Gold Rates In India Today: 22K/10 Gm Falls Below Rs 1.20 Lakh, MCX Gold Eyes Explosive Rally; Gold Outlook?

As dovish Fed signals strengthened prospects of a 25 basis point rate cut next week, gold rates in India saw a sharp decline on Thursday, December 4. The price of gold in India today dropped to Rs 13,036 per gram for 24 karat gold, Rs 11,950 per gram for 22 karat gold and Rs 9,778 per gram for 18 karat gold. On the international market, spot gold climbed above $4,210 per ounce, hovering at a six-week high spurred by an array of events like a weaker U.S. dollar, falling U.S. Treasury yields, and increasing prospects of Federal Reserve interest rate cut.

Gold Prices In India Today

In India, the price of 24k of 10 grams of gold fell to Rs 1,30,360 today from Rs 1,30,580 yesterday, a drop of Rs 220. As a result, the price of 24k of 100 grams of gold plunged by Rs 2,200 overnight to Rs 13,03,600 on Thursday.

Gold prices in India today for 22k of 10 grams have declined to Rs 1,19,500 which was Rs 1,19,700 on Wednesday reflecting a price drop of Rs 200. Whereas 22k of 100 grams of gold has dropped by Rs 2,000 in India today to Rs 11,95,000 which was Rs 11,97,000 on Wednesday.

Gold prices in India today for 18k of 10 grams reached Rs 97,780 on Thursday which was Rs 97,940 on Wednesday, reflecting a price reduction of Rs 160. As a consequence 18k of 100 grams has become cheaper by Rs 1,600 to cost at Rs 9,77,800 in India on Thursday.

The price of silver in India today is steady at Rs 191 per gram and Rs 1,91,000 per kilogram.

MCX Gold Outlook Today

"On the technical front, MCX Gold continued its positive momentum in yesterday's session and now trades near its all-time high resistance zone. Any breakout above these resistance levels is likely to invite more buying, with the overall trend remaining upward and momentum positive. Immediate support is placed at 130,109, while resistance is seen at 131,400-132,294; a meaningful breakout above 132,294 could open the gates toward 138,000-141,000. Traders are advised to adopt a buy-on-dips strategy with a strict stoploss," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Feb is expected to rise towards Rs 131,500 level as long as it stays above Rs 129,500 level," commented the technical research analysts of ICICI Direct.

Spot Gold Outlook Today

"Spot Gold is likely to hold its gains and trade with the positive bias towards $4250 level on weak dollar and softening of US treasury yields. Further, prices may rally amid growing probability of December rate cut. As per CME Fed-Watch tool traders are now pricing almost 89% chance of a rate cut in December, up from 84% a week ago," recommended the technical research analysts of ICICI Direct.

"Moreover, prices may get support on safe haven buying and strong central bank demand. Additionally, concern over Fed independence resurfaced after White House National Economic Council Director Kevin Hassett emerged as the frontrunner to serve as the next Fed chair. Furthermore, weakness in the labor market would also provide support to prices," they further added.

MCX Silver Prediction Today

"MCX Silver March is expected to rise towards Rs 185,000 level as long as it stays above Rs 178,400 level. A move above Rs 185,000, would open the doors towards Rs 186,800," said the technical research analysts of ICICI Direct.

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