Gold Prices In Big Cities Flat On Dec-7: What Is Impacting 24K, 22K, 18K Prices On Saturday? Outlook Ahead

Gold prices in India stayed steady on Saturday, December 7, 2024, with 24K gold of 10 grams holding above Rs 77,600 mark. Gold prices will be in focus next week, as investors would await key economic data like CPI inflation in India and USA, coupled with PPI data. US inflation and PPI are expected to give further clarity on the Federal Reserve's stance and rate cut potential in the upcoming policy.

Gold Prices In India:

24K gold price in 10 grams is available at Rs 77,620, while 22K and 18K gold prices in 10 grams are available at Rs 71,150 and Rs 58,220. The cheapest price of gold in India is currently Rs 7,115 per gram for 22-karat gold and Rs 7,762 per gram for 24-karat gold (also called 999 gold).

Gold Prices In India This Week:

Gold prices witnessed a volatile week. Before being muted on Saturday, December 7, the 24K gold price in 10 grams was down by Rs 270 on December 6th, up by Rs 110 on December 5th, and again flat on December 4th. The same gold price surged by Rs 430 on December 3rd and plunged by Rs 650 on December 2nd. The price was flat on December 1st.

The highest 24K gold price was on December 5th at Rs 77,890. That being said, gold prices have dipped marginally in an overall week.

Gold Prices In Major Cities:

Gold Prices In India: The price of gold in Chennai is currently at Rs 7,115 per gram for 22-karat gold and Rs 7,762 for 24-karat gold (also called 999 gold).

Gold Prices In Mumbai: The cheapest price of gold in Mumbai is Rs 7,115 per gram for 22-karat gold and Rs 7,762 for 24-karat gold (also called 999 gold).

These gold prices were similar in cities like Kolkata, Bangalore, Hyderabad, Kerala and Pune.

Gold Prices In Delhi: The price of gold in Delhi is Rs 7,130 per gram for 22-karat gold and Rs 7,777 per gram for 24-karat gold (also called 999 gold).

Gold Prices In Ahmedabad: The price of gold in Ahmedabad is Rs 7,120 per gram for 22-karat gold and Rs 7,767 per gram for 24-karat gold (also called 999 gold).

Silver Prices In India:

The price of silver in India is cheapest at Rs 92 per gram and most expensive at Rs 92,000 per kilogram. In cities like Chennai, Hyderabad, and Kerala, the gold price is at Rs 1,00,000 levels.

MCX Gold, Silver Prices:

MCX gold with February 2025 expiry ended at Rs 76,655 per 10 grams, marginally up on December 6th. Further, MCX silver with a March 2025 expiry stood at Rs 92,453 per 1kg, also marginally up.

On this performance, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold traded with minor gains, closing at ₹76,650 on MCX, as markets await key Non-Farm Payroll and unemployment data later on Friday. These metrics are crucial for shaping the Fed's policy outlook.

Spot Gold Prices:

As per Trading Economics data, gold prices stabilized around $2,625 on Friday after recent data suggested the Fed has room for the rate cuts. Although the US economy added 237,000 jobs in November, surpassing the upwardly revised 236,000 in October and market expectations of 200,000, the jobless rate inched higher to 4.2%.

Gold Prices Outlook Ahead:

The Trading Economics data said that traders believe that this might not be sufficient to deter the Fed from cutting interest rates this month. Currently, markets are pricing in an 87% chance of a 25 basis point rate reduction this month, up from 71% yesterday and 66.5% a week ago. On the other hand, the World Gold Council reported a decline in physical demand from China, a leading gold consumer. Additionally, global physically backed gold exchange-traded funds (ETFs) experienced outflows in November following six consecutive months of inflows.

India and US will release its consumer price index (CPI) inflation data next week. Also, in India, the IIP data will also be released. These big data are crucial for interest rates trajectory ahead, and hence would play a role in driving sentiment in gold.

Trivedi said, "While gold maintains a positive trajectory, resistance is evident near Rs 77,000-Rs 77,500. Strong support at Rs 75,500-Rs 76,000 presents a potential buying opportunity for long positions."