Gold And Silver Prices Today On December 23: Check Rates Here

The price of gold on Monday stood at Rs 77,440 per 10 grams for 24 carat in Mumbai, as per Goodreturns, a website that tracks the precious metal prices. This was almost flat compared to Rs 77,450 on Sunday.

The price, however, has risen from Rs 75,770 on Friday after it slipped on the back of lower demand and global trends.

For 22 carat gold, the price stood at Rs 70,990 per 10 grams today while it was Rs 58,080 for 18 carat gold in the city.

The fall in the price last week had also come after US Federal Reserve signalled only 2 rate cuts in 2025, lower from the September estimate that indicated four rate cuts.

The US Fed last week reduced its key interest rate for the third time since the pandemic, in line with expectations. The Federal Open Market Committee lowered the rate for the first time in September and then in November.

The central bank had kept its key interest rate unchanged for eight consecutive meetings until July, after raising it by 25 basis points last year, bringing the benchmark rate to a 22-year high.

However, the median official has indicated a 50 basis point rate cut in 2025 to 3.9%, indicating just two quarter-point cuts next year.

The precious metal has had a record-breaking run on the back of monetary policy easing in the US, demand as safe-haven investment, and consistent buying by central banks.

Investors tend to consider the yellow metal a safe-haven investment when there are geo-political uncertainties or economic crisis.

Silver, which has emerged as one of the key investments for traditional investors, stood at Rs 91,400 per kg, slightly down from Rs 91,500 on Sunday. Silver has fallen by over Rs 1,000 in the last 10 days, from Rs 92,500 per kg.