Gold Prices In India Today: 24K/100 Grams of Gold Rates Falls Rs 1,600; Silver Prices Flat On Wednesday

Today, Wednesday, December 18, gold prices in India fell precipitously due to a strong dollar and a decline in industrial activity in China. This followed a rise in scepticism about Fed rate reduction that affected prices and made investors wary of the Fed's policy decision. A stronger dollar, rising Treasury yields, conflicting US economic data, and global macroeconomic reports are all anticipated to keep pressure on gold prices.

Gold Rates In India Today

Today's gold prices in India are Rs 7,784 per gramme for 24-carat gold and Rs 7,135 per gramme for 22 carat gold. While the price of 22k of 100 grams of gold would be Rs 7,13,500 in India today, it was Rs 7,15,000 yesterday, indicating a price reduction of Rs 1,500. On Wednesday, the price of 22k of 10 grams of gold was Rs 71,350, down from Rs 71,500 yesterday.

While 24k of 100 grammes of gold prices in India on Wednesday reached Rs 7,78,400 compared to Rs 7,80,000 on Tuesday, marking a price decrease of Rs 1,600 in a single day, 24k of 10 grammes of gold would cost Rs 77,840 in India today, which was Rs 78,000, representing a price drop of Rs 160.

In India, 18k of 10 grams of gold will cost Rs 58,380 today, down Rs by Rs 120 from yesterday's price of Rs 58,500. Meanwhile, the price of 18k of 100 grams of gold dropped by Rs 1,200 on Wednesday, to Rs 5,83,800 from Rs 5,85,000 on Tuesday.

Spot Gold Today

Due to the markets' intense focus on the Federal Reserve's monetary policy announcement later in the day, gold prices were steady on Wednesday. By 0459 GMT, spot gold was practically unchanged at $2,644.97 an ounce, while U.S. gold futures, according to Reuters, were level at $2,660.10. Palladium edged up 0.1% to $935.37, platinum fell 0.1% to $937.87, while spot silver fell 0.6% to $30.36 an ounce.

Silver Rates In India Today

India's silver prices remained steady on Wednesday as investors anticipated Trump's policies and the Fed's monetary policy to be out later in the day. Silver currently costs Rs 92.50 per gramme and Rs 92,500 per kilogramme in India. In India, the price of one kilogramme of silver is the same as it was yesterday, at Rs 92,500. Ten grammes cost Rs 925, and 100 grammes cost Rs 9,250.

MCX Gold Outlook Today

"On the domestic front, MCX Gold rebounded from the key demand zone near 76350-76500 levels and formed a hammer candlestick pattern on the daily chart, indicating a potential reversal. The commodity has also bounced back precisely from the 50-day EMA on the daily chart, suggesting a positive outlook. In terms of support and resistance, MCX Gold may face resistance at 77200/77650 levels, with a break above 77650 likely propelling it towards 78200/78500 levels. On the downside, support for the commodity can be seen at 76600/76350 levels. Traders are advised to maintain strict stop losses, as heightened volatility is expected due to Fed Interest rate decision later today and ongoing geopolitical tensions," said the technical research analysts of Way2Wealth Brokers Private Limited.

Spot Gold Outlook Today

"Spot gold is expected to face the hurdle near $2665 and move lower towards $2620 amid strong dollar. Further, growing skepticism over Fed rate cuts in January will weigh on prices. Additionally, investors will remain cautious ahead of the Fed policy outcome. More focus will be on economic projections and dot plots to get more clarity on the Fed's next move. Spot gold is likely to move in the band of $2620 and $2665. But, formation of a bearish engulfing pattern could limits upward move. Meanwhile, the oscillator RSI is at 50, indicating sideways movement. MCX Gold February is expected to face stiff resistance near 77,500 and move lower towards 76,400. Only close below 76,400 it would turn more bearish," said the research analysts of ICICI Direct Research.

Gold Rates Today In Top Indian Cities

Disclaimer

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