Gold prices in India broadly remained unchanged on December 4th, with 24K prices holding at Rs 77,780 per 10 grams. Gold prices in 22K and 18K stood over Rs 71,100 and Rs 58,300 levels. The performance comes despite international gold prices extending its early gains to $2,650 levels. The market is assessing political development in South Korea, monetary policy trajectory and key economic data.
Gold Prices In India:
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). 10 grams gold prices are at Rs 77,780 in 24K, at Rs 71,300 in 22K and at Rs 58,340 in 18K.
Gold Prices In Major Cities:
Gold Prices In Chennai: Currently, the 10-gram gold price is at Rs 77,780 in 24K, while the price of the same is at Rs 58,900 in 18K.
Gold Prices In Mumbai: Also, staying at Rs 77,780 in 24K, gold prices in 10 grams of 18K is cheaper to Rs 58,340 on Wednesday.
10 grams gold prices in 24K and 18K are also the same in cities like Kolkata, Bangalore, Kerala, Hyderabad, and Pune.
Gold Prices In Delhi: In the national capital, 24K gold price in 10 grams is at Rs 77,930 and Rs 58,460 in 18K.
Gold Prices In Ahmedabad: Here, gold prices are at Rs 77,830 for 10 grams of 24K and at Rs 58,380 for 18K.
Silver Prices In India:
Silver prices also remained unchanged on December 4th. 1 kg of these precious metals is at Rs 91,000 in India, while 100 grams and 10 grams of silver are priced at Rs 9,100 and Rs 910.
In cities like Chennai, Hyderabad and Kerala, 1Kg silver is priced at Rs 99,500.
MCX Gold, Silver Prices:
Gold and silver prices at MCX were under pressure. MCX gold with February 2025 expiry, is down by Rs 143 or 0.2% to trade at Rs 76,760 per 1-0 grams, at the time of writing, which was near its intraday low of Rs 76,745 per 10 grams.
MCX silver prices with March 2025 expiry, dipped by Rs 195 or 0.21% to trade at Rs 92,002 per 1kg, after hitting an intraday low of Rs 91,980 per 1kg.
Spot Gold:
As per Trading Economics, gold extended its recent gains toward $2,650 per ounce on Wednesday as markets continued to assess the political and monetary outlook, while closely monitoring key economic data releases.
What Is Impacting Gold Prices On December 4th?
A recent report showed that US job openings were higher than expected, indicating continued resilience in the job market. Investors are now looking forward to the anticipated non-farm payrolls report on Friday, along with additional speeches from several Fed officials to gauge the central bank's potential policy moves this month, as per Trading Economics data.
Trading Economics data further said, that the odds for a 25bps rate cut in the fed funds rate currently stands at 73%, which benefits gold by reducing the opportunity cost of holding non-interest-bearing assets. Meanwhile, the metal remained supported by its safety appeal amid political uncertainties in South Korea and France, as well as ongoing geopolitical tensions in the Middle East and the Russo-Ukrainian war.
Rahul Kalantri, VP of Commodities, Mehta Equities said, some safe-haven demand for precious metals emerged after the declaration of martial law in South Korea. Political uncertainty in France also contributed to the rise in gold and silver prices, with a no-confidence motion against Prime Minister Michel Barnier expected to be tabled by Marine Le Pen on Wednesday.
Kalantri added the upcoming speech by the U.S. Federal Reserve Chairman and the U.S. ADP non-farm payroll data, due later today, could provide further direction for the precious metals market. Gold finds support at $2,628-$2,614, with resistance at $2,660-$2,674. Silver has support at $30.82-$30.65 and resistance at $31.22-$31.40. In INR terms, gold has support at Rs 76,580-Rs 76,410 and resistance at Rs 77,070-Rs 77,240, while silver has support at Rs 91,550-Rs 90,880 and resistance at Rs 92,850-Rs 93,340.
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