Gold Prices in India Fall on Makar Sankranti: 22K/100g Yellow Metal Drops Rs. 1000, Silver Dips Rs.2000

Gold prices in India have fallen today after five consecutive sessions of gains, making gold slightly more affordable for buyers on the occasion of Makar Sankranti. Meanwhile, international gold prices have climbed as the US dollar index slipped from its record highs. Investors are now awaiting upcoming economic data from the US for more insight into the Federal Reserve's policy direction. Market participants are taking a wait-and-see approach to better understand the potential movement of both gold and the broader financial markets.

Gold prices in India today

On 14th January, 22-carat, or 916, gold rates in India fell by Rs. 100 per 10 grams, bringing the price to Rs. 73,300, while 24-carat, or 999, gold is currently priced at Rs. 79,960 after a drop of Rs. 110 per 10 grams. Additionally, 18-carat gold rates also declined by Rs. 90 per 10 grams, now retailing at Rs. 59,970.

Similarly, 100 grams of 24-carat gold is priced at Rs. 7,99,600, falling by Rs. 1,100, and 22-carat gold per 100 grams is priced at Rs. 7,33,000, marking a decline of Rs. 1,000. Meanwhile, 18-carat gold per 100 grams now costs Rs. 5,99,700, with a decline of Rs. 900.

Silver rates in India today

Silver prices in India today fell sharply by Rs. 2000 per kilogram, which now costs Rs. 92,500, and 100 grams of white metal Dipped Rs. 200 to retail at Rs. 9,250.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures, scheduled to mature on February 5, 2025, continued to show positive momentum by gaining 0.07%, or 54 points, bringing the current trading value to Rs. 78,220.00. In contrast, silver futures, set to expire on March 5, 2025, witnessed a slight decline during the session. The metal is currently trading at Rs. 90,330.00, reflecting a drop of 183 points, or 0.20%.

Market Insight on India Gold Price

According to a commodity research report from Way to Wealth, "International gold prices dropped to approximately 2660 per ounce on Monday, weighed down by a strong U.S. jobs report that pushed the dollar to a two-year high and reinforced expectations of a cautious approach by the Federal Reserve toward interest rate cuts. On the domestic front, MCX Gold witnessed profit booking at key resistance levels and formed a gravestone doji candlestick pattern featuring a bearish body on the daily chart. The commodity is currently hovering around its major supply levels, and a break below the doji candle low (78066) could invite further selling pressure and push the commodity towards 77700/77250 levels. However, if MCX Gold sustains above the supply range of 78200-79000, it could advance towards 79280/79800 levels in the near term. Traders are advised to use strict stop-losses, as volatility may remain elevated due to multiple macroeconomic data releases later this week and ongoing geopolitical tensions."

Spot Gold & Spot Silver Prices in the International Market Today

As per the latest report from Reuters, gold prices edged higher on Tuesday, driven by firm global demand and a weaker dollar. Spot gold climbed 0.3% to reach USD 2,669.53 per ounce as of 02:27 GMT, marking steady gains in early trading hours. Similarly, U.S. gold futures saw a 0.3% rise, trading at USD 2,685.50 per ounce. Meanwhile, spot silver held steady during the session, with prices remaining flat at $29.59 per ounce. The market remains cautiously optimistic as investors keep a close watch on global economic indicators, including inflation data and upcoming policy updates from major central banks.