Strong central bank buying, ongoing ETF inflows, and growing geopolitical concerns all contributed to an enormous spike in gold prices in India on Monday, December 22. Today, the price of gold in India jumped to Rs 10,146 per gram for 18 carat gold, Rs 12,400 per gram for 22 carat gold, and Rs 13,528 per gram for 24 carat gold. On the international front, spot gold shot up to a record above $4,380/oz on Monday in response to growing geopolitical tension in Venezuela and forecasts of further Fed rate cuts.
Gold & Silver Rates In India Today
Gold rates in India today for 24k of 10 grams reached Rs 1,35,280 compared to Rs 1,34,180 yesterday, representing a price jump of Rs 1,100. 24k of 100 grams of gold has witnessed a sharp jump of Rs 11,000 to reach Rs 13,52,800, which was Rs 13,41,800 yesterday.
Gold prices in India jumped by Rs 1,000 on Monday, reaching Rs 1,24,000 for 22k of 10 grams, which was Rs 1,23,000 yesterday. As a result, the price of 22k of 100 grams of gold in India today surged by Rs 10,000 to reach Rs 12,40,000, which was Rs 12,30,000 yesterday.
Gold prices in India went up by Rs 820 on Monday, from Rs 1,00,640 to Rs 1,01,460 for 18k of 10 gms. As a result, the price of 18k of 100 grams of gold in India has gone up by Rs 8,200 to Rs 10,14,600 from Rs 10,06,400 yesterday.
Silver costs Rs 219 per gram and Rs 2,19,000 per kilogram in India today, compared to Rs 214 and Rs 2,14,000 yesterday.
MCX Gold Outlook Today
“On the technical front, MCX Gold continues to remain in an uptrend. It consistently trades above the short-term 10 and 20 DEMA lines, keeping the trend positive and momentum strong. Since breaking out of the bullish double-bottom pattern, it has seen a strong surge. There are no major or minor signs of weakness on the daily chart at present,” commented Abhishek M Pelu – Research Analyst at Way2Wealth Brokers.
“Immediate support is placed at 133,500-133,000, while resistance is seen at 135,000-137,900. Since the overall trend is bullish, traders can consider buying MCX Gold near 133,500 for a target of 135,000- 137,900. Any sustained weakness below 133,000 would warrant a review of the current view,” he further added.
“MCX Gold Feb is hovering in a tight range of Rs 133,300 and Rs 135,600 since the last 5-days. A move outside of the range would bring clarity in price trend. A move above Rs 135,600, it would rise towards Rs 138,000,” commented the technical research analysts of ICICI Securities.
Spot Gold Outlook Today
“Spot Gold is expected to trade higher and move towards $4400 per ounce on escalating geopolitical tension in Venezuela. Further, growing optimism over accommodative US monetary policy, persistent geopolitical risks and strong ETF inflows would strengthen bullish bets,” commented the technical research analysts of ICICI Securities.
“Moreover, appointment of a dovish US Federal Reserve chair would also fuel the prospects of loose monetary policy from the Fed and support the bullions. For the day, spot gold is likely to hold support at $4340 and move higher towards $4400 per ounce. Only a move above $4400 per ounce it would rise towards $4450 per ounce,” they further added.
Gold & Silver Rates Fundamental Outlook Today
“Gold and silver prices are trading higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day; as gold prices rose to an all-time high on heightened geopolitical tensions and expectations for more Federal Reserve rate cuts. Silver also climbed to record high levels,” commented the research analysts of Nirmal Bang Securities.
MCX Silver Outlook Today
“MCX Silver March holds strong support at Rs 205,000 level and moves higher towards Rs 212,800. Above Rs 212,800 it would rise toward Rs 215,500,” recommended the technical research analysts of ICICI Securities.
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