Gold Prices In India Outlook On December 31, Tuesday; How Will 24K, 22K, 18K Prices Perform On New Year's Eve?

Gold Prices In India are likely to perform sideways on the last day of 2024, December 31st. Prices have broadly been flat at MCX, while spot gold traded in a narrow range. At retail stores, the price of gold in India currently is Rs 7,151 per gram for 22-karat gold and Rs 7,801 for 24-karat gold (also called 999 gold). The cheapest 18k is at Rs 5,851 per 1 gram.

Gold Prices In India:

Gold prices stood at Rs 71,510 per 10 grams in 22K, while it was at Rs 78,010 per 10 grams in 22 K. Lastly, gold price is at Rs 58,510 per 10 grams in 18k. In the national capital, gold was expensive at Rs 78,160 per 10 grams of 24K, while the prices were higher in Ahmedabad and Vadodara to Rs 78,060 per 10 grams. In cities like Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Pune, gold prices were cheaper at Rs 78,010 per 10 grams of 24K.

Silver Prices In India:

1Kg silver price is at Rs 92,500 currently, while the cheapest silver is at Rs 92.40 per 1 gram. In cities like Chennai, Hyderabad, and Kerala, silver is most expensive at Rs 99,800 per 1kg. In Delhi, Bangalore and Kolkata, the price was at Rs 92,300 per 1kg, however, in Mumbai, silver is slightly higher at Rs 92,400 per 1kg.

MCX Gold, Silver Prices:

MCX gold with February 2025 expiry was at Rs 76,266 per 10 grams, marginally higher on December 30, ahead of New Year's Eve. While MCX silver with a March 2025 expiry was at Rs 87,575 per 1kg, also marginally higher.

Spot Gold:

In the early session of Tuesday, spot gold held the $2,600 mark, indicating little movement over the past week.

As per Trading Economics, traders are closely monitoring signals about the US economy, President-elect Donald Trump's tariff policies, and the Federal Reserve's monetary policy outlook, all of which could influence gold's trajectory. Resilient labor market data from payroll counts and signs of persistent inflation has recently led FOMC members to project fewer rate cuts next year, which weighed on gold prices in Q4 as the hawkish Fed reduced the appeal of non-yielding bullion.

What Will Drive Gold On December 31?

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold traded flat, remaining within the range of ₹76,400-₹76,750 in MCX, while spot gold stayed between $2,610-$2,628 on Comex. With global markets entering the holiday period for New Year celebrations, trading volumes were thin, and market activity was subdued. In MCX, gold has immediate support near ₹76,000, while resistance is seen around ₹77,000. The sideways movement is likely to persist in the short term due to the limited participation during the festive season.

Additionally, Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said, gold prices are likely to see continued consolidation this week amid lack of fresh triggers as major participants are still away due to new year holiday in the international market, while upside in the bullion limited due higher dollar that is trading near 108-levels. Some data in focus this week will the manufacturing PMI data from across regions.

Mer added, on chart... momentum looks sideways with prices stuck between their long-term moving averages with 50-day SMA at 76860 and 100-day SMA at 75080 (cmp 76650).