Gold Prices Rise On January 8: Today's 24K, 22K, 18K Gold Prices In Cities, What Are Key Triggers?

Gold prices in India surged on Wednesday, January 8, 2025, after being muted for two consecutive sessions. 24K gold prices are nearing Rs 79,000 per 10 grams, while 22K and 18K gold prices crossed over Rs 72,200 and Rs 59,100 levels. As per experts, strong central bank buying is supporting gold markets. Also, it needs to be noted that, gold prices picked up momentum despite the US treasury yield and dollar strengthening sharply. Here are the key triggers for yellow metal and rates in terms of city-wise on January 8.

Gold Prices In India:

24K gold prices surged by 110 to Rs 78,820 per 10 grams on January 8, while 22K and 18k gold prices stood at Rs 72,250 and Rs 59,120 per 10 grams which were up by Rs 100 and Rs 90. The cheapest price of gold in India is Rs 7,225 per gram for 22-karat gold, Rs 7,882 per gram for 24-karat gold (also called 999 gold), and Rs 5,912 per 1 gram for 18K.

Gold Prices In Chennai: The price of gold in Chennai is Rs 7,225 per gram for 22-karat gold and Rs 7,882 per gram for 24-karat gold (also called 999 gold). The cheapest 18k gold is at Rs 5,965 per 1 gram. 10 grams of 24K is at Rs 78,820.

Gold Prices In Delhi: The price of gold in Delhi is Rs 7,240 per gram for 22 karat gold, Rs 7,897 per gram for 24 karat gold (also called 999 gold), and Rs 5,924 per 1 gram for 18K. 10 grams is at Rs 78,970 in 24K.

Gold Prices In Mumbai: The price of gold in Mumbai is Rs 7,225 per gram for 22-karat gold, Rs 7,882 per gram for 24-karat gold (also called 999 gold), and Rs 5,912 per 1 gram in 18K. 10 grams of gold is priced at Rs 72,250 in 24K.

Gold prices in Mumbai are also the same as in cities like Pune, Hyderabad, Bangalore, Kerala, and Kolkata.

Gold Prices Ahmedabad: The price of gold in Ahmedabad is Rs 7,230 per gram for 22-karat gold, Rs 7,887 per gram for 24-karat gold (also called 999 gold), and Rs 5,916 per 1 gram in 18K. 10 grams of gold is available at Rs 78,870 in 24K.

MCX Gold, Silver Prices:

At the time of writing, MCX gold prices with February 2025 expiry was at Rs 77,610 per 10 grams, up by Rs 79 or 0.10%. The bullion traded near its intraday high of Rs 77,650 per 10 grams.

MCX silver prices with March 2025 expiry, surged by Rs 231 or 0.25% to trade at Rs 91,104 per 1kg, which was near its intraday high of Rs 91,195 per 1 kg.

Spot Gold Prices:

As per Trading Economics, spot gold prices were flat at around $2,640 per ounce on Wednesday, pressured by a strengthening US dollar and rising Treasury yields. This followed an increase in US job openings, highlighting resilience in the labour market. Additionally, the latest ISM services data showed an acceleration in activity and a rise in prices, fueling concerns about persistent inflation and reducing expectations for significant rate cuts by the Federal Reserve. This further weighed on gold, as lower interest rates typically benefit the non-yielding metal.

However, Trading Economics data highlighted that gold found some support on Tuesday amid uncertainty over the tariff policy ahead of Trump's inauguration, and the PBoC added gold to its reserves for the second consecutive month, according to official data. Traders are now awaiting further US jobs data, including the nonfarm payroll report, as well as the latest FOMC minutes for additional policy guidance.

Key Triggers For Gold Prices:

Rahul Kalantri, VP of Commodities, Mehta Equities said, gold and silver prices started strong but gave up some gains as the US dollar strengthened and Treasury yields rose. This followed an increase in US job openings, highlighting the resilience of the labour market. Furthermore, the most recent ISM services data showed an acceleration in activity and an increase in prices, raising concerns about persistent inflation and lowering expectations for significant rate cuts by the Federal Reserve. Meanwhile, gold gained some support amid uncertainty about tariff policy ahead of Trump's inauguration, and the PBoC added gold to its reserves for the second month in a row, according to official data.

Kalantri added, "Traders are now waiting for more US jobs data, including the nonfarm payroll report, as well as the most recent FOMC minutes, for additional policy guidance. Gold has support at $2632-2617 while resistance at $2662-2678. Silver has support at $29.80-29.60 while resistance is at $30.24-30.42. In INR gold has support at Rs 77,320-77,150, while resistance at Rs 77,770-77,920. Silver has support at Rs 90,210-89,570 while resistance at Rs 91,450-91,980."

Technical Triggers For Gold:

Dr. Renisha Chainani, Head of Research at Augmont said, Gold is trying to form a base around $2600-20 (~Rs 76000-500) support zone for up leg towards $2680 (~Rs 78000) and $2720 (~Rs 79000).

He added Silver has formed a base of around $29 (~Rs 87000), and buying could be initiated on every dip for the target of $31(~Rs 92500) and $32 (~Rs 95000).

Chainani believes strong central bank buying supports the gold market.

Explaining further, Chainani said, that in November 2024, the central bank increased its gold reserves by 53 tons, indicating continued strong purchases. The Reserve Bank of India resumed its 2024 purchasing spree, increasing 8 tons of its gold reserves in November. This brings YTD buying to 73 tonnes and total gold holdings to 876 tonnes, retaining its position as the second-highest buyer in 2024 after Poland. The People's Bank of China has also increased gold holdings by 5 tonnes, indicating rising demand as global economic worries linger.

"The US nonfarm payrolls report is due on Friday. Softness in US statistics this week could open the door for gains if investors grow more enthusiastic about the Fed's delivery of interest rate decreases by 2025," Chainani added.