Chennai Gold Prices Soar to New High Amid Global Trade Tensions
Gold prices in Chennai reached an all-time high on February 5, 2025, fueled by escalating trade tensions between the U.S., Mexico, and China. As the U.S. dollar retreated from record highs, precious metals experienced a significant rally. Analysts suggest that a worsening trade dispute could push gold prices even higher in the coming days.
Today's Gold Rates in Chennai
As of today, February 5, 2025, here's a snapshot of the gold rates in Chennai:
- 22-Carat Gold: Increased by Rs. 950 per 10 grams, reaching Rs. 79,050 per 10 grams.
- 24-Carat Gold: Increased by Rs. 1,040 per 10 grams, reaching Rs. 86,240 per 10 grams at retail.
- 18-Carat Gold: Increased by Rs. 780 per 10 grams, reaching Rs. 64,680 per 10 grams.
Bulk Gold Prices
For those looking to invest in larger quantities, the rates are as follows:
- 100 grams of 22-carat gold: Retailing at Rs. 7,90,500 after surging by Rs. 10,500.
- 100 grams of 24-carat gold: Priced at Rs. 8,62,400, an increase of Rs. 9,500.
Silver Prices in Chennai Today
Silver prices also experienced a notable increase:
- Silver prices in Chennai spiked by Rs. 1,000 per kilogram, costing Rs. 107,000.
- 100 grams of silver: Currently priced at Rs. 10,700, after rising by Rs. 100.
Gold Price Volatility Over the Last Five Days
The gold market in Chennai has seen significant fluctuations in recent days.
| 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 |
Global Spot Gold and Silver Rates
According to Reuters, spot gold surged 1.1% to USD 2,844.56 per ounce, briefly touching a new all-time high of USD 2,845.14. U.S. gold futures closed 0.7% higher at USD 2,875.80. Spot silver also rose strongly, climbing 2.5% to USD 32.33 per ounce.
The surge in gold prices reflects investors seeking safe-haven assets amid trade tensions and geopolitical uncertainty. China's retaliatory tariffs against the U.S. have further fueled demand for bullion.
MCX Gold and Silver Futures Outlook
Gold on the Multi Commodity Exchange (MCX) has also hit a record high, crossing the Rs. 84,000 mark. Gold futures maturing on April 4, 2025, jumped by 0.49% to trade at Rs. 84,204. Silver futures, with an expiry date of March 5, 2025, rose by 0.13% at Rs. 95,833.
Expert Analysis
The India Bullion and Jewelers Association, as featured in the Nirmal Bang securities report, noted that gold rose to a new all-time high due to trade war fears and a weaker dollar. The resilience of both the U.S. and Chinese economies, as well as any ripple effects on monetary policy, will be key factors as the trade war unfolds. They suggest that the strength of the dollar will be important, as a stronger greenback makes bullion more expensive for many buyers.
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