Today’s Gold Rate In India Get Cheaper: 24K/100 Gm Falls Rs 15,200; MCX Gold & Spot Gold Outlook Here

On Tuesday, December 16, gold prices in India saw a significant drop, providing some comfort to Indian customers with lower prices for all purities. Today, the price of gold in India fell to Rs 10,039 per gram for 18 carat gold, Rs 12,270 per gram for 22 carat gold, and Rs 13,386 per gram for 24 carat gold. While MCX Gold continues to maintain upward momentum, spot gold prices climbed over $4300 per ounce as most investors awaited key US job data for November.

Gold Rates In India Today

Gold rates in India today for 24k of 100 grams reached Rs 1,33,860 compared to Rs 1,35,380 yesterday, representing a price drop of Rs 1,520, which means that 24k of 100 grams has got cheaper by Rs 15,200 to price at Rs 13,38,600, which was Rs 13,53,800 on Monday.

The price of 22k of 10 grams of gold in India dropped by Rs 1,400 from Rs 1,24,100 to Rs 1,22,700 on Tuesday. This implies that the price of 22k of 100 grams of gold in India today was Rs 12,27,000, down from Rs 12,41,000 on Monday, representing a huge price drop of Rs 14,000.

The price of 18k of 10 grams of gold in India dropped by Rs 1,150 to Rs 1,00,390 today from Rs 1,01,540 yesterday. This indicates that the price of 18k of 100 grams of gold has gone down by Rs 11,500 to Rs 10,03,900 from Rs 10,15,400 on Monday.

In India, silver is currently priced at Rs 199.10 per gram and Rs 1,99,100 per kilogram, compared to Rs 203 and Rs 2,03,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to maintain upward momentum. It is trading within a bullish higher-high and higher-low setup, indicating a strong uptrend. However, in Monday's session, it formed a Doji candlestick, signaling supply at higher levels and some exhaustion among bulls. Prices may consolidate around current levels in the upcoming trading sessions. Immediate support is placed at 132,300, while resistance is seen in the 135,450-140,000 zone. Traders can consider buying MCX Gold for targets of 135,450-140,000. Any sustained weakness below 132,200 would warrant a review of the current view," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

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

Spot Gold Prediction Today

"Spot Gold is likely to hold support at $4270 per ounce and move higher towards $4370 per ounce on weak dollar and fall in US treasury yields. Prices would get support on expectation of weaker set of US November jobs report. Forecast of rising unemployment rate and sluggish growth in the labor market would force the US Fed to lower the rates again in the coming year," commented the research analysts of ICICI Securities.

"In addition to that, strong central bank buying and investment inflows would also fuel its bullish momentum. On the other hand, growing optimism over peace deal between Russia and Ukraine would restrict its upside," they further added.

MCX Silver Outlook Today

"MCX Silver March may hold strong support near Rs 192,500 level and move higher towards Rs 199,500. Only move below Rs 192,500 it would turn weaker towards Rs 189,000," stated the research analysts of ICICI Securities.

Gold & Silver Price 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; after gold prices are steady after five days of gains, with investors focused on a raft of US data this week that should offer clues to the Federal Reserve's appetite for further interest-rate cuts," commented the research analysts of Nirmal Bang Securities.

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