Gold Rate In India Today, 24th Dec: 22 & 24K/100 Grams Of Gold Prices Falls Rs 1,000; Silver Stable

On Tuesday, December 24, gold prices fell in the domestic market after lower-than-expected US consumer confidence statistics. As the dollar cooled from its two-year highs following a lower-than-expected spike in US key inflation in November, spot gold prices saw a dramatic recovery from $2580. Additionally, the bullion would remain volatile because of the hawkish Fed cut last week and the growing likelihood of lower rate cuts in the upcoming year.

Gold Rate In India Today

In India, the current price of gold is Rs 7,735 per gramme for 24 carat gold and Rs 7,090 per gramme for 22 carat gold. In India, the price of 10 grams of 22k gold dropped by Rs 100 on Tuesday, from Rs 71,000 on Monday to Rs 70,900 on Tuesday. In a similar vein, the price of 100 grams of 22k gold dropped by Rs 1,000 to Rs 7,09,000 today from Rs 7,10,000 yesterday.

On Tuesday, 24k of 10 grams of gold will cost Rs 77,350, down by Rs 100 from Monday's price of Rs 77,450. On the other hand, 24k of 100 grams of gold will cost Rs 7,73,500 today, down by Rs 1,000 from yesterday's price of Rs 7,74,500.

In India, the price of 18k of 10 grammes of gold dropped by Rs 80 to Rs 58,010 today from Rs 58,090 yesterday, while the price of 18k of 100 grammes of gold dropped by Rs 800 to Rs 5,80,100 on Tuesday from Rs 5,80,900 on Monday.

Spot Gold Today

U.S. gold futures were steady at $2,629.80 on Tuesday, while spot gold climbed 0.1% to $2,616.13 an ounce as of 0307 GMT. Palladium rose 0.5% to $934.51 per ounce, while spot silver gained 0.1% to $29.68. Platinum dropped to $938.00, down 0.1%.

Silver Rates Today In India

At Rs 91.40 per gramme and Rs 91,400 per kilogramme, the price of silver remained steady globally today. The price of 10 grams of silver was Rs 914, the price of 100 grams of silver was steady at Rs 9,140 on Tuesday, and the price of 1 kilogramme of silver was Rs 91,400 today.

MCX Gold Outlook Today

"Gold is trading sideways near $2,625 on Comex, while MCX prices remain flat around ₹76,430. With the holiday season beginning, global market participation is expected to decline, likely leading to range-bound and sideways movement in gold prices. In the near term, gold is expected to trade within the range of ₹75,800 to ₹76,900 in MCX," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"Gold and silver prices are trading slightly higher today on the international bourses. We expect gold and silver prices to trade range-bound to slightly higher for the day; as traders weighed the prospect for a slower pace of interest-rate cuts by the Federal Reserve next year," said the research analysts of Nirmal Bang Securities Pvt. Ltd.

Spot Gold Forecast

"Spot gold is expected to face the hurdle near $2635 and move lower towards $2580 amid strong dollar. A decline in gold speculative net position last week indicated liquidation in the precious metal. Further, easing fears of US Govt. shutdown would also weigh on the metal prices to trade lower. Further, a hawkish Fed cut last week and increasing probability of lower rates cuts in the coming year would restrict its upside. Spot gold is hovering below the short-term moving averages, which could act as key resistance near 200-day EMA at $2635. Bearish cross over of 20 over 50 DEMA indicates correction in price. MCX Gold February is expected to face the hurdle near 76,800 move lower towards 75,500," said the research analysts of ICICI Direct Research.

Gold Rates Today In Top Indian Cities

Disclaimer

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