Gold prices in India fell slightly today, December 30, 2024, compared to last week’s levels. The price of 24 carat gold per gram stood at Rs 7,800.3, showing a slight decline of Rs 10. Similarly, the cost of 22 carat gold was at Rs 7,151.3 per gram, also showing a dip of Rs 10.
Over the past week, gold prices have fluctuated by -0.73%, while the change over the past month is around 0.01% for 24-carat gold.
Gold Prices in Important Indian Cities
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Delhi: 24-carat gold is priced at Rs 78,003.3 per 10 grams, while 22-carat gold is priced at Rs 71,650 per 10 grams.
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in Mumbai: 24-carat gold costs Rs 78,000 per 10 grams, while 22-carat gold costs Rs 71,500 per 10 grams.
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Chennai: Both 24-carat and 22-carat gold are priced at Rs 78,000 and Rs 71,500 per 10 grams, respectively.
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Kolkata: 24-carat gold is Rs 78,000 for 10 grams, while 22-carat gold costs Rs 71,500.
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Jaipur: 24-carat gold is priced at Rs 77,996 per 10 grams.
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Lucknow: 24-carat gold is priced at Rs 78,019 per 10 grams.
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Chandigarh: 24-carat gold is at Rs 78,012 per 10 grams.
Important factors affecting gold prices
There are several factors that contribute to the volatility of gold prices in India, including:
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International gold standards again exchange ratesespecially the value of the Indian Rupee against the US Dollar
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The power of demand and supply, interest ratesagain Government policies
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Global economic conditions, national tensions, and major economic events can also have a significant impact on the price of gold.
Outlook: Limited upside due to Fed’s hawkish stance
Gold prices are expected to face limited upside due to expectations of fewer Federal Reserve rate cuts in 2025. While national risks and market uncertainty may increase demand for gold as a safe-haven asset, the stable global economy and interest rate outlook may be more limiting. price increase in the near term.
Political Tensions Support Gold Prices
Rahul Kalantri, VP Commodities at Mehta Equities Ltd., commented:
“Gold and silver showed the highest price volatility last week and extended gains in the first four days of the week, but on Friday they were unable to hold their gains amid a strong dollar and 10-year US bond yields. The dollar index is trading near a 2-year high and the US 10-year bond yield is also trading above 4.60% levels and limiting gains for precious metals.”
Despite these challenges, the country’s tensions and the prospect of China’s stimulus are supporting gold and silver prices at low levels, providing a bottom for the price of the yellow metal.
