. Despite this, gold continues to benefit from persistent haven demand, driven by concerns over Trump’s trade policy and its potential impact on global economic stability. Analysts believe gold remains well-supported in the current environment, with its role as a store of value in uncertain times bolstering demand for the precious metal.
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