Big Jump in Gold Price In India On Jan 9; 22k/100g Yellow Metal Rally Rs.3500; Silver Flat

Gold prices in India experienced another significant increase today, marking the second surge this week, as the yellow metal became costlier. The rally was triggered by a retreat in the U.S. dollar index from its two-year high, which provided crucial support for gold prices.

Gold Rates In India Today

On 9th January 2025, the 24-carat gold rates in India spiked by Rs 380 to cost Rs. 79,200, while the 22-carat gold jumped Rs. 350 to retail at Rs. 72,600. Meanwhile, the 18-carat gold rates in India also soared to Rs. 280, currently at Rs. 59,400.

100 grams of 22-carat gold jumped remarkably By Rs. 3,500, bringing the prices to Rs. 726,000. In a similar manner, the 24-carat gold per 100 grams surged Rs. 3,800 to retail at Rs. 792,000. Lastly, 18-carat gold rates rose to Rs. 2800 per 100 grams, costing Rs. 5,94,000.

Silver Rates in India Today

Silver prices in India remained unchanged compared to yesterday. Currently, the price of 1 kilogram of silver stands at Rs. 92,400, while 100 grams of silver is priced at Rs. 9,240.

MCX Gold and Silver Futures Update

Gold futures on the Multi Commodity Exchange (MCX), scheduled for delivery on February 5, 2025, are trading at Rs.77,844, after a 0.06% rise. Similarly, silver futures, maturing on March 5, 2025, have edged higher by 0.17% to Rs. 91,095.

Spot Prices of Gold & Silver in the International Market Today

According to a recent report by Reuters, gold prices saw a slight retreat on Thursday following a round of profit-taking after reaching their highest level in nearly four weeks during the previous session. As of 0353 GMT, spot gold eased by 0.1%, trading at USD 2,659.62 per ounce. Meanwhile, U.S. gold futures saw a modest increase of 0.2%, rising to USD 2,678.30. On the silver front, spot prices remained steady, holding at USD 30.12 per ounce, while platinum experienced a decline of 0.3%, settling at USD 952.95. Palladium also faced a slight decrease of 0.2%, with prices dropping to USD 926.50 per ounce. These fluctuations reflect the ongoing dynamic trends in the precious metals market as investors react to recent price movements.

Factors Impacting Gold Prices in India

• Gold trading in India has remained relatively subdued this week, with prices seeing little to no movement over the first three days. However, slight upticks were observed yesterday, followed by a more significant rally today.
• One of the major factors influencing gold prices is the ongoing strength of the U.S. dollar, which has been driven by stronger-than-expected economic data. The U.S. 10-year Treasury yield reached an eight-month high, signaling a robust economy, while positive U.S. job data further bolstered the dollar's performance.
• Despite this, the release of weaker-than-expected U.S. private employment data, along with a softer ADP National Employment Report, has raised expectations that the Federal Reserve may take a more dovish stance on interest rates this year. This shift in sentiment could have significant implications for both the dollar and gold prices in the near future, Reuters reported.
• Currently, spot gold is trading in a lower range, reflecting the effects of profit booking in the market. Investors are adjusting their positions after the recent price rally, which has contributed to the current decline.