Gold Rates In India Today, 11th Dec: 24K/100 Grams of Gold Price Rally Rs 8,700; 1 Kg Silver Falls Rs 1,000

India's gold prices rose sharply on December 11, as market watchers awaited Wednesday's US CPI report. The appetite for safe haven investments in gold has surged due to the growing geopolitical conflicts in the Middle East and between Russia and Ukraine, which has caused bullion to stay in the green zone. The Fed's anticipated rate cut in December will also serve as a catalyst for fluctuations in the price of gold in the days ahead.

Gold Rates In India Today

In India, the current price of gold is Rs 7,947 per gramme for 24-carat gold and Rs 7,285 per gramme for 22 carat gold. While 22k of 100 grammes of gold prices in India jumped to Rs 7,28,500 on Wednesday from Rs 7,20,500 on Tuesday, signifying a pricier rate by Rs 8,000, 22k of 10 grammes of gold prices today was at Rs 72,850, which was Rs 72,050 yesterday, showing a price jump of Rs 800.

In India, the price of 24k of 10 grams of gold went up to Rs 79,470 today from Rs 78,600 yesterday, or Rs 870 price jump. In contrast, the price of 24k of 100 grams of gold jumped to Rs 7,94,700 on Wednesday from Rs 7,86,000 on Tuesday, or Rs 8,700 more expensive.

In India, 18k of 10 grams of gold will cost Rs 59,610 today, up by Rs 660 from yesterday's price of Rs 58,950. Meanwhile, 18k of 100 grams of gold will cost Rs 5,96,100 on Wednesday, higher by Rs 6,600 from Tuesday's price of Rs 5,89,500.

Spot Gold Today

Ahead of the highly anticipated U.S. inflation data today, rising global tensions, and prospects of rate cut by the U.S. Federal Reserve next week helped gold prices soar a two-week high on Wednesday. According to Reuters, U.S. gold futures climbed 0.6% to $2,734.70, while spot gold was up 0.2% at $2,698.47 an ounce as of 0253 GMT, reaching its highest level since Nov. 25.

Palladium climbed 0.7% to $975.19, platinum jumped 0.5% to $947.55, while spot silver rose 0.1% to $31.93 per ounce.

Silver Rates In India Today

Silver rates attracted attention after China declared on Monday that it will implement "appropriately loose" monetary policy in 2025. Today, silver costs Rs 95.50 per gramme and Rs 95,500 per kilogramme in India. The price of 10 grams of silver in India was Rs 955 on Wednesday, down from Rs 965 yesterday, signifying a Rs 10 drop in price. In India, 100 grams of silver will cost Rs 9,550 today, down by Rs 100 from yesterday's price of Rs 9,650, while 1 kilogramme of silver will cost Rs 95,500 today, cheaper by Rs 1,000 from yesterday's price of Rs 96,500.

Gold Price Outlook Today

"In Syria, various rebel factions are beginning negotiations to form a government while foreign powers like Israel and Turkey take positions. The increasing uncertainty in an already volatile region supports demand for the safe-haven metal. The People's Bank of China increased its gold reserves in November after a six-month pause, while the country announced plans to ease its monetary policy. The increase in reserves in November equates to purchases of five tons of gold," said Dr. Renisha Chainani, Head Research - Augmont - Gold For All.

"Silver prices traded near $32 per ounce on Tuesday, staying close to one-month highs as Chinese policymakers unveiled plans for additional economic stimulus, improving the demand outlook in the world's top metals consumer. Gold is under a renewed bullish momentum, favoured by a weak market sentiment. Gold has broken its consolidation trading range by breaking the barrier of $2720 (~Rs 78000). The next target is $2760 (~Rs 79500). Silver prices have given a breakout from its one-month range of Rs 87000 to Rs 94000. Prices need to sustain above Rs 94000 to continue its rally towards Rs 96500," commented Dr. Renisha Chainani.

Gold Rates In Top Indian Cities Today

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.