Gold Price In India Today, 20-Dec: 24K/100 Grams of Gold Rates Falls Rs 3,300; 1 Kg Silver Plunges Rs 1,000

Following the influence of the Federal Reserve's rate cut, gold prices in India fell precipitously today, Friday, December 20. The yellow metal rates were traded in the volatile zone after the impact of Treasury yields and a stronger U.S. dollar as markets awaited the Federal Reserve's interest rate decision. The financial markets will also be watching this week's anticipated U.S. GDP and inflation data, which might have an impact on bullion sentiment.

Gold Rates In India Today

Today, 22 carat gold costs Rs 7,040 per gramme in India, whereas 24 carat gold costs Rs 7,680 per gramme. While the price of 22k of 10 grams of gold dropped by Rs 300 to Rs 70,400 in India today from Rs 70,700 yesterday, the price of 22k of 100 grams of gold dropped by Rs 3,000 to Rs 7,04,000 in India on Friday from Rs 7,07,000 on Thursday.

24k of 10 grams of gold prices hit Rs 76,800 on Friday compared to Rs 77,130 on Thursday reflecting a price drop of Rs 330 whilst 24k of 100 grams of gold would cost Rs 7,68,000 today compared to Rs 7,71,300 yesterday marking a price drop of Rs 3,300.

Prices for 18k of 10 grams of gold dropped by Rs 250 to Rs 57,600 on Friday from Rs 57,850 on Thursday. Meanwhile, the price of 18k of 100 grams of gold dropped by Rs 2,500 to Rs 5,76,000 today from Rs 5,78,500 yesterday.

Spot Gold Today

Prior to the release of U.S. Personal Consumption Expenditure data later in the day, spot gold was flat at $2,596.89 an ounce, and Reuters reports that it has lost almost 2% so far this week. At $2,611.30, U.S. gold futures edged up 0.1%. Spot silver dropped 0.4% to $28.92 an ounce, while palladium held steady at $906.47 and platinum dropped 0.3% to $920.80.

Silver Rates In India Today

The price of silver in India today is Rs 90.50 per gram and Rs 90,500 per kilogram. 10 grams of silver will cost Rs 905 today compared to Rs 915 yesterday, 100 grams of silver prices reached Rs 9,050 on Friday compared to Rs 9,150 on Thursday whereas 1 kg of silver will cost Rs 90,500 today which was Rs 91,500 yesterday representing a price drop of Rs 1,000.

MCX Gold Outlook Today

"On the domestic front, MCX Gold maintained its downward bias for the sixth consecutive session and formed a bearish candle on the daily chart. The domestic commodity breached its swing low levels and gave a negative breakout below the 50-day EMA on the daily chart, reinforcing the bearish sentiment. On the upside, resistance for the commodity can be seen at 76000/76500 levels while support lies at 75480/74850 levels, with a breach below 74850 potentially dragging the commodity towards 74350/74000 levels. Traders are advised to maintain strict stop losses, as volatility may remain high due to ongoing geopolitical issues," said the research analysts of Way2Wealth Brokers Private Limited.

Gold & Silver Prices Outlook Today

"Gold and silver prices are trading mixed today on the international bourses. We expect gold and silver prices to trade range-bound to slightly lower for the day; as gold prices headed for a weekly drop, as traders weighed the interest-rate outlook after the Federal Reserve dialed back rate-cut expectations for next year," said Nirmal Bang Securities Pvt. Ltd.

Gold Rates In Top Indian Cities Today

City	22K Gold Price Today
Chennai	Rs 7,040
Mumbai	Rs 7,040
Delhi	Rs 7,055
Kolkata	Rs 7,040
Bangalore	Rs 7,040
Hyderabad	Rs 7,040

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.