24-carat gold closes at ₹1,26,666
The price of 24-carat gold (10 grams) jumps by ₹1,324 this week, driven by safe-haven demand and rising expectations of a U.S. Federal Reserve rate cut. Gold closes the week at ₹1,26,666, compared to ₹1,25,342 on Monday, according to data from the India Bullion and Jewellers Association (IBJA).
Rate-cut bets strengthen further, with the probability of a 350–375 basis point reduction in December increasing to 86.9%, up from 71% last week, as per the CME FedWatch Tool. Analysts say gold retests resistance between $4,215 and $4,240 and needs a strong trigger to break past $4,240.
A sustained rise can push prices toward the previous peak of $4,400 (₹1,31,500), while a downside move can see gold pull back to $4,100 (₹1,23,000). Prices soften on Friday after the U.S. government shutdown ends, easing fears of economic disruption.
Analysts peg domestic gold support at ₹1,25,750–₹1,24,980 per 10 grams, with resistance at ₹1,27,750–₹1,28,400. Silver support stands at ₹1,60,950–₹1,59,400 per kg, while resistance ranges between ₹1,63,850–₹1,64,900. Market experts expect near-term weakness to persist until safe-haven buying resurges or the Fed shifts its policy tone.
Bank of America says gold has potential to reach $5,000, supported by macro tailwinds such as high government debt, sticky inflation, easing interest rates, and unconventional U.S. economic policies. The bank points out that institutional holdings remain relatively low despite rising prices and flags slowing Chinese demand, constraints in mined metal supply, low global inventories, and tight availability of key metals as major trends to monitor.
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