Gold Prices In Big Cities Jump On Dec-10 Amid Geopolitical Risks; What Is Driving 24K, 22K, 18K Gold On Tues?

Gold prices in India witnessed a massive jump on Tuesday, December 10, 2024, as the Chinese bank became the purchaser of gold to its reserves, while geopolitical tensions continued to rise, providing support to bullion globally. Currently, 24K of 10 grams surged to near the Rs 79,000 mark, while 18k of the same is shy of Rs 50 to hit the Rs 59,000 level. Meanwhile, the price of 1Kg silver also skyrocketed by Rs 4,500 to reach above Rs 96,000 mark.

Gold Prices In India:

24K gold price surged by Rs 8,200 in 100 grams to Rs 7,86,000, while 10 grams gold price climbed by Rs 820 to Rs 78,600.

Further, the 22K gold price surged by Rs 7,500 to Rs 7,20,500 in 100 grams, and up by Rs 750 to Rs 72,050 per 10 grams. Additionally, gold prices of 18K in 10 grams and 100 grams jumped by Rs 610 and Rs 6,100 to Rs 58,950 and Rs 5,89,500 respectively.

Gold Prices In Major Cities:

Gold Prices In Chennai: 10 grams of 22K and 24K is at Rs 78,600 and Rs 72,050 respectively. Gold price is 18K of 10 grams is nearing Rs 60,000 level, as of December 10, it was at Rs 59,500.

Gold Prices In Mumbai: Gold prices are the same in 24K and 22K in Chennai. However, gold in 18K of 10 grams is cheaper at Rs 58,950 in Mumbai than compared to the price in Chennai.

The gold prices of 22K, 24K, and 18k in Mumbai is also same as in Kerala, Hyderabad, Pune, Bangalore, and Kolkata.

Gold Prices In Delhi: In the national capital, gold prices are much higher to Rs 78,750 per 10 grams in 24K, at Rs 59,070 in 18K, and at Rs 72,220 in 22K.

Silver Prices In India:

1Kg silver price skyrocketed by Rs 4,500 to Rs 96,500, while 100 grams and 10 grams silver prices upped by Rs 450 and Rs 45 to Rs 9,650 and Rs 965 respectively. The cheapest silver price is at Rs 96.50 per 1 gram which is up by Rs 4.50 on Tuesday. In cities like Chennai, Hyderabad, and Kerala, the silver price is Rs 1,04,000 per 1kg.

As per Rahul Kalantri, VP Commodities, Mehta Equities, gold and silver posted solid gains with bullion prices hitting 2-week highs and silver prices scaling 4-week highs in the international markets. Gold and silver gained on the back of its safe-haven appeal amid renewed geopolitical tensions in the Middle East, as well as China's resuming gold purchases after a short hiatus. Rebel forces in Syria have deposed President Bashar al-Assad, bringing an end to the Assad family's 50-year rule and raising concerns about a new wave of instability in the region. In November, China's central bank resumed purchasing gold for its reserves after a six-month hiatus, providing additional support for the yellow metal. Furthermore, the political crisis in South Korea and escalating tensions in the Middle-East is supporting safe-haven buying for precious metal.

MCX Gold, Silver Prices:

At the time of writing, MCX gold price with February 2025 expiry, traded flat at Rs 77,482 per 10 grams. While MCX silver with March 2025 expiry performed at Rs 94,540 per 1kg, down by Rs 657 or 0.7%.

MCX gold and silver have corrected after rising to Rs 77,740 per 10 grams and Rs 95,387 per 1kg in the early trade of Tuesday.

Spot Gold Prices:

Gold climbed above $2,660 per ounce on Tuesday, rising for the second consecutive session, supported by China's policy shift and geopolitical risks in the Middle East, as per Trading Economics.

Further, Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said, gold continues to trade positive with international spot around $2700 per ounce, supported by rise in safe-haven demand amid signs of escalation in the middle-east tensions with latest developments happening in Syria and South Korea.

Gold Prices Outlook:

Mer said, The bullion has also gained support on reports that China has again resumed its gold purchases and rising bets for another Fed rate cut next week.
In focus remains the U.S inflation data on Wednesday and ECB monetary policy on Thursday.

"On charts... momentum looks positive with support at 77200/ 77250, while on the upside resistance holds at 77800, above which prices may test 78150/ 78400," Mer added.

While Kalantri said, gold has support at $2652-2637 while resistance is at $2688-2700. Silver has support at 31.80-31.65 while resistance is at $32.22-31.40. In INR terms, gold has support at Rs77,380-77,200, while resistance is at Rs77,820-78,040. Silver has support at Rs94,450-93,880, and resistance is at Rs95,750-96,540.