Gold Rates In India Today, Dec-13: 24K/100 Grams of Gold Price Falls Rs 6,000; 1 Kg Silver Drops Rs 3,000

Gold prices in India fell precipitously today, Friday, December 13 after the CPI inflation for November 2024 came in at 5.48%, below the market's anticipation of 5.50%. Gold prices will likely continue to fluctuate after the release of US inflation statistics because of continuous geopolitical concerns and the possibility of further Fed interest rate cuts.

Gold Price In India Today

Today, 22 carat gold costs Rs 7,230 per gramme in India, whereas 24 carat gold costs Rs 7,887 per gramme. The price of 22k of 10 grammes of gold in India dropped by Rs 550 to Rs 72,300 today from Rs 72,850 yesterday, while the price of 22k of 100 grammes of gold in India dropped by Rs 5,500 to Rs 7,23,000 on Friday from Rs 7,28,500 on Thursday.

In India, 24k of 10 grams of gold will cost Rs 78,870 today, down Rs by 600 from yesterday's price of Rs 79,470. Meanwhile, the price of 24k of 100 grams of gold fell to Rs 7,88,700 on Friday from Rs 7,94,700 on Thursday, dropping Rs 6,000.

On the other hand, 18k of 10 grams of gold rates in India reached Rs 59,160 cheaper by Rs 450 from Rs 59,610 yesterday while 18k of 100 grams of gold will cost Rs 5,91,600 on Friday down by Rs 4,500 from Rs 5,96,100 on Thursday.

Spot Gold Today

Friday saw a slight spike in gold prices due to rising anticipation of a rate cut by the Federal Reserve during its meeting on December 17-18. As of 0320 GMT, spot gold was up 0.3% at $2,688.29 per ounce, while U.S. gold futures were stable at $2,711.30, according to Reuters. The price of spot silver remained constant at $30.94 an ounce. Palladium dropped 0.1% to $969.09, while platinum climbed 0.4% to $933.65.

Silver Rates In India Today

India's silver prices fell on Friday as a result of higher interest rates and prevailing market sentiment. Today, silver costs Rs 93.50 per gramme and Rs 93,500 per kilogramme in India. One kilogramme of silver will cost Rs 93,500 on Friday, which is Rs 3,000 less than Rs 96,500 yesterday. Ten grams of silver fell to Rs 935 in India today, which was Rs 965 yesterday, representing a price drop of Rs 30. One hundred grams of silver will cost Rs 9,350 on Friday, compared to Rs 9,650 on Thursday, representing a price drop of Rs 300.

MCX Gold Outlook Today

"From a technical perspective, MCX Gold reversed its four-day bullish streak and closed below the key level of 78000, forming a bearish candle on the daily chart. The domestic commodity is about to approach its crucial support zone of 77100-77550, which serves as a base, with a failure to hold above these levels likely to drag it further towards 76800/76300 levels in the near term. On the upside, resistance for MCX Gold is observed at 78250/78700 levels. Traders are advised to maintain strict stop losses, as heightened volatility is expected due to ongoing geopolitical concerns," said the technical research analysts of Way2Wealth Brokers Private Ltd.

Gold Prices Outlook Today

'Following the announcement of US inflation data yesterday, gold prices continued their upward trajectory. While the core CPI remained steady from October, which was predicted by the consensus to be 3.3%, the CPI increased from 2.6% to 2.7% in the twelve months leading up to November. The US CPI data supports the market's forecast of a rate drop next week, with swaps pricing a 92% chance of one. This reinforces the continuous disinflation," commented Dr. Renisha Chainani, Head Research - Augmont - Gold For All.

"Investor attention will now turn to the release of the PPI and Initial Jobless Claims figures for the week ending December 7, given the CPI readings are now in the past. Weak market sentiment is favouring a renewed upward impetus in gold prices. As suggested, gold prices are likely to touch $2760, and that target is achieved. As prices continue their uptrend, the next level to watch for is the previous high of $2800 (Rs 80000). Silver prices have given a breakout from its one-month range of Rs 87000 to Rs 94000. Prices are likely to rally towards Rs 97000 next," said 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.