Gold prices in India have shown fluctuations, with a recent dip bringing the price for 24K gold down to ₹77,800 per 10 grams as of December 13, 2024. This decline follows a previous peak during the Diwali celebrations, where prices surged by nearly 30% year-on-year [af3551b3][b9f78b65].
The current market is influenced by a combination of factors, including mixed economic data from the United States and ongoing geopolitical tensions. The upcoming meeting of the US Federal Reserve on December 17-18 is anticipated to result in a 25-basis-point rate cut, which could potentially boost gold prices in the near future [b9f78b65].
In addition to these economic indicators, renewed demand from the Indian wedding season has recently contributed to price fluctuations. The wedding season is projected to inject approximately ₹5.9 trillion into India's economy, which may further drive demand for gold jewelry [597058fc][af3551b65].
Analysts have set support levels for gold at USD 2670-2655 and resistance at USD 2705-2720, while silver support is noted at USD 30.80-30.65 and resistance at USD 31.22-31.40 [b9f78b65]. As the market navigates these complex dynamics, the interplay between seasonal demand and economic policy will be crucial in shaping future gold price movements [af3551b3].