Gold prices plunged sharply across Hyderabad and Chennai on Friday, May 9, marking the steepest single-day decline of the week. The price of 24-carat gold dropped by ₹125 per gram, settling at ₹9,835, as the domestic market reacted to a weaker rupee and rising geopolitical tensions between India and Pakistan.
Internationally, gold also slipped below $3,330 per ounce, influenced by the U.S. Federal Reserve’s steady interest rate stance and ongoing trade uncertainties between the U.S. and China.
Latest Gold Prices in Hyderabad and Chennai (May 9)
24K Gold: ₹9,835 per gram
22K Gold: ₹9,015 per gram
Compared to Thursday’s rates, gold prices for 10 grams of 24K gold fell from ₹99,600 to ₹98,350 — a decline of ₹1,250. Similarly, 10 grams of 22K gold dropped from ₹91,300 to ₹90,150, marking a ₹1,150 dip.
For larger quantities, the decline was even more notable:
100 grams of 24K gold: Down ₹12,500 to ₹9,83,500
100 grams of 22K gold: Down ₹11,500 to ₹9,01,500
Meanwhile, 18K gold also saw a decline:
In Chennai: 10 grams now cost ₹74,350, down ₹1,000
In Hyderabad: 10 grams fell to ₹73,760, a drop of ₹940
MCX Gold Price Outlook
On the Multi Commodity Exchange (MCX), gold saw a sell-off in high volumes, suggesting early signs of weakness despite broader bullish indicators. According to Abhishek M. Pelu, Research Analyst at Way2Wealth Brokers, technical resistance is expected around ₹97,200–₹97,500, with support between ₹95,177–₹94,400.
He cautioned against fresh buying, advising investors to use price rallies as opportunities to book profits, given the intraday momentum remains weak.
Gold and Silver Fundamental Outlook
According to analysts at Nirmal Bang Securities, precious metals are trading mixed on international exchanges. In India, prices are expected to remain range-bound to slightly lower throughout the day. This follows a volatile week, during which gold surged nearly 6% in the first half before retracing most gains as markets absorbed the impact of the new US-UK trade agreement.
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