Gold Prices In India Outlook: How 24K, 22K, and 18K Prices Will Perform From December 30 To January 3

Gold prices in India showed broadly positive performance last week, with the market continuing to focus on development in the US economy under Trump 2.0. In the trading week from December 30 to January 3rd, MCX gold prices are expected to trade between Rs 75,500 to Rs 77,800 levels, while silver is likely to perform from Rs 86,500 to Rs 91,000. Experts guide traders in keeping an eye on Fed policy signals and geopolitical risks, which are likely to drive sentiments in the precious metals.

Gold Prices In India:

Currently, the price of 24 K gold in 10 grams is Rs 77,840, while the prices of 22K and 18K gold in 10 grams are Rs 71,350 and Rs 58,380, respectively. The cheapest gold rates are Rs 7,135 in 22K per 1 gram, Rs 7,784 in 24K per 1 gram, and Rs 5,838 in 18 K per 1 gram.

During the last trading week, gold prices were up by Rs 2,700 on December 27, higher by Rs 2,800 on December 26th, and up by Rs 1,000 on December 25th in 24K of 100 grams. However, before this, gold was down by Rs 1,000 on December 24th and muted on December 23rd.

Silver Prices In India:

The price of silver in India is currently at Rs 92.60 per gram and at Rs 92,600 per kilogram. Silver price in India is determined by international prices, which move in either direction. Other than that it also depends on currency movement of the rupee against the dollar. If the rupee falls against the dollar and international prices remain stable, silver will become more expensive.

Gold Prices Weekly Outlook From December 30th to January 3rd!

As per SMC Global Securities note, gold prices showed positive returns, recovering from the previous session's losses amid thin holiday trading. Market participants remained focused on signals about the US economy under the incoming Trump administration and the Federal Reserve's monetary policy outlook.

Further, the latest moderate US PCE inflation data raised expectations of further rate cuts, benefiting non-yielding gold. The Federal Reserve hinted at a more cautious approach to monetary easing in 2025, reducing market confidence in the number of cuts next year. Gold's safe-haven appeal remained supported by rising geopolitical tensions, including the ongoing Russia-Ukraine conflict and escalations in the Middle East. Israel's recent strikes on Houthi targets in Yemen, which resulted in casualties, further added to geopolitical uncertainty, as per the brokerage.

SMC's note said these factors have contributed to gold's strong 27% annual gain, marking its best performance since 2010, driven by central bank purchases and global monetary easing. However, weak physical demand in India, a key consumer, could weigh on gold prices as officials anticipate a sharp drop in imports for December.

In the U.S., jobless claims fell to a one-month low, indicating a strong labour market that could limit the scope for further rate cuts, it said.

For the week ahead, SMC's note said, "Gold prices are expected to trade within a minor range of $2590-$2680 on COMEX, with silver likely to remain in the $29-$31 range. On MCX, gold prices may trade between Rs. 75,500 and Rs. 77,800, while silver could fluctuate between Rs. 86,500 and Rs. 91,000. Traders should monitor geopolitical developments and Fed policy signals as key drivers for gold and silver prices in the coming sessions. Higher interest rates may continue to pose a challenge to gold's appeal as a non-yielding asset."

Last week, on Friday, MCX gold price with February 2025 expiry, stood at Rs 76,536 per 10 grams, while spot gold prices held $2,620 an ounce mark.