Gold Prices In India Outlook On December 30: How Will 24K, 22K, 18K Prices React On Monday?

Gold prices in India are likely to be influenced by the New Year's holidays globally, alongside instability in equity markets and geopolitical tensions. Additionally, the market is also preparing for upcoming policy changes in 2025, with all eyes on Trump 2.0. In the early hours of December 30, spot gold prices held above $2,620 per ounce, taking its overall gains to nearly 28% year-to-date. Accordingly, silver prices are also up.

Gold Prices In India:

Currently, 24K gold prices are at Rs 77,830 per 10 grams, while 22K and 18K gold prices are at Rs 71,340 and Rs 58,370 per 10 grams each.

The cheapest price of gold in India is Rs 7,134 per gram for 22-karat gold and Rs 7,783 per gram for 24-karat gold (also called 999 gold). For 18K, the price of 1 gram of gold is at Rs 5,837.

Silver Prices In India:

Meanwhile, silver prices stood at Rs 92.50 per gram and at Rs 92,500 per kilogram. In cities like Chennai, Hyderabad and Kerala, silver prices continue to be expensive at Rs 99,800 per 1kg.

MCX Gold, Silver Prices:

Last week, on December 27, MCX gold price with February 2025 expiry stood at Rs 76,536 per 10 grams. Silver prices with a March 2025 expiry also stood muted at Rs 88,882 per 10 grams.

Last week, Rahul Kalantri, VP of Commodities, Mehta Equities said, the ongoing Russia-Ukraine conflict and instability in global equity markets have bolstered the precious metals' status as safe havens. Domestically, a weak rupee further supported prices, a trend expected to continue. However, gains may be limited as U.S. 10-year bond yields hit 7-month highs, and jobless claims fell last week.

Spot Gold Prices:

As per Trading Economics, gold traded above $2,620 per ounce on Monday amid thin holiday trading, with investors closely watching the U.S. Federal Reserve's monetary policy outlook and President-elect Donald Trump's tariff policies. The Fed's hawkish projections were challenged by soft PCE inflation data, suggesting more reductions could be possible, which would benefit non-yielding gold.

What Will Drive Gold?

The Trading Economics data stated that markets are also preparing for significant policy changes in the coming year, including tariffs, deregulation, and tax reforms, as Trump prepares to take office next month. Meanwhile, gold's safe-haven appeal remained supported by geopolitical risks from the ongoing Russia-Ukraine conflict and tensions in the Middle East. The precious metal has risen over 27% so far this year, marking its best performance since 2010, fueled by U.S. policy easing, heightened geopolitical uncertainties, and continued buying by global central banks.

Further, SMC Global Securities note said, the greenback has risen about 7% this quarter and remained pinned at a near two-year peak against major peers after the Federal Reserve signalled slower rate cuts in 2025. Bullion counter witnessed limited upside. Gold and silver can trade in the range of 75000-78500 and 88000-92000 respectively.