Gold Rate In India Today Corrects After Record Run, MCX Futures Decline: Check City Wise Gold Prices, Jan 8

Gold rate in India declined for the second straight session on January 8, with 24-carat gold prices falling by Rs. 2,700 per 100 grams. After undergoing a sharp surge earlier this week because of strong jewellery demand and safe-haven buying, gold prices have eased by nearly 0.5% over the past two days.

The recent movement of gold prices in India has kept both investors and retail buyers on alert amid ongoing Geopolitical tension between Us & Venezuela.

In the international bullion market, gold prices slipped around 0.3% on Thursday as markets assessed ongoing geopolitical developments.
Meanwhile, President Trump endorsed a bipartisan US bill on January 7th proposing 500% tariffs on Russian imports as part of the "Sanctioning of Russia Act 2025". This will create bullish pressure on gold prices through risk-off sentiment and rupee weakening.

At the same time, the US dollar strengthened after weaker-than-expected jobs data reinforced expectations of another interest rate cut by the US Federal Reserve, influencing global gold prices.

Gold Rate in India Today

As of January 8th, the pure gold, or 24-carat gold rate in India today slipped by Rs. 270 per 10 grams to cost Rs.1,38,000 per 10 grams. While the standard gold or the 22-carat gold prices today fell by Rs. 250 per 10 grams to cost Rs. 1,26,500 per 10 grams. Similarly, the 18-carat gold rate today declined by Rs 210 per 10 grams, and it currently retails for Rs 1,03,500 per 10 grams.

And just like that, the 100 grams of 22-carat gold cost Rs. 12,65,000 which slipped by Rs 2500. While the 24-carat gold price in India per 100 grams now costs Rs 13,80,000 after slipping by Rs 2700 per 100 grams.

Silver Rate in India Today

Just like gold, silver prices in India today fell after rising by Rs.16000 in the last three days. 1kg of silver currently retails at Rs.2,52,000 per kilogram after slipping by Rs. 5000. Meanwhile, 100g of silver rates in India cost Rs 25,200 post a Rs 500 decline.

Gold Price Outlook Ahead

"Gold edged down to around $4,440/oz as investors booked profits and shifted focus to mixed US economic data and the upcoming jobs report, keeping Fed rate-cut expectations in view. "as per the Way to Wealth Commodity report.

"On the technical front, the yellow metal was negative yesterday. However, despite the negative price action, the broader trend continues to remain positive. It is consistently trading above the short-term DEMA line within a bullish higher-high and higher-low structure, keeping the trend intact. Immediate support is placed at 137,000, while resistance is seen at 139,140-140,440. Since the overall trend is bullish, traders can consider buying MCX Gold for a target of 140,440. Any sustained weakness below 137,000 should be treated as a stoploss." the report further added.

MCX Gold Futures and Silver Futures Prices

Gold futures at the multi-commodity exchange also slipped this morning. Gold futures, which are expected to mature on February 5th currently trading at Rs 1,36,674 after declining 0.97% per 10 grams. Similarly, silver futures slated to mature on 5th March dropped by 3.38%. To trade at Rs 2,42,135.

City-Wise Gold Rates Today

Gold rates in several major metropolitan cities in India, such as Chennai, Mumbai, Bangalore, and Hyderabad, fell sharply. Here's the latest city-wise update on 22-carat and 24-carat gold rates as of January 8th, Thursday

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