Gold Prices In Big Cities Flat On December 16: What Is Impacting 24K, 22K, 18K Prices On Monday?

Gold prices in India stood steady on Monday, December 16, as investors awaited the US Federal Reserve's monetary policy outcomes that will be announced later in the week. Meanwhile, MCX gold and silver prices dipped marginally and struggled to keep the Rs 77,000 and Rs 91,000 mark. Currently, the cheapest gold rates in India are at Rs 7,140 in 22K and at Rs 7,789 in 24K per 1 gram.

Gold Prices In India:

22K gold prices in India were at Rs 7,14,000 in 100 grams, while 10 grams gold is at Rs 71,140. Further, 24K gold prices came in at Rs 7,78,900 in 100 grams and at Rs 77,890 in 10 grams. Moreover, 18k gold prices stood at Rs 5,84,200 for 100 grams and Rs 58,240 for 10 grams.

This is the second consecutive day that gold prices are flat. Yellow metal witnessed a sharp drop of Rs 9,800 in 100 grams and Rs 980 in 10 grams of 24K on December 14, while the prices were by Rs 6,000 and Rs 600 on December 13.

Gold Prices In Major Cities:

Gold Prices In Chennai: Yellow metal prices were flat in this southern city. The cheapest price of gold in Chennai is Rs 7,140 per gram for 22-karat gold and Rs 7,789 per gram for 24-karat gold (also called 999 gold). Meanwhile, 18K gold is at Rs 58,950 in 10 grams, while the prices are at Rs 77,890 and Rs 71,400 for 24K and 22 K.

Gold Prices In Mumbai: The 24K and 22K gold prices are similar in Mumbai to Rs 77,890 and Rs 71,400 in 10 grams. The cheapest gold prices are also at Rs 7,140 per gram for 22 karat gold and Rs 7,789 per gram for 24-karat gold (also called 999 gold). However, 18K gold prices are cheaper in Mumbai at Rs 58,420 for 10 grams and at Rs 5,842 per 1 gram.

These prices are the same in cities like Kolkata, Bangalore, Hyderabad, Pune, and Kerala.

Gold Prices In Delhi: In the national capital, the cheapest gold rates are Rs 7,155 per gram for 22-karat gold and Rs 7,804 per gram for 24-karat gold (also called 999 gold). Further, 10 grams gold prices are at Rs 71,550 in 22K, at Rs 78,040 in 24K and at Rs 58,540 in 18k. The cheapest 1 gram gold in 18K is Rs 5,854.

MCX Gold, Silver Prices:

At the time of writing, MCX gold prices traded at Rs 77,000 down by Rs 136 or 0.18%, after hitting an intraday low of Rs 76,959 per 10 grams. This bullion is of February 2025 expiry.

Further, MCX silver prices with March 2025 expiry dipped by Rs 163 or 0.18% to trade at Rs 90,838 per 1 kg, which is also near its day's low of Rs 90,750 per 1 kg.

Spot Gold Prices:

As per Trading Economics, spot gold traded above $2,650 per ounce on Monday as investors awaited the Federal Reserve's policy decision later this week, with a focus on the central bank's 2025 monetary policy outlook.

What Is Impacting Gold Prices On December 16?

Rahul Kalantri, VP of Commodities, Mehta Equities said gold and silver prices experienced sharp corrections last week following hotter-than-expected U.S. PPI data released on Thursday. Bullion came under further pressure due to gains in the Dollar Index, profit-booking, and mixed global cues.

Kalantri explained that the Dollar Index surged to 106.80, applying downward pressure on both gold and silver prices. While geopolitical tensions and China's stimulus measures may offer some support, volatility is expected to remain high as central bank decisions loom and global economic conditions shift.

Also, Trading Economics data said, the Fed is widely expected to deliver another 25bps rate cut at its final meeting of the year. This would enhance gold's appeal by reducing the opportunity cost of holding non-yielding assets. Additionally, ongoing geopolitical tensions in the Middle East, particularly Israel's recent air and ground attacks in Gaza, have further supported gold's safe-haven status. Meanwhile, the World Gold Council has projected slower growth for the precious metal next year, citing factors such as central bank actions, geopolitical tensions, and economic conditions in key markets like the U.S., China, and India.

Looking ahead, Kalantri added, "The gold-silver ratio at 86 suggests silver could potentially outperform gold in the near term. Gold has support at $2,634-$2,620, with resistance at $2,664-$2,680. Silver finds support at $30.35-$30.20, while resistance is set at $30.70-$30.85. In INR terms, gold has support at Rs 76,860-Rs 76,640, with resistance at Rs 77,350-Rs 77,540. Silver has support at ₹90,450-₹89,880 and resistance at Rs 91,830- Rs 92,440."