Gold Prices in India Hold Steady Above Rs 1,24,000: Check Current Rates
Gold prices in India today held steady to Rs 1,24,530, after the festive season. On Tuesday, Gold prices slid the most in 12 years after a weeks-long furious rally. A confluence of factors dragged down the precious metal, including positive trade talks between China and the US, a stronger dollar, overstretched technicals, and uncertainty on investor positioning due to the government shutdown, were factors cited for the price drop on the global scale.
Factors Influencing Gold Prices in India
While in India, the end of the seasonal buying spree stands as the major reason for the dip. Gold prices rose globally on Thursday, following a two-day slump, as geopolitical uncertainties emerged following the US sanctions on Russian oil companies. On India’s Multi Commodity Exchange, gold futures for December delivery rose 2% to trade at Rs 124,250 per 10 gram.
For investors looking to diversify their portfolio, understanding the gold investment strategies can be beneficial. Additionally, staying updated on the latest stock market news can help in making informed decisions.
JP Morgan’s Forecast for Gold Prices
JP Morgan expects the bull run to stay intact with the price to reach an average $5,055 per ounce by the end of the fourth quarter of 2026. The forecast is based on the back of rising investors demand and central bank buying that is expected to average at nearly 566 tons of the metal in a quarter of 2026.
Natasha Kaneva, Head of Global Commodities Strategy at JP Morgan, said in a note accessed by Reuters, ‘Gold remains our highest conviction long for the year, and we see further upside as the market enters a Fed rate-cutting cycle.’ For those interested in central bank buying strategies, understanding the impact on gold prices is crucial.
Current Gold Prices in Major Cities
In New Delhi, the price stood at Rs 1,24,090, per 10 gm, and in Mumbai, it stood at Rs 1,24,310 on Friday. In Bengaluru, the rate stood at Rs 1,24,410, while in Kolkata, it was Rs 1,24,140 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,24,670 per 10 gm.
Investors looking to trade in gold can check the current gold prices in India for the best deals. Moreover, learning about gold trading strategies can help in maximizing returns.
Global Gold Prices and Silver Rates
The Dec. 5 futures stood at Rs 1,24,247 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $4,130 on Friday, according to the World Gold Council. The precious metal’s price also rose to Rs 1,49,000 per kilogram, according to the India Bullion Association.
Dec. 5 futures for silver were trading lower at Rs 1,48,660, according to the Multi-Commodity Exchange. For those interested in silver investment options, understanding the current market trends is essential.
Conclusion
Gold prices in India are expected to remain steady, with a potential for further upside due to increasing demand and central bank buying. Investors should stay updated on the latest gold market news and consider diversifying their investment portfolio to maximize returns.
