Big Rally In Gold & Silver Prices In India Today Before US Fed Rate Call; MCX Gold & Spot Gold Outlook

The US Fed's interest rate announcement due today continues to be the primary driver for investors, which led to an enormous rise in gold prices in India on Wednesday, December 10. Today, the price of gold in India climbed to Rs 9,773 per gram for 18 carat gold, Rs 11,945 per gram for 22 carat gold, and Rs 13,031 per gram for 24 carat gold. While MCX gold continued its sideways movement for the fifth consecutive session, spot gold remained over $4,200 per ounce as markets priced in an almost definite 25 basis point Fed cut this week despite conflicting labour data.

Gold Rates In India Today

In India, the price of 24k of 10 grams of gold jumped by Rs 870 to Rs 1,30,310 today from Rs 1,29,440 yesterday, while the price of 24k of 100 grams of gold climbed by Rs 8,700 on Wednesday to Rs 13,03,100 from Rs 12,94,400 on Tuesday.

The price of 22k of 10 grams of gold in India today was Rs 1,19,450, up from Rs 1,18,650 yesterday, indicating a spike of Rs 800. In contrast, the price of 22k of 100 grams of gold in India on Wednesday was Rs 11,94,500, up from Rs 11,86,500 yesterday, indicating a more expensive price difference of Rs 8,000.

The price of 18k of 10 grams of gold in India today was Rs 97,730, up from Rs 97,080 yesterday, indicating a rise in the price of Rs 650. In contrast, the price of 18k of 100 grams of gold in India on Wednesday was Rs 9,77,300, up from Rs 9,70,800 on Tuesday, indicating a more expensive price spike of Rs 6,500 overnight.

Silver costs Rs 199 per gram and Rs 1,99,000 per kilogram in India today, up from Rs 190 and Rs 1,90,000 yesterday. This is a significant rise in the cost by Rs 9 and Rs 9,000.

MCX Gold Outlook Today

"On the technical front, MCX gold extended its sideways movement for the fifth straight session, continuing to consolidate in a very narrow range. The overall trend remains bullish, supported by a higher-high and higher-low structure as well as a double-bottom formation on the charts. A break above the all-time high could invite further buying. Immediate support is placed at 128,100, while resistance is seen at 131,500-132,200. Traders can buy MCX gold for a target of 131,500-132,200; however, any sustained weakness below 129,000 will warrant a review of the current view," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Feb is expected to rise towards ₹131,000 level as long as it stays above ₹129,000 level. A move above ₹131,000, it would rise towards ₹132,000," commented the technical research analysts of ICICI Securities.

Spot Gold Prediction Today

"Spot Gold is likely to consolidate in the range of $4170 and $4250 ahead of today's key Fed policy. Further, weaker set of economic numbers from US could force Fed to turn dovish. Additionally, concern over Fed independence resurfaced after White House National Economic Council Director Kevin Hassett emerged as the front-runner to serve as the next Fed chair. Meanwhile, investors will eye on key Fed projections and dot plot to get a better idea on frequency of rate cut in the coming year," commented the technical research analysts of ICICI Securities.

MCX Silver Outlook Today

"MCX Silver March is expected to rise towards ₹192,000 level as long as it stays above ₹185,000 level. A move above ₹192,000, would open the doors towards ₹194,500," recommended the technical research analysts of ICICI Securities.

Gold & Silver Fundamental Outlook Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day; as silver prices extended gains after breaking above $60 an ounce for the first time on Tuesday, with traders betting on further monetary easing by the Federal Reserve and continued supply tightness," said the research analysts of Nirmal Bang Securities.

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