Gold Prices Dip by ₹1,000 in India; Silver Prices Remain Steady
Gold Prices Dip by ₹1,000 in India; Silver Prices Remain Steady Gold prices in India witnessed a notable dip on Tuesday, with a decline of ₹1,000 for 100 grams across different categories. Silver prices, on the other hand, remained unchanged. The price movement follows a subdued trend in gold due to global economic factors and investor caution, despite gains in MCX gold and silver prices.
Key Gold Price Updates
- 22K Gold: ₹70,900 per 10 grams (-₹100)
- 24K Gold: ₹77,350 per 10 grams (-₹100)
- 18K Gold: ₹58,010 per 10 grams (-₹80)
City-wise Gold Prices
Chennai:
- 22K Gold: ₹70,900 (-₹100)
- 24K Gold: ₹77,350 (-₹100)
- 18K Gold: ₹58,600 (-₹50)
Mumbai:
- 22K Gold: ₹70,900 (-₹100)
- 24K Gold: ₹77,350 (-₹100)
- 18K Gold: ₹58,010 (-₹80)
Delhi:
- 22K Gold: ₹71,050 (-₹100)
- 24K Gold: ₹77,500 (-₹100)
- 18K Gold: ₹58,130 (-₹90)
Gold prices in cities like Bengaluru, Kolkata, Hyderabad, and Kerala remain similar to Mumbai`s rates.
Silver Price Highlights
- India: ₹91,400 per kg (unchanged)
- Chennai, Hyderabad, Kerala: ₹98,900 per kg (premium pricing)
Global & MCX Trends
- MCX Gold (Feb 2025): ₹76,280 per 10 grams (+₹136 or 0.2%)
- MCX Silver (March 2025): ₹89,331 per kg (+₹213 or 0.24%)
- Spot Gold: $2,610 per ounce, reflecting international gains amid holiday-season trading.
Market Dynamics Impacting Gold Prices
- Weak U.S. Consumer Confidence Index, which dropped to 104.7 in December from November`s revised 112.8.
- Stronger U.S. Dollar Index and 10-year bond yields pressured safe-haven demand for gold.
- Hawkish guidance from the U.S. Federal Reserve on interest rates for 2025.
- Geo-political tensions and bargain buying at lower levels continue to support gold and silver prices.
Technical Analysis and Outlook
According to market experts:
- Gold Support Levels: ₹75,880 - ₹75,640
- Gold Resistance Levels: ₹76,270 - ₹76,480
- Silver Support Levels: ₹88,450 - ₹87,880
- Silver Resistance Levels: ₹89,630 - ₹90,100
Investor Strategy:
Traders may consider buying gold near ₹76,000 with a stop loss at ₹75,750 and target prices of ₹76,350-₹76,600.
Stay updated with further price movements as geopolitical and economic trends unfold.
