Gold price today, Dec 9: Rates dip slightly near $4,200; check 24K, 22K, 18K prices in your city

The Indian Bullion and Jewellers Association (IBJA) announced the price of yellow at Rs 1,28,592 for 10 grams of 999 purity in their 18:30 rate session on December 8.

Spot gold price stood at $4,196 an ounce on December 9, as of 7:30 a.m. IST, which is a recovery of around 0.13 percent in the last 24 hours.

India’s December gold futures opened the Tuesday trade at Rs 1,30,091 per 10 grams of 24-carat purity, and continued to hover around 1,29,998, which is 0.0715 percent down since the morning trade.

Meanwhile, the rupee stood at 89.999 against the U.S. dollar on December 9 as of 4:43 p.m (IST), which is 0.09 percent up in a week.

Interest rate traders now comprise 89.4 percent vote for the probability of a 350-375 target rate bps in the upcoming U.S Federal Reserve meeting, come December 9-10, as per FedWatch data that tracks the probabilities of changes to the Fed rate.

The Indian Bullion and Jewellers Association (IBJA) announced the price of yellow at Rs 1,28,592 for 10 grams of 999 purity in their 12:30 rate session on December 9.

City-wise gold prices in India today

Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

Why are gold prices rising?

"Gold is trading under slight pressure as markets brace for what could be a hawkish tone from the Federal Reserve, a backdrop that has kept safe-haven demand in check despite support from a softer dollar and solid global interest. On MCX, supports are placed at Rs 1,28,000–Rs 1,28,200 zone, a sustained hold here could keep the near-term base intact, but a breach below Rs 1,27,500 may open the door toward Rs 1,25,500–Rs 1,25,000. On the upside, a rebound toward Rs 1,31,000–Rs 1,31,500 could retest recent highs if the Fed’s tone surprises to the dovish side," said Rahul Gupta, Chief Business Officer, Ashika Stock Services.

Outlook: Will gold continue its momentum this week?

The Augmont Bullion report published on December 9 stated that gold and silver prices are stable, supported by risk aversion and anticipation of a 25bp rate drop by the Federal Reserve at its meeting, and traders will be watching the latest economic predictions (the Dot plot) and comments from Chair Jerome Powell for signals on the central bank’s plans for 2026 and beyond.

It added that gold has started its upward journey again; the next target is $4,300 (Rs 1,32,000) and $4,345 (~Rs 1,33,500) with strong support at $4,200 (Rs 1,29,000).