Gold Prices In India: A massive decline emerged in the gold rates of India on Saturday, December 13, tracking the downside in international prices as investors are now betting cautiously amidst uncertainty looming over the US Federal Reserve's rate cut trajectory next year. 24K gold prices in major cities like Chennai, Mumbai, Kolkata, and Delhi fell sharply by Rs 9,800 in 100 grams and by Rs 980 in 10 grams. Silver prices followed a similar trend with 1 kg price declining by Rs 1,000 in a single day.
Gold Prices In India:
On December 14th, the 24K gold price dipped by Rs 9,800 to Rs 7,78,900 in 100 grams, while the price was down by Rs 980 in 10 grams to Rs 77,890. Further, 22K gold prices in 10 grams and 100 grams plunged by Rs 9,000 and Rs 900 to Rs 7,14,000 and Rs 71,400.
Additionally, the prices of 18k gold in 100 grams and 10 grams fell by Rs 7,400 and Rs 740 to Rs 5,84,200 and Rs 58,420 respectively.
This will be the second consecutive decline in gold prices. On December 13th, 24K gold prices in 100 grams were down by Rs 6,000 and lower by Rs 600 in 10 grams. Gold prices had started the week on a bullish note with prices surging by Rs 1,600 on December 9th in 24K of 100 grams of gold, followed by a further upside of Rs 8,200 on December 10th and up by Rs 8,700 on December 11th before prices started to pullback.
Gold Prices In Major Cities:
Gold Prices In Chennai: In the southern city, 24K and 22K gold prices fell by Rs 9,800 and Rs 9,000 to Rs 7,78,900 and Rs 7,14,000 in 100 grams. The downside in 18K of 100 grams of gold was Rs 7,500 to Rs 5,89,500.
10 grams gold is at Rs 77,890 in 24K, at Rs 71,400 in 22K, and at Rs 58,950 in 18K.
Gold Prices In Mumbai: In the financial hub of India, gold prices plummeted by Rs 9,800 to Rs 7,78,900 in 100 grams of 24K, and down by Rs 9,000 to Rs 7,14,000 in 22K. While 18K of 100 grams of gold dipped by Rs 7,400 to Rs 5,84,200.
10-gram gold prices are at Rs 58,420 in 18 K, at Rs 77,890 in 24K, and at Rs 71,400 in 22K on December 14.
These gold prices were similar for cities like Kolkata, Hyderabad, Bengaluru, Pune, and Kerala.
Gold Prices In Delhi: In the national capital, 24K gold price in 100 grams dipped by Rs 9,800 to Rs 7,80,000, while 22K gold price dropped by Rs 9,000 to Rs 7,15,500. Further, 100 grams of gold of 18k is down by Rs 7,400 to Rs 5,85,400. Here, 10-gram gold prices are at Rs 78,040 in 24K, Rs 71,550 in 22K, and Rs 58,540 in 18K.
Silver Prices In India:
Following a similar trend, 1 kg silver prices dipped by Rs 1,000 to Rs 92,500 on December 14. While 100 grams and 10 grams of silver prices were lower by Rs 100 and Rs 10 to Rs 9,250 and Rs 925 respectively. However, in cities like Chennai, Hyderabad and Kerala, silver prices in 1 kg continued to hold the Rs 1,00,000 mark.
International Gold Prices:
As per Trading Economics, spot gold fell to below $2,670 per ounce on Friday, swinging from earlier gains and extending yesterday's pullback amid uncertainty over the magnitude of Fed rate cuts next year.
Why Gold Prices Are Down On Saturday?
Trading Economics data highlighted that bullion prices fell after factory gate costs in the US rose at a much faster pace than expected in November, strengthening lingering concerns of stubborn inflation and pushing back against the lack of upside surprises in the CPI print this week. Still, the dovish momentum for major central banks supported gold prices enough to be set for a small weekly increase. Rate traders still show a major consensus of a 25bps rate cut in the Fed's December meeting. This week, the SNB delivered a sharper-than-expected 50bps cut, the BoC delivered a 50bps cut, and the ECB delivered a 25bps cut. Lastly, BoJ officials signalled that it may be appropriate to wait a little longer before hiking their rates again, driving markets to ramp up positions reflecting a hold next week.
Also, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold witnessed a sharp sell-off as profit booking intensified following mixed signals from US economic data. While the PPI data came in lower, higher weekly jobless claims prompted a retreat in gold prices from $2,710 to $2,670 on Comex. Similarly, MCX Gold tumbled from ₹79,000 to ₹77,450, marking a drop of over ₹1,500 since yesterday. The current weakness suggests a potential trading range of ₹76,000-₹78,000 in MCX, with the short-term outlook remaining cautious amid ongoing market volatility.
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