Gold Prices In Big Cities Flat, But Silver Dips On Dec-23; What Is Impacting 24K, 22K, 18K And Should You Buy?

Gold prices in India remained steady for the second consecutive day on Monday, December 23, 2024, after massive volatility last week. However, silver prices plunged mildly on Monday, despite global gold and silver prices recovering from their latest 1-month and 3-and-a-half-month lows. Gold prices remain volatile, however, slight support emerged after dollar and bond yields saw profit booking.

Gold Prices In India:

Currently, the 24K gold price is at Rs 77,450 per 10 grams, at Rs 71,000 in 22K and at Rs 46,472 per 1- grams in 18K. Overall, in the current month, gold prices are down by nearly 1%.

Last week, 24K gold prices in India slipped from Rs 78,000 per 10 grams level to below Rs 77,500 level by the end of December 22, 2024. The week saw more selling than buying. Notably, gold prices had touched their lowest performance in December month to Rs 70,400 in 22K and Rs 76,800 in 24K on December 20th.

Gold Prices In Major Cities:

Gold Prices In Chennai: The price of gold in Chennai is currently at Rs 7,100 per gram for 22-karat gold and Rs 7,745 for 24-karat gold (also called 999 gold). The price of 18K is at Rs 5,865 in 1 gram.

Gold Prices In Mumbai: The price of gold in Mumbai is currently at Rs 7,100 per gram for 22-karat gold and Rs 7,745 per gram for 24-karat gold (also called 999 gold). The price of 18K is at Rs 5,809 per 1 gram.

The gold prices in Mumbai are also the same as in cities like Hyderabad, Kolkata, Kerala, Pune, and Bangalore.

Gold Prices In Delhi: The price of gold in Delhi is currently at Rs 7,115 per gram for 22-karat gold and Rs 7,760 per gram for 24-karat gold (also called 999 gold). Whereas, the 1 gram gold for 18K is priced at Rs 5,822.

Silver Prices In India:

Unlike gold, silver prices plunged mildly on December 23. 1 kg silver price was down by Rs 100 to Rs 91,400, while 100 grams and 10 grams silver prices stood at Rs 9,140 and Rs 914 down by Rs 10 and Re 1 on Monday. In cities like Chennai, Hyderabad and Kerala, silver prices were expensive at Rs 98,900 1 kg.

MCX Gold, Silver Prices:

MCX gold prices with February 2025 expiry, was up by Rs 58 or 0.08% to trade at Rs 76,478 per 10 grams at the time of writing. The bullion was near its intraday high of Rs 76,544 per 10 grams.

Further, MCX silver prices with March 2025 expiry surged by Rs 569 or 0.64% to Rs 88,961 per 1kg, after hitting an intraday high of Rs 89,142 per kg.

Spot Gold Prices:

According to Trading Economics, spot gold prices traded around $2,620 per ounce on Monday, maintaining gains from the previous session as the US dollar softened following a benign PCE inflation report, which rekindled hopes for further monetary easing by the Federal Reserve next year.

The performance comes days after Fed signalled fewer rate cuts in 2025, with hawkish tone, that was the main reason for pushing gold to 1-month low last week.

Dollar, Bond Yields:

Meanwhile, dollar index traded steady to around 107.7, still near its highest level since November 2022. Additionally, the 10-year Treasury yield of US, stabilized to 4.52% on Monday.

What Is Impacting Gold Prices?

Explaining the performance of gold and silver prices, Rahul Kalantri, VP Commodities, Mehta Equities said, gold and silver prices recovered from 1-month and 3-1/2 month lows in a highly volatile session. The dollar index and the bond yields showed profit taking and supported precious metal prices. The dollar index slipped from 2-year highs after inflation expectations showed reading of 2.8% against previous reading of 2.9%. The U.S. personal income and consumer spending data released on Friday was also missed expectations and pushed the dollar index lower.

He added, gold and silver hold its make or break level of $2,580 per troy ounce and $28.88 per troy ounce respectively on a weekly closing basis. If these support levels are hold and smart recovery is possible in gold and silver this week. Escalating tensions between Russia-Ukraine over the weekend could also support prices of precious metals.

Giving an outlook ahead, Kalantri added, "gold has support at $2600-2581 while resistance at $2640-2657. Silver has support at $29.40-29.20 while resistance is at $29.80-30.00. In INR gold has support at Rs 76,220-75,040, while resistance at Rs 76,670-76,840. Sliver has support at Rs 87,850-87,080, while resistance at Rs 89,130-89,940."

For near-term outlook, Trading Economics data said, the gold's near-term outlook could face further challenges from weakening physical demand in key consumer India, with government officials expecting a sharp decline in gold imports in December. Still, bullion has surged over 27% this year, on track for its largest annual gain since 2010, driven by US policy easing, strong demand for safe-haven assets, and continued purchases by global central banks.

Should You Buy Gold And Silver?

In its technical report dated December 23, Nirmal Bang said, gold prices are expected to rise. Traders can buy at 76200 with a stop loss of 75900 for the target at 76600-76850.

On silver, Nirmal Bang's note said, silver prices are expected to rise. One can buy at 88000 with a stop loss of 87200 for the target at 89000-89500.