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Gold Rates in Chennai Drop on May 14: 24k Gold Price Falls by Rs 3,800

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On Tuesday, May 14, gold prices in Chennai witnessed a significant drop as the Consumer Price Index (CPI) continued its downward trend at 4.83%. Currently, the price of 22-karat gold stands at Rs 6,690 per gram, while 24-karat gold costs Rs 7,298 per gram.

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Specifically, 100 grams of 22-karat gold is priced at Rs 6,69,000 today, marking a decrease from Rs 6,72,500 yesterday – a drop of Rs 3,500. For 24-karat gold, 100 grams is now Rs 7,29,800, down from Rs 7,33,600 yesterday – a reduction of Rs 3,800. The price of 18-karat gold has also fallen, with 100 grams now at Rs 5,48,000, compared to Rs 5,50,900 yesterday – a drop of Rs 2,900.

Following the celebration of Akshaya Tritiya on May 10, gold prices in Chennai saw a decline. The price per gram of 22-karat gold fell from Rs 6,770 to Rs 6,690, while 24-karat gold dropped from Rs 7,385 to Rs 7,298.

Globally, ahead of tomorrow’s US CPI data release, gold prices have retracted some of last week’s gains. Spot gold saw a 0.93% decline despite a stable Dollar and interest rates. The US Dollar Index closed 0.10% lower at 105.20, while the ten-year US Treasury rates fell 1.50 basis points to 4.485%.

Gold Prices in Bangalore: 24k Prices Fall by Rs 4,300 on May 14

On the domestic front, Nirmal Bang, a brokerage firm, forecasts a potential rise in gold prices. “One can buy at Rs 71,700 with a stop loss of Rs 71,450, targeting Rs 72,000-72,200. Alternatively, selling at Rs 72,200 with a stop loss of Rs 72,500 is advised,” the firm reported.

Praveen Singh, Associate VP at Sharekhan by BNP Paribas, commented on the metal’s outlook: “Today’s US data, including April’s PPI, will be closely watched by gold traders. The UK’s March job report is also significant. We expect gold to trade between $2,320 and $2,360 with a downward bias. Support levels are at $2,334/$2,320/$2,300, and resistance levels at $2,350/$2,380.”

Technical View – MCX Gold

On Monday, global gold prices fell ahead of key US inflation data, which may influence the Federal Reserve’s rate decisions. Domestically, gold saw profit booking and formed a bearish candlestick pattern on the daily chart, indicating possible continued consolidation. The support for MCX Gold is at 71,200/70,870 levels, with a breakdown of 70,220 potentially testing 69,650 levels. Resistance is seen at 72,450/72,890/73,300/73,500-74,000 levels. Analysts at Way 2 Wealth suggest maintaining a bullish stance on gold with strict stop-losses due to expected volatility ahead of the US inflation data release.

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