Gold prices in India are shaped more by global trading trends than by local demand and supply, with markets like London OTC and COMEX playing a key role.
“Gold is trying to form a base around the $2600-20 (~Rs 76000-500) support zone for up leg towards $2680 (~Rs 78000) and $2720 (~Rs 79000). Silver has formed a base around $29 (~Rs 87000), buying could be initiated on every dips for the target of $31(~Rs 92500) and $32 (~Rs 95000). Precious metals are trying to form a base and rebound as US data showed a slowing economy and a “timid” reacceleration in inflation. This week is critical for gold traders, as they will closely monitor key economic data,” added Renisha Chainani, Head of Research at Augmont.
Traders are expected to be focused on how the NFP data compares to last week’s inflation numbers. If the US jobs report meets or falls short of forecasts, it may confirm the Federal Reserve’s view that a pause in the interest rate-cutting cycle is on the way. The price of gold is heavily reliant on a dovish monetary policy. If the Fed cuts rates less aggressively, this might negatively impact gold prices and the economy,” Chainani noted further.
Gold and silver rates today, January 8
The 24-carat gold rate in India was Rs 78,700 per 10 grams on January 8. The rate for 24-carat gold per gram is Rs 7,870. While the rate of 22-carat gold was Rs 72,140 per 10 grams.
On January 8, 24-carat gold prices surged to Rs 78,700 for 10 grams, while silver fell to Rs 91,400 per kilogram, as per Good Returns.
Gold rate in Mumbai on January 8
The Gold rate in Mumbai is Rs 78,700/10 grams today. On January 7, the gold was available for 78,700/10 grams.
Silver rate in Mumbai on January 8
Silver rate in Mumbai was Rs 91,400/Kg on January 8, while it was priced at Rs 91,500/Kg on the previous day.
Gold rate in Delhi on January 8
On January 8, the gold rate in Delhi is Rs 78,885/10 grams for 24 carat. The gold was quoted at Rs 72,140/10 grams for 22 carat.
Silver rate in Delhi on January 8
The silver rate in Delhi was Rs 90,400/Kg on January 8. The price of silver for 10 gram Rs 904/gram on January 8.
Gold rate in Kolkata on January 8
The gold rate in Kolkata was Rs 78,700/10 grams, today, January 8. The glittering metal was selling for Rs 72,140/10 grams for 22 carat.
Silver rate in Kolkata on January 8
Today, the silver rate in Kolkata is Rs 90,400/Kg and for 10 gram, it was priced 904.
Gold rate in Chennai on January 8
On January 8, the gold rate in Chennai was Rs 78,700/10 grams for 24 carat gold and 22 carat was priced at Rs 72,140/10 grams.
Silver rate in Chennai on January 8
The silver rate in Chennai today, January 8, is Rs 98,900/Kg and for 10 gram it is priced at Rs 989.
Source: www.financialexpress.com
