Gold Price Outlook Today, 31st Dec: Gold Rate Falls In India, MCX Gold Loses Momentum; Spot Gold Eyes $4,410

Today, Wednesday, December 31, saw a decline in gold prices in India. Despite a minor drop, the demand for safe havens remains strong due to the continuous uncertainty globally. Due to a mix of higher geopolitical instability and expectations for monetary policy, spot gold continues to trade with a positive bias on the global scene. The most recent FOMC meeting minutes have reinforced gold's bullish overtones. According to the majority of Fed members, interest rate cuts could be necessary in the upcoming year if inflation keeps progressively declining.

Gold Rates In India Today

Today, the price of gold in India fell to Rs 10,191 per gram for 18 carat gold, Rs 12,455 per gram for 22 carat gold, and Rs 13,588 per gram for 24 carat gold. The price of 24k of 10 grams of gold in India fell to Rs 1,35,880 today from Rs 1,36,200 yesterday, a decline of Rs 320. As a result, the price of 24k of 100 grams of gold in India fell to Rs 13,58,800 on Wednesday from Rs 13,62,000 on Tuesday, indicating an overnight drop of Rs 3,200.

Gold rates in India on Wednesday dropped to Rs 1,24,550 for 22k of 10 grams, which was Rs 1,24,850 yesterday, representing a price drop of Rs 300. As a result, 22k of 100 grams of gold rates in India today dropped by Rs 3,000 overnight to Rs 12,45,500, which was Rs 12,48,500 yesterday.

Gold rates in India today for 18k of 10 grams reached Rs 1,01,910, which was Rs 1,02,150 yesterday, representing a price drop of Rs 240. Hence, 18k of 100 grams of gold dropped by Rs 2,400 to Rs 10,19,100.

MCX Gold Outlook Today

"On the technical front, MCX Gold has witnessed its first major Dip in the recent past. In Monday's session, it showed initial signs of weakness, forming a tweezer top candlestick pattern on the daily chart. It also formed a bearish marubozu and closed below the 10-DEMA support after consistently trading above it for the past month. These are early indications of weakness. Traders can use any bounce to pare long positions and wait for momentum to regain strength. Resistance is placed at 137,150-140400, while the upport is seen at 133,600. Traders should adopt a cautious approach going forward," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Feb is likely to move in a wider range of ₹134,500 and ₹137,400. Only a move below ₹134,500, it would correct towards ₹132,500," recommended the research analysts of ICICI Securities.

Spot Gold Outlook Today

"Spot Gold is expected to move in the range of $4320 and $4410 with positive bias amid signs of further monetary policy easing from the US Fed and safe haven buying. Latest FOMC meeting minutes suggest that most of the Fed members agreed for rate cuts for the coming year if inflation eases over time. As per the CME Fed-watch tool March rate cut probability has gone above 50%. Further, geopolitical uncertainty in the Middle East and rising frictions between the US and Venezuela continue to underpin gold's defensive appeal," commented the research analysts of ICICI Securities.

Spot Silver & MCX Silver Outlook Today

"Spot International Silver is hovering near $75 per ounce. We believe prices to move in the band of $72 and $78 in today's session. A move below the support of $72 would bring correction towards $70.50. MCX Silver March is expected to move in the range of ₹235,000 and ₹254,500. Below ₹235,000 it would turn bearish towards ₹228,000," stated the research analysts of ICICI Securities.

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