Gold Rates Rise In India Today, 1 Kg Silver Hit Rs 2.11 Lakh; What’s Driving Today’s Precious Metals Trade?

Gold prices surged in India on Thursday, December 18, and are very close to their all-time record high owing to the demand for safe-haven gold being driven by both global cues and the demand for monetary easing. In contrast, silver prices in India touched Rs 2.11 lakh per kilogram on Thursday, following a record high of $65 per ounce on the global market. The focus is squarely on the impending US inflation statistics and the escalating geopolitical tensions in Venezuela, which might influence bullion prices throughout the day.

Gold Prices In India Today

Today, the price of gold in India jumped to Rs 10,113 per gram for 18 carat gold, Rs 12,360 per gram for 22 carat gold, and Rs 13,484 per gram for 24 carat gold. Gold prices in India went up by Rs 330 to Rs 1,34,840 for 24k of 10 grams today from Rs 1,34,510 yesterday. As a result, the price of 24k of 100 grams of gold in India on Thursday shot up by Rs 3,300 to Rs 13,48,400 from Rs 13,45,100 on Wednesday.

The price of 22k of 10 grams of gold in India reached Rs 1,23,600 today, up from Rs 1,23,300 yesterday. This is a rise of Rs 300. As a result, the price of 22k of 100 grams of gold grew by Rs 3,000 to Rs 12,36,000 on Thursday, up from Rs 12,33,000 yesterday.

Gold prices in India today for 18k of 10 grams reached Rs 1,01,130, which was Rs 1,00,880 yesterday, representing a price jump of Rs 250, hence 18k of 100 grams of gold has surged to Rs 10,11,300 in India on Thursday which was Rs 10,08,800 on Wednesday, representing a price surge of Rs 2,500.

Silver rates jumped to Rs 211 per gram and Rs 2,11,000 per kilogram in India today, compared to Rs 208 and Rs 2,08,000 yesterday.

Gold & Silver Rates Fundamental Outlook Today

"Gold and silver prices are trading mix today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day; as gold prices are steady near a record high, as investors tracked mounting tensions in Venezuela and waited for US inflation data," commented the research analysts of Nirmal Bang Securities.

Spot Gold Outlook Today

"Spot Gold is likely to hold support at $4300 per ounce and move higher towards $4370 per ounce on growing optimism over accommodative US monetary policy, persistent geopolitical risks and strong ETF inflows. Further, appointment of a dovish US Federal Reserve chair would also fuel the prospects of loose monetary policy from the Fed and support the bullions to make new highs," commented the research analysts of ICICI Securities.

"Prices would also get support ahead of 25 bps rate cut by the BOE, whereas ECB is likely to keep rates on hold. On the other hand, any optimism over peace deal between Russia and Ukraine could restrict its upside," they further added.

MCX Gold Prediction Today

"MCX Gold Feb is expected to hold the floor near ₹133,000 level and rise towards ₹135,500 level. Only move below ₹133,000, it would slip towards ₹131,500," recommended the research analysts of ICICI Securities.

MCX Silver Prediction Today

"MCX Silver March hold strong support at ₹202,000 level and move higher towards ₹210,500. Above ₹210,500 it would rise toward ₹212,500," stated the research analysts of ICICI Securities.

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