Gold Prices In Big Cities Jump By Rs 18,500 In 3-Days; Why 24K, 22K, 18 Yellow Metal Prices Are Rising?

Gold prices in India witnessed sharp jump for the third consecutive day on December 11, 2024. with 24K of 10 grams gold now just couple of hundreds away from reaching Rs 80,000 mark. Gold prices are currently at their highest level in December so far. One of the key reason for the latest uptrend in yellow metal is the escalation of tensions in Middle East with Syrian rebels now taking over the country, changing the 24-year rule of Bashar al-Assad. Also, this week, gold got a big boost after reports said that China's central bank is adding gold to its portfolio.

Gold prices have been rising for three consecutive day. In these three days period, gold prices in India shot up by Rs 18,500 in 100 grams of 24K.

Gold Prices In India:

On December 11, 24K gold price surged by Rs 8,700 to Rs 7,94,700, while 10 grams gold is up by Rs 870 to Rs 79,470. Further, 22K gold prices in 10 grams and 100 grams soared by Rs 800 and Rs 8,000 to Rs 7,28,500 and Rs 72,850 respectively.

Additionally, 18K gold prices climbed by Rs 660 to Rs 59,610 in 10 grams, and further up by Rs 6,600 to Rs 5,96,100 per 100 grams.

This week, 24K of 100 grams surged by Rs 1,600 on December 9th and further up by Rs 8,200 on December 10th.

Gold Prices In Major Cities:

Gold Prices In Chennai: 18K of 10 grams gold surpassed Rs 60,000 to Rs 60,150. While gold price in 24K stood at Rs 79,470 and at Rs 72,850.

Gold Prices In Mumbai: Gold pries stood at Rs 59,610 in 18K of 10 grams, while the price was at Rs 79,470 in 24K and at Rs 72,850 in 18K.

These prices are similar for cities like Kolkata, Bangalore, Pune, Hyderabad, and Kerala.

Gold Prices In Delhi: Here, 10 grams gold is at Rs 59,730 in 18K, while gold is available at Rs 79,620 and Rs 73,000 per in 24K and 22K.

Silver Prices In India:

On the other hand, 1kg silver prices shed by Rs 1,000 to Rs 95,500. Also, 100 grams and 10 grams dipped by Rs 100 and Rs 10 to Rs 9,550 and Rs 955. Further, 8 grams and 1 gram silver is lower by Rs 8 and Rs 1 to Rs 764 and Rs 95.50.

Why Gold Prices Are Rising?

Rahul Kalantri, VP Commodities, Mehta Equities said, gold and silver extended its gains amid collapsing Syrian rule and political crisis in the South Korea. Safe-haven demand supported prices of gold and silver. Precious metals also gained amid Chinese central bank resume its gold buying November month after a long pause of six months. Chinese government also said for giving fresh stimulus support in the early next year to boost its economy. Chinese stimulus talks also supported gold and silver prices.

However, the U.S. inflation worries could limit gains.

Kalantri added, "We expect gold and silver prices to remain volatile in today's session ahead of the U.S. inflation data. Gold has support at $2684-2667 while resistance at $2714-2728. Silver has support at 31.80-31.65 while resistance is at $32.22-31.40. In INR gold has support at Rs78,080-77,840, while resistance at Rs78,690-78,940. Sliver has support at Rs 94,850-94,080, while resistance at Rs 96,300-96,940.