On Monday, December 23, 2023, gold prices in India held steady after a sharp rise of Rs 6,000 on December 21. Despite global uncertainties surrounding interest rate cycles, gold prices remained unchanged for two consecutive days. The U.S. Federal Reserve’s decision to maintain low interest rates and limit rate reductions contributed to price stability.
Currently, 22-carat gold is priced at Rs 7,100 per gram, and 24-carat gold is priced at Rs 7,745 per gram. For larger quantities, 22K gold costs Rs 71,000 per 10 grams and Rs 7,10,000 per 100 grams, while 24K gold is priced at Rs 77,450 per 10 grams and Rs 7,74,500 per 100 grams.
In the international market, U.S. gold futures dropped 0.1% to $2,642.10, whereas spot gold rose 0.2% to $2,626.44 an ounce. Platinum surged 1% to $935.47, palladium gained 0.2% to $922.31, and silver rose 0.7% to $29.72 an ounce.
Silver prices in India dropped slightly, with 1 kilogram priced at Rs 91,400, down by Rs 100 from the previous day. Ten grams of silver cost Rs 914, and 100 grams were priced at Rs 9,140.
According to analysts at Way2Wealth Brokers Private Limited, MCX Gold is currently trading above the key level of Rs 76,400, forming a bullish pattern. It remains in a critical supply zone between Rs 76,350 and Rs 76,850. A breakout above Rs 76,850 could push prices to Rs 77,200–77,700 levels, while a rejection may bring prices down to Rs 75,450–76,000.
