Gold flat, silver up in India: What today’s prices mean for buyers

Gold prices in India traded nearly flat on Wednesday (January 7), posting marginal gains across purity levels, even as global bullion prices declined on profit-booking ahead of key US economic data.

As per the latest rates, 24-carat gold rose by ₹1 to ₹13,883 per gram, while 22-carat gold increased by ₹1 to ₹12,726 per gram.

18-carat gold was priced at ₹10,413 per gram, also up ₹1.

Silver prices edged higher in the domestic market.

Silver gained ₹0.10 to ₹253.10 per gram, while prices on a kilogram basis rose by ₹100 to ₹2.53 lakh

In global markets,

gold prices slipped as investors booked profits after a recent rise. Spot gold fell 0.7% to $4,466.19 per ounce, while US gold futures for February delivery declined 0.4% to $4,477.30 an ounce.

Prices had earlier climbed to a more than one-week high.

The dollar traded near a two-week high, pressuring dollar-denominated commodities ahead of a series of US labour market indicators, including non-farm payrolls, JOLTS and ADP private payrolls data.

Investors continue to factor in expectations of at least two US rate cuts this year.

According to Rahul Kalantri, Vice President – Commodities at Mehta Equities Ltd, gold and silver had recently advanced on strong safe-haven demand amid heightened geopolitical tensions, with markets now awaiting US payroll data for further direction.

He added that gold has support at $4,430–4,385 an ounce and resistance at $4,535–4,580 an ounce, while silver has support at $79.10–76.45 on ounce and resistance at $83.05–85.40 an ounce.

-With Reuters inputs