Gold Rates Outlook On Monday, 29th Dec: Spot Gold May Slip If $4,470 Breaks; MCX Gold Targets Rs 1.44 Lakh

In light of an array of strong technical cues and geopolitical developments, both domestic MCX gold and international spot gold saw heightened volatility on Monday, December 29. This resulted in a dramatic decline in gold rates in India. Today, the price of gold in India fell to Rs 10,628 per gram for 18 carat gold, Rs 12,990 per gram for 22 carat gold, and Rs 14,171 per gram for 24 carat gold. On the domestic front, MCX Gold continues to show strong positive momentum, backed by a persistent rise above key short-term moving averages, while spot gold is seeing short-term variations with signs of easing tensions between Russia and Ukraine and ongoing peace talks.

Gold Prices In India Today

Gold rates in India today for 24k of 10 grams reached Rs 1,41,710, which was Rs 1,42,420 yesterday, representing a price drop of Rs 710. 24k of 100 grams of gold rates in India on Monday stood at Rs 14,17,100, which was Rs 14,24,200 yesterday, representing a price drop of Rs 7,100.

In India, the price of 22k of 10 grams of gold reached Rs 1,29,900 today, down Rs 650 from Rs 1,30,550 yesterday. Consequently, 22k of 100 grams of gold would cost Rs 12,99,000 today, down Rs 6,500 from Rs 13,05,500 yesterday.

The price of 18k of 10 grams of gold in India dropped by Rs 540 to Rs 1,06,280 today from Rs 1,06,820 yesterday. Therefore, on Monday, 18k of 100 grams of gold would cost Rs 10,62,800 in India, down Rs 5,400 from yesterday's price of Rs 10,68,200.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to trade in an uptrend and consistently holds above the short-term 10- and 20-DEMA lines, keeping the trend positive and momentum strong. In Friday's session, it closed with a bullish candlestick, indicating a continuation of bullish momentum. With every dip being absorbed, immediate support is placed at 1,38,580, while resistance is seen in the 1,41,600-1,43,500-1,44,600 range. Given the overall bullish trend, traders can consider buying MCX Gold near 1,38,580 for targets of 1,41,600, 1,43,500, and 1,44,600. Any sustained weakness below 1,38,000 would warrant a review of the current view," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Spot Gold Prediction Today

"Spot Gold is expected to remain volatile amid sign of easing geopolitical tensions between Russia and Ukraine. US President Donald Trump has said peace talks with Ukrainian President have made a lot of progress, though the peace deal may take weeks. Ukrainian President Volodymyr Zelensky also agreed upon 90% of the framework and US-Ukraine security guarantee, though some key issue remain," commented the technical research analysts of ICICI Securities.

"An easing geopolitical risk could bring profit booking in the bullions. Meanwhile, For the day, spot gold is likely to remain in the band of $4470 and $4550 per ounce. Only a move below $4470 per ounce it would fall towards $4430 per ounce," they further added.

Spot & MCX Silver Outlook Today

"Spot International Silver is hovering near $77 per ounce after a fresh record high at $83.75. A move below the support of $75, would bring correction towards $72.50. MCX Silver March has support at ₹230,000 level. A move below would weaken towards ₹224,500," recommended the technical research analysts of ICICI Securities.

Gold & Silver Fundamental Outlook Today

"Gold and silver prices have witnessed profit bookings from the higher levels on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day; after silver prices retreated after smashing through $80 an ounce for the first time, with traders booking profits from a record-breaking rally powered by speculative deals and a structural imbalance in supply and demand," commented the research analysts of Nirmal Bang Securities.

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