Gold Price India, Dec 23: 24K Yellow Metal Rises By Rs 2,180 Since Dec 14

Gold prices India continue to witness a rally as 10 grams of 24 carat yellow metal has become dearer by Rs 2180 since December 14, 2023. Price of 24 carat gold has been rising since December 14 except December 16 when price declined by Rs 490 and December 17, December 19, and December 21 when prices remained unchanged.Meanwhile price of 10 grams of 22 carat yellow metal surged by Rs 2000 since December 14, 2023.

Price of 24 carat gold/10 grams in India today is 63,490 after the surge of Rs 260 and price of 22 carat yellow metal per 10 grams is Rs 58,200 after the gain of Rs 200. Price of 100 grams of 24 carat gold is Rs 6,34,900 after the surge of Rs 2600 and if you are planning to buy 100 grams of 22 carat gold today, you need to shell out Rs 5,82,000 as prices surged by Rs 2000 today.

Sachin Kothari, Director at Augmont Gold for All said, "Gold price has risen to a near three-week high around Rs 62500 amid expectations that the Federal Reserve would decrease interest rates soon. US bond rates and the USD are near multi-month lows, providing extra support. The CME Group's FedWatch Tool predicts a higher probability of a Fed rate cut by March 2024 and 150 basis points of cumulative cuts by the end of 2024. As volumes are thin, due to the holiday season, this is the best opportunity to buy Gold as prices are expected to continue the bull run in 2024."

According to a report published in Reuters, "Gold prices rose to their highest level in nearly three weeks on Friday as the dollar and bond yields fell ahead of key U.S. inflation data that could offer more clarity on the Federal Reserve's interest rates path next year."

Spot gold was up 0.5% to $2,054.50 per ounce as of 1103 GMT and U.S. gold futures rose 0.8% to $2,067.40. Gold rose to its highest since Dec. 4 earlier in the session and is set for a 1.8% weekly rise, its second in a row, added the Reuters report.

"If the markets are pricing in so many rate cuts and the dollar and yields are lower, then gold is going to perform really well," said Craig Erlam, senior markets analyst at OANDA.

Traders are now pricing-in an 83% chance of a U.S. rate cut by March, according to the CME FedWatch tool. Lower interest rates decrease the opportunity cost of holding non-yielding bullion, Reuters reported.

Check prices of yellow metal in leading metropolitan cities in India:

Gold Price Chennai: If you are planning to buy 10 grams of 22 carat of gold in Chennai today, you have to pay Rs 58,750 and for 10 grams of 24 carat gold, you need to pay Rs 64,090

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in the financial capital of India is Rs 58,200 and cost of 10 grams of 24 carat yellow metal is Rs 63,490

Precious Metal Price Delhi: Cost of 10 grams of 22 carat yellow metal in the national capital today is Rs 58,350 and cost of 10 grams of 24 carat gold is Rs 63,640

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata today is Rs 58,200 and cost of 24 grams of 10 grams gold is Rs 63,490

Meanwhile, price of 1 kg silver in India is Rs 79,000 after the decline by Rs 500. Silver prices rallied by Rs 2000 in last 3 days i.e. from December 20 to December 22. Since December 14, silver prices also jumped sharply by Rs 5800.