Gold prices in India saw a slight increase on December 9, with the cost of 22-karat gold rising by Rs 15 to Rs 7,145 per gram, while 24-karat gold (999 purity) reached Rs 7,793 per gram. According to the All India Sarafa Association, the market continues to show momentum, driving the upward trend in gold prices.
In Delhi, 24-karat gold was priced at Rs 77,930 per 10 grams, while 22-karat gold stood at Rs 71,450 per 10 grams. The steady rise in prices has reinforced gold’s position as a top choice for jewelry buyers.
Other major cities followed a similar trend, with Ahmedabad, Chennai, Hyderabad, Kolkata, and Mumbai reporting slightly lower prices for 22-karat gold, ranging from Rs 7,130 to Rs 7,135 per gram, and 24-karat gold varying from Rs 7,778 to Rs 7,793 per gram.
On the previous trading day, December 8, gold prices remained stable at Rs 79,150 per 10 grams in the national capital. Silver prices, however, declined by Rs 300 to Rs 93,500 per kilogram, compared to Rs 93,800 per kg on Thursday. Gold of 99.5% purity remained unchanged at Rs 78,750 per 10 grams.
In the futures market, gold contracts for February delivery on the Multi Commodity Exchange (MCX) rose by Rs 181, or 0.24%, to Rs 76,657 per 10 grams. Jateen Trivedi, VP of Research at LKP Securities, noted that gold’s minor gains were linked to market anticipation of key U.S. economic data, including non-farm payroll and unemployment figures, which are expected to influence the Federal Reserve’s policy.
“Gold continues to maintain a positive trajectory as investors await these critical data points,” Trivedi explained.
Silver futures for March delivery increased by Rs 426, or 0.46%, to Rs 92,850 per kilogram. Internationally, Comex gold futures rose by 0.42%, reaching USD 2,659.60 per ounce.
Saumil Gandhi, Senior Commodities Analyst at HDFC Securities, suggested that stronger-than-expected U.S. economic data might prompt the Federal Reserve to pause rate cuts, potentially leading to a dip in gold prices. Conversely, weaker-than-expected data could cause a surge in gold prices.
Silver also saw a 0.62% rise, trading at USD 31.73 per ounce during Asian market hours. Despite a weakening dollar, Manav Modi, Analyst at Motilal Oswal Financial Services, stated that gold prices held steady in anticipation of the important jobs report due later in the day.
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