Gold Rates In India Today, Dec-9: 24K/100 Grams of Gold Price Jumps Rs 1,600; Silver Flat

Gold prices in India saw an astonishing rise today, Monday, December 9, amid the political turmoil in South Korea, the Syrian Civil War, and clashes between Russia and Ukraine. Gold prices are anticipated to receive more support in the face of global concerns as the Fed takes a cautious approach to rate cuts amid robust economic data.

Gold Rates In India Today

Gold currently costs Rs 7,130 per gramme in India for 22 carat gold and Rs 7,778 per gramme for 24 carat gold. In India, the price of 22k of 10 grams of gold was Rs 71,300 on Monday, up Rs 150 from Rs 71,150 yesterday. Meanwhile, the price of 22k of 100 grams of gold was Rs 7,13,000 today, up by Rs 1,500 from Rs 7,11,500 yesterday.

In India, the price of 24k of 10 grams of gold climbed to Rs 77,780 on Monday from Rs 77,620 yesterday, signifying a 160 rupee price hike. Meanwhile, the price of 24k of 100 grams of gold surged to Rs 7,77,800 today from Rs 7,76,200 yesterday, signifying a 1,600 rupee price gain.

However, the price of 18k of 10 grammes of gold in India jumped by Rs 120 from Rs 58,220 yesterday to Rs 58,340 today, while the price of 18k of 100 grammes of gold in India on Monday was Rs 5,83,400, rising by Rs 1,200 from Rs 5,82,200 yesterday.

Spot Gold Today

Monday saw a rise in gold prices as investors anticipated this week's U.S. inflation report. The spot price of gold was higher 0.5% at $2,644.91 an ounce at 0238 GMT. U.S. gold futures climbed 0.3% to $2,666.80 last week, while gold declined about 1%, according to Reuters. Platinum went up by 0.5% to $934.75, palladium by 0.7% to $963.00, while spot silver climbed by 0.4% to $31.08 an ounce.

Silver Rates In India Today

Higher treasury yields and declining demand for safe havens caused silver prices in India to remain steady on December 9th, despite hawkish remarks made by a Fed member on rate cuts. In India, silver currently costs Rs 92,000 per kilogramme and Rs 92 per gramme. While the price of one kilogramme of silver in India remained constant at Rs 92,000 on Monday compared to yesterday, the price of ten grams of silver would cost Rs 920, and the price of one hundred grams of silver was level at Rs 9,200 today.

Gold Price Outlook Today

"After a six-month break, the People's Bank of China started purchasing gold for its reserves again in November. China is a significant consumer of gold, thus this could raise the price of precious metals. The expectation of lower interest rates, ongoing elevated geopolitical risk, and uncertainty around the implementation of protectionism policies under the Trump administration, are the main reasons why demand will get supported and find a floor of for gold prices around $2500 (~Rs 73000) in the coming months. For December month, support is $2600 (~Rs 74500) and resistance is $2720 (~Rs 77500). Prices are expected to consolidate in this range in this month and won't fall below this level," said Dr. Renisha Chainani, Head Research - Augmont - Gold For All.

MCX Gold Outlook Today

"On the domestic front, MCX Gold continued its consolidative phase for the sixth straight session, forming a doji candlestick pattern on the daily chart, indicating indecisive behavior among the market participants. If the commodity manages to break above the previous day's high of 76850 level, then it could lead towards 77100/77500 levels. On the downside, key support for MCX Gold is placed at 76400/76000 levels. Traders are advised to use strict stop losses, as volatility may remain high due to ongoing geopolitical issues," said the technical research analysts of Way2Wealth Brokers Private Limited.

Gold Rates Today In Top Indian Cities

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.