Gold Price In India Today, 3rd Jan: 24K/100 Grams of Gold Rate Rally 8,700; 1 Kg Silver Price Surges Rs 2,000

Gold prices in the domestic market saw an impressive rise on Friday, January 3, as the FOMC anticipates two rate cuts in 2025, suggesting a cautious approach to subsequent monetary stimulus. Even while recent interest rate cuts have reduced some of the pressure, central banks continue to play a significant role in the demand for gold, which ultimately helped gold and silver. Due to geopolitical menaces like the ongoing Middle East and Ukrainian conflicts, as well as geopolitical upheaval in nations like South Korea and Syria, gold has been seen as a safe haven asset, which might support the price in the days to come.

Gold Rates In India Today

In India, the current price of gold is Rs 7,920 per gramme for 24 carat gold and Rs 7,260 per gramme for 22 carat gold. While 22k of 100 grammes of gold prices in India today reached Rs 7,26,000 compared to Rs 7,18,000 yesterday, showing a price rise of Rs 8,000 in a single day, 22k of 10 grammes of gold will cost Rs 72,600 on Friday compared to Rs 71,800 on Thursday, marking a price spike of Rs 800.

In India, 24k of 10 grams of gold will cost Rs 79,200 today, up Rs 870 from Rs 78,330 yesterday. Meanwhile, 24k of 100 grams of gold prices rose to Rs 7,92,000 on Friday, up Rs 8,700 from Rs 7,83,300 on Thursday.

In India, the price of 18k of 10 grams of gold surged by Rs 650 to Rs 59,400 today from Rs 58,750 yesterday. The price of 18k of 100 grams of gold in India jumped by Rs 6,500 on Friday, from Rs 5,87,500 on Thursday to Rs 5,94,000.

Spot Gold Today

Friday saw a modest rise in gold due to a weaker US dollar. As of 0257 GMT, spot gold was up 0.2% at $2,661.19 per ounce, reaching its highest level since December 13, according to Reuters. Bullion has gained around 1.6% so far this week. At $2,675.40, U.S. gold futures went up 0.2%. According to Reuters, palladium climbed 0.2% to $913.18, platinum scaled 0.4% to $926.95, and spot silver remained stable at $29.58 per ounce.

Silver Price In India Today

In India, silver now costs Rs 92,500 per kilogramme and Rs 92.50 per gramme. Ten grammes of silver will cost Rs 925 today compared to Rs 905 yesterday; the price of 100 grammes of silver in India climbed by Rs 200 from Rs 9,050 on Thursday to Rs 9,250 on Friday; and the price of one kilogramme of silver bumped by Rs 2,000 from Rs 90,500 yesterday to Rs 92,500 today.

MCX Gold Outlook

"On the domestic front, MCX Gold closed above the key level of 77700 and formed a bullish candle on the daily chart. The price movement reflected a rebound from an upwardsloping trendline supported by strong volumes, indicating a continuation of positive momentum. On the upside, MCX Gold may witness resistance at 77850/78200 levels with a break above 78200 likely opening the door for further gains towards 78700/79000 levels. In contrast, support for the commodity is observed at 77420/77000 levels. Traders are advised to use strict stop-losses, as volatility may remain elevated due to ongoing geopolitical tensions," said the technical research analysts of Way2Wealth Brokers Pvt. Ltd.

Gold Price Prediction

"Gold's positive rally extended beyond ₹77,300 in the domestic market, supported by Comex gold sustaining above $2,640. This upward momentum was further fueled by rupee weakness, which amplified the domestic price rise by over ₹400. The combination of international strength and currency dynamics has reinforced bullish sentiment for gold. Currently, the trading range for gold is seen between ₹76,500 and ₹77,650," commented Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.