Gold Prices In India Today, 5th Dec: 24K/100 Grams Gold Rates Rally Rs 1,100; 1Kg Silver Prices Jumps Rs 1,000

Due to a decline in the dollar index, gold prices in India surged sharply on Thursday, December 5, as investors awaited FOMC minutes and non-farm payroll data. When it comes to gold rate volatility, the likelihood of a 25 basis point rate drop in the fed funds rate is crucial. Gold remained over $2,640 an ounce on Thursday despite the continued geopolitical concerns in the Middle East, the Russo-Ukrainian conflict, and political unpredictability in South Korea and France.

Gold Rates In India Today

Today, 22 carat gold costs Rs 7,140 per gramme in India, whereas 24 carat gold costs Rs 7,789 per gramme. While the price of 22k of 100 grammes of gold in India increased by Rs 1,000 to Rs 7,14,000 on Thursday from Rs 7,13,000 on Wednesday, the price of 22k of 10 grammes of gold increased to Rs 71,400 today from Rs 71,300 yesterday, marking a 100 rupee price increase.

In India, the price of 24k of 10 grams of gold was Rs 77,890 today, up Rs 110 from yesterday's price of Rs 77,780. Meanwhile, the price of 24k of 100 grams of gold was Rs 7,78,900 on Thursday, up by Rs 1,100 from Rs 7,77,800 on Wednesday.

While the price of 18k of 100 grammes of gold in India increased by Rs 800 on Thursday from Rs 5,83,400 on Wednesday, the price of 18k of 10 grammes of gold today increased to Rs 58,420 from Rs 58,340 yesterday, signifying a price increase of Rs 80.

Spot Gold Today

As investors anticipated U.S. payroll statistics on Thursday, gold prices saw minimal movement. As of 0326 GMT, spot gold was trading at $2,647.17 an ounce, almost unchanged. At $2,671.10, U.S. gold futures fell 0.2%. Palladium was flat at $977.31, platinum was steady at $941.58, and spot silver dropped 0.3% to $31.21 an ounce.

Silver Rates In India Today

Today, silver costs Rs 92,000 a kilogramme and Rs 92 per gramme in India. 10 grammes of silver's price increased to Rs 920 from Rs 910 yesterday, 100 grammes' price increased to Rs 9,200 on Thursday from Rs 9,100 on Wednesday, marking a 100 rupee price increase, and 1 kg's price increased to Rs 92,000 from Rs 91,000 yesterday, marking a 1000 rupee price increase in a single day.

MCX Gold Outlook Today

"Gold held above $2,640 per ounce on Thursday, remaining within a tight trading range as investors continued to assess the Federal Reserve's monetary policy outlook ahead of a key jobs report. On Wednesday, Fed Chair Jerome Powell stated that he expects officials to proceed cautiously as they continue to lower rates, while reaffirming the resilience of the US economy. The domestic yellow metal MCX Gold (Feb 2025 Contract closed flat to positive yesterday The commodity is presently opening flat in morning trade . Its crucial supply zones around 76500/77000 levels which should act as resistance. On the downside, support for MCX Gold lies at 75500/ 76000 levels with a break below 75500 level can potentially drag prices toward 74000/73500 levels. Traders are advised to trade with strict stoploss as volatility may remain high due to ongoing geopolitical issues," said the research analysts of Way2Wealth Brokers Private Ltd.

Spot Gold Outlook Today

"Spot gold is expected to move in the band of $2620 and $2665 ahead of the key US jobs report. A better job report would check its upside. US ADP Non-farm payroll numbers are likely to show strong job growth last month, which could further lower the chance of rate cut in 2025. Meanwhile, trade worries and renewed tension in Asia could bring Safe haven demand and limit its downside. Further, focus will remain on Fed chair's speech to get more clarity on monetary policy. Spot gold is likely to move in the band of $2620 and $2665 with a tilt towards south. A formation of bearish engulfing pattern in the daily charts would restrict any major up move in price. MCX Gold February is expected to weaken towards 76,000 as long as it trades under 77,400. Below 76,000 it would weaken further towards 75,500," said ICICI Direct Research in a note.

Disclaimer

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