Gold Prices Surge to 6-Week High: December 1 24K & 22K Rates in Your City

Gold Rate Today, December 1: Prices Hit Six-Week High Amid US Rate Speculation

Gold and silver prices surged to a six-week high on Monday, as traders assessed the possibility of a US interest rate cut in December. In Mumbai, 24-carat gold was priced at Rs 1,30,480 per 10 grams, while 22-carat gold traded at Rs 1,19,600 per 10 grams. These rates exclude GST and making charges. Silver was available at Rs 1,88,000 per kg in the spot market.

On the MCX, gold rose 0.67% to Rs 1,30,373 per 10 grams for February 5 contracts, while silver gained 1.5% to trade at Rs 1,77,609 per kg in futures during morning trade.

In the international market, US spot gold climbed 0.2% to $4,240.54 per ounce, marking its highest since October 21. US gold futures for December delivery rose 0.5% to $4,276. Silver also jumped 2% to $57.48 per ounce, after briefly touching an all-time high of $57.86.

What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On December 1?

Ponmudi R, CEO of Enrich Money, said, “COMEX Gold is trading near $4,275/oz after breaking above its key resistance at $4,286/oz. If Gold continues to hold above this level, prices may move toward $4,300–$4,400. As long as Gold stays above the crucial support near $4,200/oz, the overall trend remains bullish. A fall below this level could lead to a short-term correction toward $4,080/oz. Overall, Gold is preparing for strong upside volatility.”

MCX Gold is approaching a major resistance near Rs.1,28,000. A clean close above this level may push prices toward Rs 1,29,000-Rs 1,30,500. Immediate support is placed near Rs.1,26,800, while the stronger base lies between Rs 1,26,000-Rs 1,25,400. The medium-term trend for Gold remains firmly positive.

“MCX Silver has also touched fresh all-time highs near Rs 1,77,800. Immediate resistance is seen at Rs 1,79,000-Rs 1,80,000, and a breakout above this zone can push Silver toward Rs 1,81,000 Rs 1,85,000. Strong support remains at Rs 1,72,000-Rs 1,68,300. As long as Silver holds above this band, the bullish trend stays firmly in place,” said Ponmudi.

The next US Fed meeting will take place on December 9-10 and the decision will be announced on December 10.

What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.

In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.

With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.