Gold Prices in Chennai Remain Steady on July 24 Amid Strong Rally

Gold prices in Chennai remained steady on July 24 after a strong run earlier in the week. The 24K gold rate edged up by ₹1 to ₹14,729 per gram, while 22K gold rose to ₹13,501 per gram.

Despite Friday's muted move, both rates remain near their highest levels of the past 10 days following a sharp rally seen since July 20. The 24-karat gold rate has climbed by ₹383 per gram since July 20, while 22K gold has gained ₹351 over the same period.

The recent rebound in gold prices is due to a combination of factors, including international bullion prices and the rupee's movement against the U.S. dollar. Import costs, interest-rate expectations, inflation, central bank decisions, and geopolitical developments also contribute to domestic rates.