The gold spot price, which is bought and sold for immediate delivery, stood just above $4,360 an ounce on December 29 (8:42 am IST), representing 0.66 percent gain from its previous close and a decline of 2.87 percent in a week. The spot price surged to its peak performance at Rs $4,546 on December 26.
The domestic futures price of gold on MCX opened the Monday session at Rs 1,33,470 per 10 grams of 24-Carat purity. The trading in futures involves standardised contracts to buy and sell the precious metal at a predetermined price. The price is up 0.66 percent from its previous close at Rs 1,32,595. The gold futures price peaked on MCX at Rs 1,38,300 as recorded on December 26.
Meanwhile, the rupee stood at 89.770 against the U.S. dollar on Monday, representing a 0.14 percent decline in a day and a gain of 0.38 percent in a week.
Gold prices vary by purity. Check out below to see the prices of gold based on its purity
| Gold Purity | Price (₹) |
|---|---|
| 10 Grams of 24K Purity | 1,39,240 |
| 10 Grams of 22K Purity | 1,27,640 |
| 10 Grams of 18K Purity | 1,04,430 |
Source: Goodreturns
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 | 14,203 | 13,019 | 10,864 |
| Mumbai | 13,924 | 12,764 | 10,443 |
| Delhi | 13,939 | 12,779 | 10,458 |
| Kolkata | 13,924 | 12,764 | 10,443 |
| Bangalore | 13,924 | 12,764 | 10,443 |
| Hyderabad | 13,924 | 12,764 | 10,443 |
| Kerala | 13,924 | 12,764 | 10,443 |
| Pune | 13,924 | 12,764 | 10,443 |
| Vadodara | 13,929 | 12,779 | 10,448 |
| Ahmedabad | 13,929 | 12,779 | 10,448 |
Source: Goodreturns
Why is the gold price down?
Gold's recent decline in price is mainly attributed to profit-taking ahead of the new year. Also, easing geopolitical tension between Ukraine and Russia has softened the safe-haven demand.
"If global tensions and financial risks persist, then gold's role as a safe-haven asset will increase. Increased geopolitical conflicts, trade disputes, or political instability often drive investors toward assets that are seen as stores of value when confidence in markets weakens," said Ross Maxwell, Global Strategy Operations Lead, VT Markets.
Outlook: Will gold continue its momentum this week?
The Augmont Bullion report, published on December 28, noted that gull trend can continue until prices are trading above $4,450 (Rs 1,36,000).
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