Gold Prices Surge Again: 18-Carat Gold Crosses ₹1 Lakh in This Indian City—Check Latest Rates in 10 Major Cities

Gold and silver prices continue to fluctuate in the Indian bullion market, with gold extending its upward momentum for the second consecutive day while silver remains under pressure. Among the country’s top metropolitan cities, one city has seen 18-carat gold breach the ₹1 lakh mark per 10 grams, highlighting the sharp rise in precious metal prices ahead of key global economic events.

As markets await the outcome of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting scheduled for December 9–10, gold prices are responding to shifting investor sentiment. In contrast, silver prices have softened for two days in a row after a brief period of stability.

Gold Becomes Costlier for the Second Day, Silver Loses Shine

In Delhi, the price of 24-carat gold rose by ₹10 per 10 grams, and 22-carat gold also increased by ₹10 compared to the previous session. Over the last two trading days, 24-carat gold has climbed ₹280, while 22-carat gold has gained ₹250 per 10 grams.

Silver, on the other hand, has seen a consistent decline. After holding steady for a day, the price of silver has slipped ₹1,100 per kg over the last two days in Delhi. This comes after silver prices initially surged by ₹3,000 per kg, only to fall by ₹4,000 per kg the following day.

As of December 9, silver is selling in Delhi at ₹1,88,900 per kg, down by ₹100 from yesterday. Mumbai and Kolkata are also trading at similar levels, while Chennai continues to record the highest silver price at ₹1,97,900 per kg.

Why Are Gold Prices Rising Ahead of the Fed Meeting?

The upcoming FOMC meeting has increased anticipation among investors regarding a potential interest rate cut. If the Federal Reserve signals or implements a rate reduction, gold prices may surge further.

Lower interest rates make bonds and fixed-income instruments less attractive, pushing investors toward safe-haven assets like gold, which typically strengthens during such scenarios.

Gold Prices in 10 Major Indian Cities (24K, 22K & 18K)

Below are the latest gold rates per 10 grams across the country:

Chennai stands out as the only major city where 18-carat gold has crossed the ₹1 lakh mark, currently priced at ₹1,00,390 per 10 grams.

Why This Week Is Crucial for the Bullion Market

Analysts expect significant volatility in precious metals this week due to multiple global and domestic triggers. Key factors influencing gold and silver prices include:

• Signals from the US Federal Reserve’s policy meeting

• China and US economic data, including inflation and trade figures

• The movement of the Indian rupee against the US dollar

Prathamesh Mallya of Angel One notes that the depreciation of the rupee toward the 90-per-dollar mark has made gold more expensive in India compared to global benchmarks like COMEX Gold. He adds that potential rate cuts, rising central bank demand, and increased buying by fund houses could push gold even higher.

Pranav Mer of JM Financial Services believes traders will closely monitor the FOMC meeting, Fed Chair Jerome Powell’s remarks, China’s trade and inflation numbers, and US jobs data—all of which will shape the short-term direction of gold.

Regarding silver, Mer states that strong industrial demand coupled with tight supply conditions could propel silver to ₹2,00,000–₹2,25,000 per kg in the near term.

Disclaimer

The investment views and recommendations mentioned above are those of individual experts and brokerage firms. Readers are advised to consult certified financial advisors before making investment decisions.