Gold prices in India are likely to be influenced by a stronger dollar, hot inflation and concerns related to Trump's tariff which dulls rate cut trajectory from the US Fed in 2025. However, escalating geopolitical tensions could continue to provide support. US CPI and PPI inflation have risen higher than market estimates, while investors would also be cautious ahead of the FOMC meeting next week. As of now, a rate cut of 25 bps is factored from the Fed in the December policy. MCX gold has strong support between Rs 78,000 to Rs 78,100, while resistance levels are seen between Rs 79,500-Rs 79,850.
Gold Prices In India:
24K gold price in 10 grams is currently at Rs 79,470, while 22K and 18K gold price in 10 grams is priced at Rs 72,850 and Rs 59,610 respectively. The cheapest price of gold in India is Rs 7,285 per gram for 22-karat gold and Rs 7,947 per gram for 24-karat gold (also called 999 gold). These prices are currently flat.
Gold has over the years been a perfect hedge against inflation. Investors are increasingly looking at gold as an important investment.
Silver Prices In India:
On December 12, silver price in 1Kg surged by Rs 1,000 to Rs 96,500, while 100 grams and 10 grams gold price were at Rs 9,650 and Rs 965 respectively. The cheapest silver is priced at Rs 96.50 per 1 gram.
MCX Gold, Silver Prices:
After market hours of Thursday, MCX gold price with February 2025 expiry, closed at Rs 77,985 per 10 grams, which was marginally up.
While MCX silver price with March 2025 expiry stood at Rs 92,580 per 1kG, marginally down on the other hand.
Spot Gold Prices:
As per Trading Economics, gold failed to maintain gains from the three prior sessions and dropped more than 1% to $2,680 per ounce on Thursday as markets digested a batch of economic data and central bank decisions. Bullion prices pulled back after factory gate prices in the US rose at a much faster pace than expected in November, strengthening lingering concerns of stubborn inflation in the US and pushing back against the lack of upside surprises in the CPI print this week.
What To Expect From Gold Prices On December 13:
The Trading Economics data highlighted that still, markets continued to price multiple rate cuts by the Fed next year due to risks of a softening labor market, most recently underscored by the unexpected surge in unemployment claims. In the meantime, dovish moves by major central banks failed to support gold prices. The SNB delivered a sharper-than-expected 50bps rate cut, the ECB cut its rates by 25bps, the BoC cut its rate by 50bps, and BoJ policymakers hinted they could wait before delivering another hike. Also, the PBoC bought gold after six months of being out of the market.
While Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold traded within a volatile range and experienced minor profit booking at higher levels, with Comex prices facing resistance near $2,720-$2,725 and MCX encountering a hurdle around ₹79,000. Yesterday's US CPI data came in line with expectations, providing a positive push to gold prices as it reinforced the likelihood of continued interest rate cuts, as indicated by the Fed's watch tool. In MCX, resistance is seen at ₹79,500-₹79,850, while strong support lies near ₹78,000-₹78,100, keeping the range-bound movement intact in the short term.
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