Gold prices in Chennai moved higher on Wednesday, May 20, tracking volatility in international bullion markets, rising crude oil prices and continued geopolitical tensions linked to the Iran conflict.
According to the latest rates, 24 karat gold in Chennai was priced at Rs 16,091 per gram, while 22 karat gold stood at Rs 14,750 per gram. The 18 karat gold rate in Chennai was recorded at Rs 12,335 per gram.
The rise in domestic gold prices comes despite weakness in global gold futures during early European trading. International bullion prices remained under pressure as the US dollar strengthened and bond yields climbed further amid expectations that interest rates may remain elevated for a longer period.
Market sentiment has also been impacted by persistent inflation concerns driven by higher crude oil prices and uncertainty surrounding developments in West Asia.
Analysts said investors are closely tracking the US Federal Reserve meeting minutes scheduled later on Wednesday for further signals on the future interest rate trajectory.
Gold rate today in Chennai
| Gold Type | Price Today |
|---|---|
| 24K Gold per gram | Rs 16,091 |
| 22K Gold per gram | Rs 14,750 |
| 18K Gold per gram | Rs 12,335 |
22K gold price in Chennai today
| Quantity | Today Price |
|---|---|
| 1 gram | Rs 14,750 |
| 8 gram | Rs 1,18,000 |
| 10 gram | Rs 1,47,500 |
| 100 gram | Rs 14,75,000 |
Why gold prices are rising today
Gold prices in India remained volatile amid a combination of global and domestic factors including movement in the US dollar index, Treasury yields, crude oil prices and geopolitical developments.
Higher oil prices linked to the Iran conflict have increased inflation concerns globally, while rising US bond yields have also influenced investor sentiment across commodity markets.
Traders are also watching for cues from the Federal Reserve regarding the interest rate path, which could impact bullion demand and global gold prices further.
Disclaimer: Gold prices mentioned above are indicative and may vary depending on jeweller pricing, making charges and local taxes.