Gold Prices In India Outlook On December 24; What Will Drive 24K, 22K, 18K Gold On Tuesday, Before Christmas?

Gold prices in India remained steady at the start of this week, however, momentum is likely expected in the pre-Christmas session. In the early trade of December 24, gold prices in India were down by Rs 10 each in 10 grams of 24K, 22K, and 18K. On the other hand, silver prices plunged by Rs 100 to Rs 91,300 for 1kg. In the early hours, spot gold prices surged to above $2,610 an ounce on Tuesday, amid flat holiday-season trading.

Gold Prices In India:

Currently, 24K gold prices in 10 grams are at Rs 70,900 on December 24th, down by Rs 10 in the early hours. While 22K and 18K gold prices are at Rs 70,990 and Rs 58,080 respectively. The cheapest rate of gold in India is Rs 7,099 per gram for 22-karat gold and Rs 7,744 per gram for 24-karat gold (also called 999 gold). Also, 18K of 1 gram gold is at Rs 5,808.

Silver Prices In India:

The price of silver in India is currently at Rs 91.30 per gram and at Rs 91,300 per kilogram. In southern cities like Chennai, Hyderabad and Kerala, silver prices are expensive at Rs 98,800 per 1kg.

MCX Gold, Silver Prices:

MCX gold with February 2025 expiry, stood at Rs 76100 per 10 grams, down marginally on December 23rd. MCX silver with a March 2025 expiry, also slipped mildly to end at Rs 89079 per 1 kg.

Spot Gold Prices:

As per Trading Economics data, spot gold rose above $2,610 per ounce on Tuesday amid subdued holiday-season trading. Investors continued to assess the Federal Reserve's outlook for next year, factoring in a slower pace of rate hikes in 2025 after the Fed signalled fewer reductions. However, this view was challenged by softer-than-expected US PCE inflation, suggesting the possibility of more rate cuts, which benefits non-yielding gold.

What Will Drive Gold Prices On Tuesday?

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, that with the holiday season beginning, global market participation is expected to decline, likely leading to range-bound and sideways movement in gold prices. In the near term, gold is expected to trade within the range of ₹75,800 to ₹76,900 in MCX.

Also, Trading Economics data said, the World Gold Council reported strong central bank demand, reinforcing gold's status as a safe-haven asset, with central banks as net buyers for over 15 years. The metal is on track for a 27% surge this year, heading for its best performance since 2010, driven by central bank buying, geopolitical tensions, and easing by major banks.