Gold Rates Jump In India Today: Spot Gold Targets $4,250; Why MCX Gold Could Rocket Toward Rs 1.36 Lakh?

Expectations that the Federal Reserve (Fed) may soon lower interest rates caused gold prices in India to soar on Monday, December 8. Today, 24 carat gold costs Rs 13,042 per gram, 22 carat gold costs Rs 11,955 per gram, and 18 carat gold costs Rs 9,782 per gram in India. Spot gold was trading at about $4,210 per ounce on the global market as predictions of an impending Fed rate cut were reinforced by mixed US data, including weaker jobs statistics, higher sentiment, and softer PCE inflation.

Gold Rates In India Today

Gold rates in India today for 24k of 10 grams reached Rs 1,30,420 compared to Rs 1,30,150 yesterday representing a price jump of Rs 270, hence 24k of 100 grams of gold has become costlier today by Rs 2,700 to reach Rs 13,04,200.

The price of 22k of 10 grams of gold in India reached Rs 1,19,550 today compared to Rs 1,19,300 yesterday, indicating an uptick of Rs 250. As a result, the price of 22k of 100 grams of gold in India climbed by Rs 2,500 on Monday, reaching Rs 11,95,500.

The price of 18k of 10 grams of gold in India increased by Rs 210 to Rs 97,820 today from Rs 97,610 yesterday. As a result, the price of 18k of 100 grams of gold has gone up by Rs 2,100 to Rs 9,78,200 from Rs 9,76,100 yesterday.

In India, the price of silver fell from Rs 190 and Rs 1,90,000 yesterday to Rs 189 per gram and Rs 1,89,000 per kilogram today.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to encounter supply near its all-time high resistance. Both the daily and weekly trends remain firmly bullish, and the RSI indicates strong momentum. We expect MCX Gold to break above the all-time high levels and move higher once the supply is absorbed. Immediate support is placed at 129800-129300, while resistance is placed at 131500-132300. Traders can buy MCX Gold near 129800 for targets of 131500-132300-136000. Any sustained weakness below 128000 will warrant a review of the current view," 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 research analysts of ICICI Direct Research.

Spot Gold Outlook Today

"Spot Gold is likely to hold its gain and trade with the positive bias towards $4250 level on weak dollar and strong investment demand. Further, prices may rally amid growing probability of December rate cut. As per CME Fed-Watch tool traders are now pricing almost 86% chance of a rate cut in December and two more rate cuts in the coming year," commented the research analysts of ICICI Direct Research.

"Additionally, concern over Fed independence resurfaced after White House National Economic Council Director Kevin Hassett emerged as the front-runner to serve as the next Fed chair. Furthermore, prices would get support on addition of fresh net longs in the latest CFTC report to 204.7k from 176.6k," 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 179,000 level. A move above Rs 185,000, would open the doors towards Rs 186,800," recommended the research analysts of ICICI Direct Research.

Gold & Silver Rates Fundamental Outlook Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day; as silver prices wavered, after climbing more than 2% in the previous session, as inflows to exchange-traded funds backed by the metal had their strongest week since July," commented the research analysts of Nirmal Bang Securities.

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