Gold Prices In India Today: 24K/100 Grams of Gold Falls Rs 9,800, 1 Kg Silver Drops Rs 1,000

On Saturday, December 14, gold prices fell on geopolitical threats, concerns about a trade war, and bets on a Fed rate cut. Among the primary causes of the decline in gold rates is the increasing market conviction that the Fed will lower interest rates for the third time in a row at the conclusion of the December policy meeting next week. Gold prices in India fell by Rs 15,800 in two days on geopolitical concerns about the Russia-Ukraine war, Middle East stress, and US President-elect Donald Trump's tariff plan.

Gold Rates In India Today

In India, the price of 22k of 10 grams of gold dropped by Rs 900 to Rs 71,400 today from Rs 72,300 yesterday. Meanwhile, the price of 22k of 100 grams of gold fell by Rs 9,000 to Rs 7,14,000 on Saturday from Rs 7,23,000 on Friday. While 24k of 100 grammes of gold prices in India on Saturday remained at Rs 7,78,900 compared to Rs 7,88,700 on Friday, marking a price savings of Rs 9,800, 24 of 10 grammes of gold rates today reached Rs 77,890 compared to Rs 78,870 yesterday, showing a price drop of Rs 980.

While 18k of 100 grammes of gold prices in India on Saturday stood at Rs 5,84,200 compared to Rs 5,91,600 on Friday, representing a price drop of Rs 7,400 in a single day, 18k of 10 grammes of gold prices today reached Rs 58,420 compared to Rs 59,160 yesterday, representing a price drop of Rs 740.

Silver Rates Today In India

In India, silver now costs Rs 92,500 per kilogramme and Rs 92.50 per gramme. Ten grammes of silver will cost Rs 925 in India today compared to Rs 935 yesterday, 100 grammes of silver will cost Rs 9,250 today compared to Rs 9,350, which represents a 100 rupee price drop, and one kilogramme of silver will cost Rs 92,500 on Saturday compared to Rs 93,500 on Friday, representing a 1,000 rupee price drop.

Gold Prices Outlook Today

"Gold and silver struggle to hold gains, but geopolitical risks, trade war fears, and Fed rate cut bets continue to support the prices. The growing market confidence that the Federal Reserve will deliver a third consecutive rate cut at the end of the December policy meeting next week turns out to be one of the main factors that benefit the precious metal. Other factors that increase demand for safe havens include geopolitical risks related to the Russia-Ukraine war and Middle East tensions and worries about US President-elect Donald Trump's tariff plan. US-provided missiles have been fired by Ukraine, aiming for key locations far inside Russian territory," said Dr. Renisha Chainani, Head Research - Augmont - Gold For All.

"After a month of fierce battle, Russian forces are getting closer to Pokrovsk, a crucial city in eastern Ukraine. Due to speculation that the Federal Reserve would reduce borrowing costs after the December meeting, this represents a major increase in global tensions and causes some haven flows towards the price of gold. Gold is pausing this rally and is likely to get the support of around Rs 77300," said commented Dr. Renisha Chainani.

Spot Gold Today

"Spot gold is to expected to face the hurdle near $2710 and move lower towards $2670 amid easing safe haven demand. Further, strong dollar and fading hopes of more rates cuts in the coming year by US Federal reserve would check its upside. Sticky inflation numbers and steady growth in the US could push back the odds of larger degree of rate cuts. Meanwhile, central bank buying and geopolitical uncertainty could provide some support the bullions. Spot gold is likely to move in the band of $2670 and $2710 with a slight tilt towards south. Only a move below $2670 would weaken it further towards $2650. Formation of a bearish engulfing pattern could limits upward move. MCX Gold February is expected to hold the support of 77,600 and move towards 78,600. Only close below 77,600 it would turn bearish," said the brokerage firm ICICI Direct Research.

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.