Gold Rates In India Today, 28-Dec: 24K/100 Grams of Gold Price Falls Rs 1,600; 1 Kg Silver Up Rs 100

Following a flat US dollar and mixed US weekly job statistics, gold prices in India saw an enormous rise on Saturday in the local market. In the midst of the Indian rupee's volatility and the ten-year US rate's recent cycle high, the yellow metal is under downward pressure. Therefore, in the midst of muted US data and central bank purchases of gold, the volatile Indian rupee and US rates are likely to have a significant influence on gold prices. The price trend is anticipated to see volatility in the upcoming sessions.

Gold Rates In India Today

In India, the current price of gold is Rs 7,784 per gramme for 24 carat gold and Rs 7,135 per gramme for 22 carat gold. In India, the price of 22k of 10 grams of gold dropped by Rs 150 to Rs 71,350 on Saturday from Rs 71,500 on Friday. Meanwhile, the price of 22k of 100 grams of gold dropped by Rs 1,500 to Rs 7,13,500 today from Rs 7,15,000 yesterday.

While the price of 24k of 100 grammes of gold dropped by Rs 1,600 to Rs 7,78,400 today from Rs 7,80,000 yesterday, the price of 24k of 10 grammes of gold would cost Rs 77,840 on Saturday compared to Rs 78,000 on Friday, reflecting a price decrease of Rs 160. In India, the price of 10 grams of gold will be Rs 58,380 today, down Rs 120 from yesterday's price of Rs 58,500. Meanwhile, the price of 100 grams of gold on Saturday was Rs 5,83,800, down Rs 1,200 from Friday's price of Rs 5,85,000.

Silver Rates In India Today

Today, silver costs Rs 92.60 per gramme and Rs 92,600 per kilogramme in India. A kilogramme of silver will cost Rs 92,600 in India today compared to Rs 92,500 yesterday, which represents a 100 rupee price decline; 10 grammes of silver will cost Rs 926 today compared to Rs 925 yesterday; and 100 grammes of silver will cost Rs 9,260 on Saturday compared to Rs 9,250 on Friday.

Gold Price Outlook Today

"The US yields are quite volatile. Yesterday, ten-year US yields after rising to a fresh cycle high of 4.64% fell to close 0.13% lower at 4.58%. Presently, yields are up once again, which is creating a downside pressure on the metal. At the same time, the Indian Rupee is also quite volatile as today it suffered the steepest single day fall since February 2023. However, it has recovered sharply, which might be due to the RBI's intervention. Volatile Indian Rupee and the US yields are likely to have a major impact on gold prices in INR terms. Still, overall, gold is expected to trade with a positive bias into the year-end on positive ETF flows, subdued US data and central bank buying. Nonetheless, considering the volatile US yields, tight stop-loss is must. Support is at $2614/$2600. Resistance is at $2650/$2670," said Praveen Singh - Associate VP, Fundamental Currencies and Commodities, Mirae Asset Sharekhan.

Gold Rates In Top Indian Cities Today

Disclaimer

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