Gold Prices In Big Cities Rally By Rs 3,800 In 2 Days; What Is Impacting 24K, 22K, 18K Prices On December 26?

Gold prices in India surged for the second consecutive day. The price of 24K yellow metal in 100 grams climbed by Rs 2,800 on December 26 in big metro cities, extending gains from the Rs 1,000 surge the previous day. Similarly, silver prices also rose on Thursday, with 1kg prices in cities like Chennai, Hyderabad and Kerala reclaiming the Rs 1,00,000 mark. Precious metals at MCX and the international market also surged, however, trading volumes are expected to be in the narrow range.

Gold Prices In India:

24K gold price of 100 grams surged by Rs 2,800 in 100 grams to Rs 7,77,300 on December 26, followed by a climb of Rs 1,000 on December 25th. Together, 100 grams of gold in 24K jumped by Rs 3,800 in two days. This comes after gold prices plunged by Rs 1,000 on December 24th.

Meanwhile, 10 grams of 24K gold is up by Rs 280 to Rs 77,730. Furthermore, on December 26, 22K gold prices surged by Rs 2,500 to Rs 7,12,500 per 100 grams, and up by Rs 250 to Rs 71,250 per 10 grams. Prices were also up by Rs 1,000 in 100 grams for 22K yesterday.

Additionally, 18K gold prices surged by Rs 2,100 in 100 grams to Rs 5,83,000 and higher by Rs 210 to Rs 58,300 per 10 grams on Thursday.

Gold Prices In Major Cities:

Gold Prices In Chennai: The price of gold in Chennai is Rs 7,125 per gram for 22 karat gold and Rs 7,773 per gram for 24 karat gold (also called 999 gold). The cheapest gold price in 18K gold is Rs 5,885 per 1 gram.

Gold Prices In Mumbai: The price of gold in Mumbai is Rs 7,125 per gram for 22-karat gold and Rs 7,773 per gram for 24-karat gold (also called 999 gold). Meanwhile, 18K gold price is at Rs 5,830 per 1 gram.

Gold Prices In Delhi: The price of gold in Delhi is currently at Rs 7,140 per gram for 22 karat gold and at Rs 7,788 per gram for 24-karat gold (also called 999 gold). The cheapest gold price is at Rs 5,842 per 1 gram in 18k.

Gold Prices In Bangalore: The price of gold in Bangalore is currently at Rs 7,125 per gram for 22-karat gold and Rs 7,773 per gram for 24-karat gold (also called 999 gold).

Silver Prices In India:

Prices of silver surged by Rs 0.10 to Rs 100 across grams. 1 gram silver is cheapest at Rs 91.60, while 1KG silver surged by Rs 100 to Rs 91,600. Notably, 1kg silver prices reclaimed its Rs 1 lakh mark in cities like Chennai, Hyderabad and Kerala.

MCX Gold, Silver Prices:

MCX gold with February 2025 expiry, is trading at Rs 76,618 per 10 grams, up by Rs 348 or 0.46%. Meanwhile, MCX silver price with March expiry, is at Rs 89,530 per 1kg, higher by Rs 204 or 0.23%.

Spot Gold Prices:

As per Trading Economics, spot gold traded above $2,620 per ounce on Thursday, although trading volume is expected to remain thin due to ongoing holidays.

What Is Impacting Gold Prices?

Rahul Kalantri, VP of Commodities, Mehta Equities said, the dollar index is hovering near a two-year high, while U.S. 10-year bond yields remain above 4.50%, applying pressure on precious metals. However, rising tensions between Russia and Ukraine, along with weak global equity markets, are bolstering the safe-haven appeal of gold and silver. In India, a weaker rupee is providing additional support to gold and silver prices, a trend likely to persist in the near term.

Meanwhile, Trading Economics data highlighted that investors remained focused on the US Federal Reserve's monetary policy outlook and the anticipated tariff policies under the incoming Trump administration, which could impact gold's direction in the coming year. Last week, the Fed signalled fewer rate reductions in 2025, but this outlook was challenged by softer-than-expected PCE inflation data, suggesting the possibility of more rate cuts, which would benefit non-yielding gold. On the geopolitical front, Hamas and Israel exchanged blame on Wednesday over their failure to reach a ceasefire agreement, despite progress reported by both sides in recent days. The precious metal is poised to end the year with a remarkable 27% gain, marking its strongest annual performance since 2010, driven by central bank purchases, heightened geopolitical tensions, and monetary easing by major central banks.

Looking ahead, Kalantri added, "gold has support at $2,610-$2,591, with resistance at $2,644-$2,660. Silver has support at $29.35-$29.20, with resistance at $29.85-$30.10. In INR terms, gold has support at Rs 75,980-Rs 75,740, while resistance is at Rs 76,470-Rs 76,650. Silver has support at Rs 88,450-Rs 87,880, with resistance at Rs 89,930-Rs 90,500."