Gold Prices In India Today, 17th Dec: 24K/100 Grams of Gold Rates Rally Rs 1,100; Silver Steady

Gold rates saw a significant rise on Tuesday in the domestic market as investors await the Fed's interest rate decision and economic projections in expectation of a 25 basis point rate cut on Wednesday. Higher fluctuations in the bullion market today were caused by a firm dollar index, poor inflation figures, fluctuating expectations for rate cuts, and developments in geopolitical tensions. The continuous expectation that the Federal Reserve will make more monetary policy changes is one of the key factors supporting the gold market. Other factors that may cause a surge in gold prices include updates on geopolitical developments, the rising dollar index, Governor Powell's remarks, and economic projections.

Gold Rates In India Today

Gold now costs Rs 7,150 per gramme in India for 22 carat gold and Rs 7,800 per gramme for 24-carat gold. Ten grams of 22k gold will cost Rs 71,500 on Tuesday, up from Rs 71,400 on Monday, signifying a 100 rupee rise in prices. In India, 100 grams of 22k gold will cost Rs 7,15,000 today, up from Rs 7,14,000 on Monday, signifying a 1,000 rupee price hike.

In India, 24k of 10 grams of gold will cost Rs 78,000 on Tuesday, up from Rs 77,890 on Monday, signifying a 110 rupee rise in price. Meanwhile, 24k of 100 grams of gold will cost Rs 7,80,000 today, up from Rs 7,78,900 yesterday, signifying a 1,100 rupee price gain.

While 18k of 100 grammes of gold prices in India on Tuesday hit Rs 5,85,000 compared to Rs 5,84,200 on Monday, marking a price rise of Rs 800, 18k of 10 grammes of gold will cost Rs 58,500 today compared to Rs 58,420 yesterday, showing a price gain of Rs 80.

Spot Gold Today

Ahead of the Federal Reserve's policy meeting on Wednesday, spot gold held steady on Tuesday. According to Reuters, U.S. gold futures were steady at $2,672.40, while spot gold climbed 0.1% to $2,655.07 per ounce as of 03:35 GMT. Palladium was flat at $947.41, platinum remained steady at $936.30, and spot silver fell 0.2% to $30.47 an ounce.

Silver Rates In India Today

Silver rates were stable in India on Tuesday as the market forecast the Fed's future monetary policy and Trump's initiatives might lead to inflation. In India, silver now costs Rs 92,500 per kilogramme and Rs 92.50 per gramme. One kilogramme of silver will cost Rs 92,500 in India today, same as it cost yesterday, while ten grams will cost Rs 925 and 100 grams would cost Rs 9,250.

Gold Price Outlook

"In anticipation of a 25-bps rate cut on Wednesday, gold and silver investors await the Fed's interest rate decision and economic forecasts. With Trump's policies potentially causing inflation, the market predicts the Fed's future monetary policy. Investors are placing bets on a 100-bps rate cut by the Fed in 2025. Additionally, Central Bank Buying is helping the bullion prices to drop below $2600," said Dr. Renisha Chainani, Head Research - Augmont - Gold For All.

"China's central bank resumed gold purchases in November after a six-month break, and the Asian giant is expected to continue to increase its gold reserves ahead of Trump's trade wars. China's central bank has not purchased gold since April, hoping to boost its lower-priced reserves and waiting for a strong pullback. Trump's hawkish stance on China has now triggered another round of gold purchases from the PBOC, which is expected to last many months. Gold is pausing this rally and is likely to get supported by around Rs 76900 level," Dr. Renisha Chainani commented.

MCX Gold Forecast Today

"Technically, MCX Gold exhibited a tug-of-war behavior among market participants and closed with the formation of a doji candlestick pattern on the daily chart, signaling indecision. The domestic commodity is nearing a critical support zone at 76850- 76300, which serves as a key base. A breakdown below this zone could push prices lower toward the 76000/75700 levels in the near term. On the upside, resistance is seen at 77350/77700 levels. Traders are advised to maintain strict stop losses, as heightened volatility is expected due to Fed Interest rate decision ahead and ongoing geopolitical concerns," said the research analysts of Way2Wealth Brokers Private Limited.

Gold Rates Today In Top Indian Cities

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.