Gold Prices In India Outlook On January 10: What Will Drive 22K, 24K, 18K Gold Prices On Friday?

Gold prices in India will be influenced by global trends as investors will await for US job report later on Friday. Yellow metal surged massively on Thursday, by as much as Rs 3,800 in 24K gold of 100 grams. The 10 grams gold regained its levels of Rs 79,000 in 24K, while nearing Rs 73,000 and Rs 60,000 in 22K and 18K. The performance comes amidst gaining momentum in international prices which neared $2,670 an ounce, with investors continuing to gauge Fed's monetary policy outlook and the job data is expected to provide further clarity in the rate cut trajectory.

Gold Prices In India:

24K gold prices surged by Rs 3,800 to Rs 7,92,000 per 100 grams, while 10 grams gold is up by Rs 380 to Rs 79,200.

22K gold prices jumped by Rs 3,500 per 10 grams to Rs 7,26,000, while 10 grams gold is up by Rs 350 to Rs 72,600.

Further, 18k gold prices soared by Rs 2,800 per 100 grams to Rs 5,94,000, while 10 grams jumped by Rs 280 to Rs 59,400.

Gold Prices In Big Cities:

Gold Prices In Chennai: The price of gold in Chennai is at Rs 7,260 per gram for 22 karat gold and Rs 7,920 per gram for 24 karat gold (also called 999 gold).

Gold Prices In Delhi: The price of gold in Delhi is at Rs 7,275 per gram for 22 karat gold and at Rs 7,935 per gram for 24 karat gold (also called 999 gold).

Gold Prices In Mumbai: The price of gold in Mumbai is Rs 7,260 per gram for 22-karat gold and Rs 7,920 per gram for 24-karat gold (also called 999 gold).

Gold Prices In Ahmedabad: The price of gold in Ahmedabad is Rs 7,265 per gram for 22-karat gold and Rs 7,925 per gram for 24-karat gold (also called 999 gold).

MCX Gold, Silver Prices:

MCX gold with February 2025 expiry, crossed the Rs 78,250 mark to hit an intraday high of Rs 78,254 per 10 grams before closing at Rs 78,151 per 10 grams up by Rs 404 or 0.52%.

Further, MCX silver prices with March 2025 expiry, crossed the Rs 92,000 mark to hit an intraday high of Rs 92,300. This precious metal ended at Rs 91,817 over 1kg, up by Rs 879 or 0.97%.

Spot Gold Prices:

Moreover, spot gold prices held above $2,660 per ounce on Thursday, maintaining recent gains as investors continued to assess the Fed's monetary policy outlook ahead of key US jobs data. The latest FOMC minutes indicated inflation is likely to slow this year. Still, policymakers noted the risk of persistent price pressures, partly due to Trump's policies, as per Trading Economics data.

What Will Drive Gold Prices Ahead?

As per Trading Economics, the central bank also signalled that it may be nearing a point to slow the pace of policy easing, reducing the appeal of the non-yielding metal. Meanwhile, gold found support after a weaker-than-expected private employment report for December, reinforced the notion that the Fed may need to adopt a less cautious approach to rate cuts. Elsewhere, physically-backed gold ETFs saw their first inflow in four years, led by Asia, with North American funds recording their first positive annual flow since 2020 and European outflows narrowing compared to 2023, according to the World Gold Council.

Also, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, the ADP Employment Report revealed that private sector job gains totalled 122,000 in December, falling short of the forecasted 140,000, while initial jobless claims improved to 201,000, below both the estimate and the previous week's 211,000. Gold saw a modest pullback from higher levels, closing at $2,672 per ounce, owing to the Federal Reserve's more hawkish tone in the December FOMC meeting meeting, which indicated a slower pace of policy due to persistent inflationary pressures.

Chainwala said, traders awaited the official U.S. jobs report due Friday for further clues on the monetary policy outlook.