Gold Rate Today In India, 8th Jan: 24K/100 Grams of Gold Price Rally Rs 1,100; Silver Flat

On Wednesday, January 8, domestic gold rates saw a significant upswing despite higher yields and a stronger dollar following U.S. data that showed more clues on the Fed's policy path. For more clues about the Fed's policy direction, market players are now anticipating Friday's U.S. jobs report. In the upcoming sessions, gold may see aggressive lower-level buying due to ongoing geopolitical concerns and the upcoming release of ADP employment statistics.

Gold Rates In India Today

In India, the current price of gold is Rs 7,882 per gramme for 24 carat gold and Rs 7,225 per gramme for 22 carat gold. While 22k of 100 grammes of gold prices in India on Wednesday reached Rs 7,22,500 compared to Rs 7,21,500 on Tuesday, reflecting a price rise of Rs 1,000, 22k of 10 grammes of gold will cost Rs 72,250 today compared to Rs 72,150 yesterday, marking a price gain of Rs 100. In India, 24k of 10 grams of gold will now cost Rs 78,820, up Rs 110 from yesterday's price of Rs 78,710.

In India, the price of 24k of 100 grams of gold increased by Rs 1,100 on Wednesday to Rs 7,88,200 from Rs 7,87,100 on Tuesday. While 18k of 100 grammes of gold prices in India on Wednesday reached Rs 5,91,200 compared to Rs 5,90,300 on Tuesday, marking a price rise of Rs 900, 18k of 10 grammes of gold will cost Rs 59,120 today compared to Rs 59,030 yesterday, showing a price gain of Rs 90.

Spot Gold Today

Wednesday saw a slight decline in gold prices due to pressure from rising U.S. Treasury yields and a stronger dollar. According to Reuters statistics, as of 0308 GMT, U.S. gold futures dropped 0.1% to $2,662.30, while spot gold dipped 0.1% to $2,648.16 an ounce. Palladium fell 0.2% to $923.87, platinum fell 0.5% to $946.11, while spot silver climbed 0.3% to $30.11 an ounce.

Silver Rates In India Today

On Wednesday, January 8, silver prices in India remained steady. Today, silver costs Rs 92,500 per kilogramme and Rs 92.50 per gramme in India. While the price of 100 grams of silver remained stable at Rs 9,250 on Wednesday, 10 grams of silver will cost Rs 925 in India today.

MCX Gold Outlook Today

"On the domestic front, MCX Gold closed above the crucial 77500 level and formed a bullish candle on the daily chart.. The commodity witnessed active lower level buying and precisely retested the 50-day EMA on the daily chart, suggesting a positive bias. On the upside, MCX Gold may witness resistance at 77850/78200 levels with a break above 78200 likely opening the door for further gains towards 78700/79000 levels. In contrast, support for the commodity is observed at 77100/76880 levels. Traders are advised to use strict stop-losses, as volatility may remain elevated due to ongoing geopolitical tensions," said the technical research analysts of Way2Wealth Brokers Pvt. Ltd.

Gold & Silver Price Prediction Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day, as traders balanced dwindling prospects for aggressive US rate cuts in 2025 against growing haven demand amid fears Donald Trump's return to the White House could trigger a global trade war," commented the research analysts of Nirmal Bang Securities Pvt. Ltd.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.