The spot price of gold, where the physical precious metal is bought and sold for immediate delivery, stood just above $4,315 an ounce on December 16 (7:12 am IST). The price gained 0.24 percent in a day and 2.53 percent in a week.
The gold price in the domestic futures market on MCX, where trading involves standardized contracts to buy and sell the precious metal at a predetermined price, closed the Monday session at Rs 1,34,180 per 10 grams of 24-carat purity, which is 0.37 percent down from the previous close. The Precious metal hit a new all-time high of 1,35,496 as recorded on December 15.
Meanwhile, the rupee stood at 90.825 against the U.S. dollar on Tuesday, representing a 0.06 percent gain over the past week.
Gold prices vary by purity. Check out below to see the prices of gold based on its purity.
Purity (Grams) Price (₹) 10 Grams of 24K Purity 1,35,390 10 Grams of 22K Purity 1,24,110 10 Grams of 18K Purity 1,01,550
Why are gold prices rising?
According to Rahul Gupta, Chief Business Officer, Ashika Stock Service, gold prices are edging higher as softer US bond yields and a weaker dollar revive interest in safe-haven assets, while markets remain cautious ahead of key jobs data that could influence the Fed’s rate trajectory.
“The near-term bias for gold remains supportive as macro uncertainty persists. On MCX, gold is showing resilience above the ₹1,35,500 mark; holding this level could allow prices to drift toward ₹1,40,000, while a break below ₹1,33,000 may trigger a short-term corrective phase," said Gupta.
The Augmont Bullion report published on December 15, noted that gold is expected to trade in the range of $4,290 (Rs 1,32,000) to $4,400 (Rs 1,36,000) this week. So, buy on dips around support.
Outlook: Will gold continue its momentum this week?
The Augmont report further stated that gold prices reached record highs last week, jumping 3 percent. The Federal Reserve has indicated one more rate cut in 2026. The market is mostly focused on the jobs report due on Tuesday and the inflation data scheduled for Thursday. On Wednesday, the Bureau of Labour Statistics will issue the delayed October and November job data.
Furthermore, it stated that the Bank of England is expected to cut interest rates this week on Thursday, though the decision will likely be close. Also, the Bank of Japan is apparently preparing to raise its benchmark interest rates for the first time in eleven months.
“Higher interest rates usually support the yen. A higher yen frequently results in a lower US dollar, which benefits gold because it is denominated in dollars,” the report stated.
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.
City 24K (per gram) 22K (per gram) 18K (per gram) Chennai 13,654 12,516 10,441 Mumbai 13,539 12,441 10,155 Delhi 13,554 12,426 10,170 Kolkata 13,539 12,441 10,155 Bangalore 13,539 12,441 10,155 Hyderabad 13,539 12,441 10,155 Kerala 13,539 12,441 10,155 Pune 13,539 12,441 10,155 Vadodara 13,544 12,416 10,160 Ahmedabad 13,544 12,416 10,160
Source: Goodreturns
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