Gold Price In India Today, 19-Dec: 24K/100 Grams of Yellow Metal Falls Rs 7,100; 1 Kg Silver Drops Rs 1,000

Gold prices in India fell precipitously today, Thursday, December 19, after the US Federal Reserve's decision to lower its benchmark interest rate by 25 basis points to 4.25% to 4.50% on December 18. A stronger US currency and Treasury yields, coupled with the Fed's 25 basis point rate cut and the expectation of fewer cuts in 2025, caused a steep decline in the price of gold and silver. Market players will be watching this week's impending U.S. GDP and inflation data, which might further affect the bullion.

Gold Rates In India Today

In India, the current price of gold is Rs 7,713 per gramme for 24 carat gold and Rs 7,070 per gramme for 22 carat gold. While the price of 22k of 100 grammes of gold dropped by Rs 6,500 to Rs 7,07,000 on Thursday from Rs 7,13,500 on Wednesday, the price of 22k of 10 grammes of gold would cost Rs 70,700 in India today, down by Rs 650 from yesterday's price of Rs 71,350.

While 24k of 100 grammes of gold will cost Rs 7,71,300 today compared to Rs 7,78,400 yesterday, marking a price drop of Rs 7,100 in a single day, 24k of 10 grammes of gold prices in India hit Rs 77,130 on Thursday compared to Rs 77,840 yesterday, representing a price drop of Rs 710.

In India, the price of 18k of 10 grammes of gold dropped by Rs 530 to Rs 57,850 on Thursday from Rs 58,380 on Wednesday, while the price of 18k of 100 grammes of gold dropped by Rs 5,300 to Rs 5,78,500 today from Rs 5,83,800 yesterday.

Spot Gold Today

Following the Federal Reserve's 25 basis point interest rate drop, gold prices climbed by more than 1%. As of 0251 GMT, spot gold surged 0.8% to $2,607.88 an ounce, according to Reuters. U.S. gold futures, however, fell 1.2% to $2,620.60. Palladium rose 1% to $912.70, platinum up 0.6% to $924.65, while spot silver climbed 0.3% to $29.44 an ounce.

Silver Rates In India Today

Silver rates in India fell precipitously following the Federal Reserve's anticipated 0.25% rate cut and indications of modest extra softening. Today, silver costs Rs 91.50 per gramme and Rs 91,500 per kilogramme in India. Ten grammes of silver will cost Rs 915 today compared to Rs 925 yesterday, 100 grammes of silver will cost Rs 9,150 on Thursday, down by Rs 100 from Rs 9,250 on Wednesday, and one kilogramme of silver will cost Rs 91,500 today, down by Rs 1,000 from Rs 92,500 yesterday.

Gold Price Outlook Today

"The Federal Reserve, as expected, lowered its benchmark policy rate for the third time since September and signalled that rate reduction would halt, causing a sell-off in the precious metals market. The so-called dot plot showed that officials expect the Fed funds rate to decrease to 3.9% in 2025, implying two additional 25 basis point interest rate cuts in 2025 compared to the earlier prediction of four cuts in September. In his post-meeting press conference, Fed Chair Jerome Powell stated that inflation has fallen dramatically over the last two years, albeit slightly higher than the central bank's longer-run aim of 2%," said Dr. Renisha Chainani, Head Research - Augmont - Gold For All.

"Following the data, gold and silver prices fell substantially as traders viewed the cut as hawkish with 50 bps of easing expected in 2025 and 50 bps in 2026. If Gold sustains below $2600 (Rs 75800), we could see the selloff continuing up to $2550 (Rs 74900) in the last few days of December. If prices rebound, it can bounce back to $2680 (Rs 77000). Silver has broken a crucial level of $29.70 (Rs 88500), the next target is $29 (Rs 87000). If prices recover, it can bounce back to $30.5 (Rs 91000)," commented Dr. Renisha Chainani.

MCX Gold Outlook Today

"On the domestic front, MCX Gold traded in a narrow range, consolidating between 76500-77000 levels and closed with the formation of an inside bar candlestick pattern on the daily chart. A decisive breakout from this range would dictate the near-term trend. The domestic commodity is presently trading in a crucial support zone and a failure to sustain above 76500-76350 levels could push prices lower towards 76000/75500 levels. On the upside, resistance for the commodity can be seen at 77000/77250 levels. Traders are advised to maintain strict stop losses, as volatility may remain high due to ongoing geopolitical issues," said the technical research analysts of Way2Wealth Brokers Private Limited.

Gold Rates In Top Indian Cities Today

City	22K Gold Price Today
Chennai	Rs 7,070
Mumbai	Rs 7,070
Delhi	Rs 7,085
Kolkata	Rs 7,070
Bangalore	Rs 7,070
Hyderabad	Rs 7,070

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.