Gold Prices Rise, Dec 8: Yellow Metal Soars For 2nd Day After Falling By Rs 1400

Gold prices in India witnessed a rally for second consecutive day after witnessing a sharp decline by Rs 1400 in just 2 days as the Reserve Bank of India (RBI) opted to hold key rates for the fifth time in a row while maintaining its 'withdrawal of accommodation' stance on December 8.

Price of 22 carat of 10 grams gold in India is Rs 57,700 after the gain of Rs 150 and price of 24 carat of 10 grams yellow metal is Rs 62,950 after the rally of Rs 170 in the country. When it comes to the price of 18K Gold India, it is quoted at Rs 47,210/10 grams after the gain of Rs 120.

Meanwhile, price of 100 grams of 22 carat gold in India is Rs 5,77,000 after the surge of Rs 1500 while price of 100 grams of 24 carat yellow metal in the country is Rs 6,29,500 after the surge of Rs 1700. And, price of 100 grams of 18 carat precious metal in India today is Rs 4,72,100 after the gain of Rs 1200.

Gold prices also gained yesterday. 22 carat of 10 grams gold got dearer by Rs 100 and 24 carat of 10 grams gold surged by Rs 110.

Gold prices in leading metropolitan cities on December 8:

Gold Price Chennai: The price of 10 grams of 22 carat of gold price Chennai today is Rs 58,350 and cost of 10 grams of 24 carat gold is Rs 63,660

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in the financial hub of India is Rs 57,700 and cost of 10 grams of 24 carat yellow metal is Rs 62,950

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in the national capital today is Rs 57,850 and cost of 10 grams of 24 carat gold is Rs 63,100

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata today is Rs 57,700 and cost of 24 grams of 10 grams gold is Rs 62,950

Meanwhile, according to a Reuters report, "gold prices were on track for their first weekly fall in four after the dollar firmed, although they traded steadily on Friday ahead of a key U.S. jobs data to gauge the potential of a rate cut by the Federal Reserve as early as March. Spot gold edged 0.2% higher to $2,031.31 per ounce by 0419 GMT. Bullion, however, fell nearly 2% for the week so far. U.S. gold futures edged 0.1% higher to $2,048.00."

Bullion scaled an all-time peak of $2,135.40 on Monday on elevated bets for a rate cut by the U.S. Fed, before dropping more than $100 on uncertainty over the cut's timing, added the Reuters report.

The prices of silver in India remained steady today. If you are planning to buy 1 kg of silver in India today, you need to shell out Rs 77,200. Silver prices declined for three consecutive days (Dec 5, Dec 6, and Dec 7) by Rs 3300.