Gold Prices In Big Cities Surge Sharply On Dec-9; What Is Driving 24K, 22K, 18K Prices On Monday?

Gold Prices In India: The prices of 24K, 22K and 18K yellow metal jumped sharply on Monday, December 9, 2024. The prices tracked the performance of international prices that got a fresh boost from renewed tensions in the Middle East with the Syrian Civil War taking the limelight. Also, bullion found support after the Central Bank of China added gold to its reserve for the first time in seven months. The price of gold in India is currently at Rs 7,130 per gram for 22-karat gold and Rs 7,778 per gram for 24-karat gold (also called 999 gold).

Gold Prices In India:

24K gold price in India surged by Rs 1,600 in 100 grams to Rs 7,77,800 in a single day. 10 grams of the same carat soared by Rs 160 to Rs 77,780.

Further, 100 grams and 10 grams of 22K climbed by Rs 150 and Rs 1,500 to Rs 71,300 and Rs 7,13,000.

Coming to 18K, 100 grams and 10 grams gold was up by Rs 1,200 and Rs 120 to Rs 58,340 and Rs 5,83,400.

Gold Prices In Major Cities:

Gold Prices In Chennai: 10 Grams gold is at Rs 77,780 in 24K, while the price is at Rs 58,850 in 18K and at Rs 71,300 in 22K.

Gold Prices In Mumbai: 24K and 22K prices of gold are the same as in Chennai in 10 grams. However, 18K is cheaper in Mumbai in 10 grams to Rs 58,340.

18K of 10 grams is the same in cities like Hyderabad, Kerala, Bangalore, and Kolkata.

Gold Prices In Delhi: Prices across the carats are higher in Delhi. 10 grams gold of 24K is sold at Rs 77,930, at Rs 71,450 in 22K and at Rs 58,460 in 18K.

Gold Prices In Ahmedabad: Here as well, prices are higher. 24K of 10 grams is at Rs 77,830, while 22K and 18K prices are at Rs 71,350 and Rs 58,380 respectively.

Silver Prices In India:

1 kg silver prices in India is currently at Rs 92 per gram and Rs 92,000 per kilogram. The prices were steady. In cities like Chennai, Kerala and Hyderabad, 1Kg silver prices is at Rs 1,00,000.

MCX Gold, Silver Prices:

MCX gold with February 2025 expiry, jumped by Rs 301 or 0.4% to trade at Rs 76,920 per 10 grams, after hitting an intraday high of Rs 76,979 per 10 grams.

Meanwhile, silver prices with March 2025 expiry, climbed by Rs 592 ore 0.64% to trade at Rs 93,040 per 1kg, which is also near its intraday high of Rs 93,135 per 1kg.

Spot Gold Prices:

As per Trading Economics, gold rose above $2,640 per ounce on Monday, driven by its safe-haven appeal amid renewed geopolitical tensions in the Middle East, as well as the resumption of gold purchases by China.

What Is Driving Gold Prices On December 9?

Trading Economics data highlighted that on Sunday, rebel forces in Syria have ousted President Bashar al-Assad, marking an end to the Assad family's 50-year rule and raising concerns about a new wave of instability in the region. Additionally, China's central bank resumed buying gold for its reserves in November after a six-month pause, providing further support for the yellow metal. Moreover, Friday's US jobs report indicated a gradual easing in labor market conditions, allowing the Federal Reserve to cut interest rates again. According to the CME FedWatch tool, markets are now pricing in an 83% chance of a 25bps cut at the Fed's final meeting of the year. This would reduce the opportunity cost of holding the non-interest-paying asset, boosting its appeal.

Rahul Kalantri, VP Commodities, Mehta Equities pointed out that gold and silver traded within a narrow range last week but managed to hold their key support levels on a weekly closing basis. U.S. economic data released during the week was mixed, providing no clear direction for the bullion markets. Stronger-than-expected U.S. job data capped gains in precious metals, though a higher unemployment rate and a surge in jobless claims lent some support to prices. The dollar index and U.S. bond yields also slipped from their highs, offering some respite to bullion markets.

Kalantri added, gold and silver remained stable amid political instability in France and the ongoing Russia-Ukraine war. A decline in the rupee against the U.S. dollar further supported domestic prices. Gold finds support at $2,622-$2,605, with resistance at $2,655-$2,670. Silver has support at $30.80-$30.65, with resistance at $31.25-$31.42. In INR terms, gold has support at ₹76,380-₹76,200, with resistance at ₹76,870-₹77,040. Silver finds support at ₹91,750-₹91,280, with resistance at ₹92,950-₹93,540.