Gold Prices Today: Gold gains after Friday's loss; prices near Rs 76,550/ 10 gm

Gold prices in India have seen a slight dip today, December 30, 2024, compared to last week’s levels. The price of 24-carat gold per gram stands at Rs 7,800.3, reflecting a minor decrease of Rs 10. Similarly, the cost of 22-carat gold is at Rs 7,151.3 per gram, also showing a dip of Rs 10.

Over the past week, gold prices have fluctuated by -0.73 per cent, while the change over the last month is nearly flat at -0.01 per cent for 24-carat gold.

Gold Prices in Key Indian Cities

• Delhi: 24-carat gold is priced at Rs 78,003.3 per 10 grams, and 22-carat gold costs Rs 71,650 per 10 grams.

• Mumbai: 24-carat gold is priced at Rs 78,000 per 10 grams, while 22-carat gold stands at Rs 71,500 per 10 grams.

• Chennai: Both 24-carat and 22-carat gold are priced at Rs 78,000 and Rs 71,500 per 10 grams, respectively.

• Kolkata: 24-carat gold is Rs 78,000 per 10 grams, and 22-carat gold costs Rs 71,500.

• Jaipur: 24-carat gold is priced at Rs 77,996 per 10 grams.

• Lucknow: 24-carat gold is priced at Rs 78,019 per 10 grams.

• Chandigarh: 24-carat gold is at Rs 78,012 per 10 grams.

Key factors impacting gold prices

Several factors contribute to the fluctuations in gold prices in India, including:

• International gold rates and currency exchange rates, especially the value of the Indian Rupee against the US Dollar

• Demand and supply dynamics, interest rates, and Government policies

• Global economic conditions, geopolitical tensions, and significant events in major economies can also have a substantial effect on the price of gold.

Outlook: Limited upside due to Fed’s hawkish stance

Gold prices are expected to face limited upward movement due to expectations of fewer Federal Reserve rate cuts in 2025. While geopolitical risks and market uncertainties may boost demand for gold as a safe-haven asset, a stable global economy and interest rate outlook could restrict significant price increases in the near term.

Geopolitical Tensions Support Gold Prices

Rahul Kalantri, VP of Commodities at Mehta Equities Ltd., noted:
“Gold and silver showed very high price volatility last week and extended gains for the first four days of the week, but on Friday were unable to hold their gains amid the steady dollar index and U.S. 10-year bond yields. The dollar index is trading near 2-year highs and the U.S. 10-year bond yields are also trading above 4.60 per cent levels and restricting gains of precious metals."

Despite these challenges, geopolitical tensions and hopes of Chinese stimulus support gold and silver prices at lower levels, providing a floor for the yellow metal’s pricing.