Gold Prices In India Flat On Dec 4 After Rs.4,000/100g Surge in 22K Yesterday; See Full Price List

Gold prices in India today mirrored yesterday's rates as no change in prices is observed due to subdued demand in the local markets. All eyes today are on the Federal Reserve Chair Jerome Powell's speech scheduled later today, which is expected to provide crucial insights into the potential U.S. interest rate cuts at the upcoming policy meeting later this month. Meanwhile, the U.S. dollar index has eased from its recent highs, offering some support to bullion prices as investors assess global economic trends and monetary policy signals.

As of December 4, gold prices in India for 22-carat gold are priced at Rs. 71,310 per 10 grams, with 100 grams available at Rs. 7,13,100. Whereas the 24-carat gold rates in India stand at Rs. 77,780 per 10 grams, while 100 grams of this premium variant is priced at Rs. 7,77,800.

The more affordable 18-carat gold is currently priced at Rs. 58,340 per 10 grams, with 100 grams of the yellow metal available at Rs. 5,83,400.

Silver Rates in India Today

Silver prices in India remained unchanged compared to yesterday, mirroring the stability seen in gold rates. Currently, the price of 1 kilogram of silver stands at Rs. 91,000, while 100 grams of silver is priced at Rs. 9,100.

MCX Gold and Silver Futures Update

Gold futures on the Multi Commodity Exchange (MCX), scheduled for delivery on February 5, 2025, are trading at Rs. 76,854, reflecting a marginal decline of 0.06%. Similarly, silver futures, maturing on March 5, 2025, have edged lower by 0.03% to Rs. 92,167.

Spot Prices of Gold & Silver Today

As noted in a recent report by Reuters, spot gold maintained its position, trading steadily at $2,644.42 per ounce as of 02:03 GMT. Meanwhile, spot silver experienced a modest uptick, rising by 0.1% to $31.06 per ounce, with slight resilience in the precious metals segment. In contrast, U.S. gold futures edged down by 0.1%, settling at $2,666.40 per ounce. These movements come amid a broader context of mixed market signals, with traders closely watching upcoming economic data and global trends that could influence demand for precious metals.

Market Insights on Gold:

Dr. Renisha Chainani, Head of Research at Augmont-Gold For All, shared her expert perspective, stating that recent political uncertainty in South Korea and unrest in Syria are helping to support gold. With a surprise rebel attack that took Aleppo, one of Syria's biggest cities and a longstanding center of Middle Eastern culture and trade, the 13-year civil war in Syria has roared back into prominence. Yesterday, martial law was declared in South Korea, but it was later withdrawn after 190 out of 300 MPs from the government and opposition parties jointly voted against it. Thousands of demonstrators opposed to martial law had gathered outside South Korea's National Assembly, trying to enter the Parliament. Security personnel and protesters clashed in the vicinity of Seoul's Assembly. This Friday marks the release of the November US employment data; as usual, the unemployment rate and NFP may be the main factors influencing gold price volatility. It is anticipated that the unemployment rate will slightly increase from 4.1% to 4.2% and that the total non-farm payroll will reach 202k, surpassing the dismal record of 12k from the previous month. Gold prices are expected to be range bound and consolidate between $2600 (~Rs 75000) and $2200 (~Rs 77600) for the next few days with a positive bias."