Gold Prices Surge to Rs 79,470 for 24K Gold; Silver Drops to Rs 95,500 per KG

Gold Price Today in India: December 11, 2024 - Significant Surge in 24K Gold Rates, Silver Prices Decline

On Wednesday, December 11th, the gold price in India saw a notable spike, with 24k gold increasing by ₹870 per 10 grams, as per media report this is the highest this month. However, the silver rate has dropped by Rs 1000/kg since yesterday. Currently the gold is trading around $2,695.15 per troy ounce. Also, it should be noted that the price of both gold and silver will differ in different states depending on macroeconomic factors like demand and supply, global market trends, foreign currency exchange rates, geopolitical events, and much more.

Gold Price Today 22k

The price of 22k gold has seen a notable increase across their weights. For a gram, the price has risen by Rs 80, reaching Rs 7285 compared to Rs 7205 which was yesterday. The 8 grams of gold today, will now cost Rs 58,280 which is Rs 640 more than yesterday. For 10 grams the price then stands at Rs 72,850 which is an increase of amount Rs 800 from yesterday’s Rs 72,050. Lastly, the 100 grams of gold is priced at Rs 7,28,500 making a significant rise of Rs 8000 from yesterday’s Rs 7,20,500.

Gold Price Today 24k

The prices for 22k gold also have seen a significant rise in their weights. For a gram of 24k, the price has increased to Rs 87, making it Rs 7947 from yesterday’s Rs 7860. 8 grams of gold now costs Rs 63576 which is Rs 696 more than yesterday’s Rs 62880. The price of 10 grams has now surged to Rs 79470 bringing Rs 870 more than the previous day’s Rs 78600. Lastly, for 100 grams the price has risen more to Rs 8700 making it Rs 794700.

Silver Price Today

Are Geopolitical Tensions Are Driving Gains

When the gold price gets high due to geopolitical tensions, it is an indication that the investors are seeking a haven asset. Gold is often considered a safe-haven asset during any uncertainty like geopolitical tensions, economic uncertainty, or inflation. 

When these factors prevail, the investors buy gold as a hedge against any potential loss in other investments. Just as the Gulf region faces geopolitical and economic instability like the Russia-Ukrane war and Israel-Iran tensions, affects global trade and investment. Any disruption in oil supply from the Gulf region could give rise to inflation and other economic challenges. 

As the rising tensions involve more nations, the increased complexity of resolving these issues remains. Economic factors like the weakening of US Dollars and increased demand for safe-haven assets like gold and silver are pushing up precious metals. 

When dollars weaken, investors often turn to gold as it retains better value during economic instability. Global tensions such as conflicts in the Gulf and Russia-Ukraine have prompted investors to purchase assets like gold have historically performed well. The economic struggles in India, China, and Japan such as inflation, currency depreciation, slow growth of the economy, etc. have led to the increased demand for gold as it is considered a hedge against economic collapse. 

Some countries like Russia are stocking up gold as reserves for financial security, whereas the gold-producing nations have made it mandatory for the central bank to purchase gold to reduce the market unavailability for pushing the prices higher.