Gold Prices in India Drop On Jan 18; 22K/100g Yellow Metal Dip Rs.1500; Everything Buyers Should Know

Gold prices in India softened today, retreating after a strong rally earlier in the week due to strong domestic demand. This is mainly because the US dollar index, which has gained strength once again, is temporarily stopping the upward momentum of the precious metal.

Entire attention has now shifted to Donald Trump who takes office on January 20. His upcoming trade policies will have major impact on markets across the world .

Gold prices in India today

On 18th January 2025, the 22-carat gold rate in India currently stands at Rs. 81,110 per 10 grams after slipping by Rs. 160. While the 22-carat gold rates in India fell by Rs. 150 to retail at Rs. 74,350. The 18-carat gold rates in India also slipped by Rs. 60,830.

100 grams of 24-carat gold rates is currently at Rs. 8,11,100, which slipped by Rs. 1600, while 22-carat per 100 grams fell by Rs. 1500 to retail at Rs. 7,43,500. Similarly, 100 grams of 18-carat gold is currently retailing at Rs. 6,08,300, which declined by Rs. 1,300.

Silver rates in India today

Silver prices in India today Observed no major movements, and the prices mirrored yesterday's rates of Rs. 96,500 per kg. While 100 grams of silver cost Rs. 9,650.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures, slated to mature on February 5, 2025, remained largely stable, trading at Rs. 79,019. The session witnessed a minor decline of 0.01%. Similarly, silver futures, with an expiry date of March 5, 2025, showed a slight dip during the trading session. Prices fell by 0.11% to Rs. 91,504, mirroring subdued demand and the impact of fluctuating global commodity trends.

International Spot Gold & Silver Prices Today

According to a recent Reuters report, gold prices faced downward pressure on Friday due to a strengthening U.S. dollar. These factors helped gold maintain its position above the critical $2,700 mark. Spot gold declined by 0.4% to $2,701.03 per ounce as of 3:10 p.m. ET (20:10 GMT), while U.S. gold futures closed 0.1% lower at $2,748.70. Meanwhile, spot silver experienced a sharper decline, falling 2% to $30.17 per ounce, reflecting a volatile session for the metal in global markets.

Gold Price Outlook

As per the commodity research report from ICICI Direct, "Spot gold is likely to rise further towards the $2725 level on a weak dollar and a decline in US treasury yields. Yields and the dollar are moving south as softer-than-expected economic data from the US reinforced expectations of more than 1 rate cut this year. Additionally, dovish comments from Fed officials will support prices. Moreover, other major central banks like the BOE and ECB are likely to continue with their monetary easing at the same pace seen in 2024. Meanwhile, investors will remain cautious ahead of economic data as it impacts rate cut expectations. • Spot gold is likely to rise further towards the $2725 level as long as it stays above the $2695 level. MCX Gold February is expected to rise further towards the 79,500 level as long as it trades above the 78,800 level. • Spot Silver is likely to rise further towards $31 as long as it trades above the $30.35 level, which is also the 50-day EMA. A break above the $31 level prices may rally further towards the $31.40 level. MCX Silver March is expected to rise towards the 94,000 level as long as it trades above the 91,800 level.