Gold and silver prices have fallen more than a per cent compared to a week back as no new triggers around the globe. However, investors are waiting for the FOMC meeting, plus the Bank of England is likely to keep the interest rate unchanged.
“This week, the BoE is expected to hold the interest rates, the FED is expected to lower rates, and the BOJ must make a difficult decision either to raise rates or wait. The US Dollar Index, which is once again in the crucial region at the 107 handle, is the main focus this week. Gold has been taking support at the uptrend line for the past month,” said Renisha Chainani, Head of Research at Augmont – Gold For All. “If the same trend is to be followed, Gold will rebound from current levels of Rs 77100 towards Rs 79000 again. If prices sustain below Rs 77100, the next target is Rs 75000.”
Gold and silver rates today, December 17
The 24-carat gold rate in India was Rs 77,030 per 10 grams on December 17. The rate for 24-carat gold per gram is Rs 7,703. While the rate of 22-carat gold was Rs 70,611 per 10 grams.
The price of 24-carat gold has fallen 1.6% in the last seven days. However, It has increased by 0.5% in the last ten days. The silver is available to Indian customers today at a price of Rs 90,920 per kilogram.
“Key data points include the US Fed’s policy outlook, the PCE price index, RBI meeting minutes, and updates from the ECB and China’s monetary policy decisions. Amid these developments, gold is likely to trade between $2,645–$2,675 on Comex, with minor strength expected on dips. In MCX, the range is projected at Rs 76,500–Rs 78,000, as traders navigate heightened uncertainty,” said Jateen Trivedi, Vice President and Research Analyst of Commodity and Currency at LKP Securities.
Gold rate in Mumbai on December 17
The Gold rate in Mumbai is Rs 77,030/10 grams today. On December 16, the gold was available for Rs 77,110/10 grams. A week back, on December 10, gold was sold for Rs 78,320/10 grams.
Silver rate in Mumbai on December 17
Silver rate in Mumbai was Rs 90,920/Kg on December 17, while it was priced at Rs 90,790/Kg and a week ago the price was Rs 95,230.
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