Gold Prices In India Outlook For December 18; How Will 24K, 22K, and 18K Prices Perform On Wednesday?

Gold prices in India are likely to follow the international gold price trend as investors will await Fed policy outcomes later on Wednesday. Yellow metal prices have witnessed a volatile trend in the past 10 days. Currently, the price of gold in India is Rs 7,151 per gram for 22-karat gold and Rs 7,801 per gram for 24-karat gold (also called 999 gold).

Gold Prices In India:

Currently, 24K gold price stood at Rs 78,010 per 10 grams, while 22K and 18K prices were at Rs 71,510 and Rs 58,510 per 10 grams respectively.

In cities like Chennai, Mumbai, Kolkata, Bangalore, Hyderabad, Kerala and Pune, gold prices in 22K and 24K are similar. However, gold prices are cheaper at Rs 58,510 per 10 grams in 18k in cities like Mumbai, Kolkata, Pune, Hyderabad, Kerala, and Bangalore than compared to Rs 59,001 per 10 grams of 18k sold in Chennai.

Gold prices are expensive in Delhi as well Rs78,160 for 24K of 10 grams, while 18K and 22K gold prices are at Rs 71,660 and Rs 58,630 per 10 grams.

Silver Prices In India:

The price of silver in India is currently at Rs 92.40 per gram and at Rs 92,400 per kilogram. Silver price in India is determined by international prices, which move in either direction. Also, silver prices in cities like Chennai, Hyderabad and Kerala gave up the Rs 1 lakh mark and were currently at Rs 99,900 per 1kg.

MCX Gold, Silver Prices:

MCX gold prices ended at Rs 76,852 per 10 grams, down marginally. While MCX silver prices closed at Rs 90,820 per 1kg, also lower gradually.

Spot Gold Prices:

In the early trade of Wednesday, gold prices stood near their tight range at $2,650 per ounce ahead of the Fed policy.

Gold Prices Outlook:

As per Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold prices weakened by $12 to settle at $2640 on Comex and dropped ₹350 to ₹76,700 on MCX as the outcome of the Fed's policy meeting prompted caution among market participants.

Trivedi added, "Long positions were trimmed ahead of the year's final policy announcement, with expectations that forward guidance on rate cuts may remain unclear. This lack of clarity weighed on sentiment, especially as the dollar index continued its upward momentum. In the near term, the weakness in gold is likely to persist, with a trading range seen between ₹76,000 and ₹77,250 on MCX."