Gold slipped 0.32% today, Dec 9th. Check the latest 24K and 22K prices in Mumbai, Delhi, and Chennai. We break down why the US Fed’s next move is controlling your gold rate.
It’s December 9th, and gold prices? They took a small dip today. It’s a slight drop, about 0.32% down from yesterday’s closing price. It’s not a crash, or nothing. But that still means less money in your pocket if you’re selling.
Also Read | School Holidays: Winter Break Declared for Students in J&K, Rajasthan
The Price Snapshot
Let’s talk numbers. This is for 10 grams:
-
24 Carat (Pure Gold): ₹129,400. That’s a loss of ₹420.
-
22 Carat (Jewellery Gold): ₹118,617. Down by ₹385.
The thing is, the rate is never fully uniform across India, right? Chennai is a bit higher. Delhi is a little lower. But the overall trend? It’s down everywhere—Mumbai, Bangalore, Pune, those too.
Why the Price is Moving Today
The reason for the drop today is actually happening thousands of kilometers away. It’s the US Federal Reserve.
The markets are all holding their breath, waiting for the Fed’s policy stance announcement later today. When the US central bank changes interest rates, it affects the global gold price, because gold is bought and sold internationally in US Dollars.
-
What happened: The market is generally expecting the Fed to maybe cut interest rates by a quarter-point (25 basis points).
-
And then this followed: If rates are expected to fall, it usually makes non-yielding assets like gold more attractive for investors. Gold should technically go up.
-
The confusing part: But the US Fed Chair, Jerome Powell, has been sounding a bit “hawkish,” meaning he’s not guaranteeing a big easing cycle. So, there’s uncertainty. That uncertainty causes people to pull back a little bit, and that little pullback caused the gold price to drop today. It’s market nervousness, pure and simple.
India vs. Dubai: The Price Gap
Here’s a key observation for Indian subscribers, for anyone who travels: Gold is way more expensive in India than in Dubai.
Also Read | School Holidays: Winter Break Declared for Students in J&K, Rajasthan
Today, 24K gold in India is at ₹129,400 per 10 grams. In Dubai? It’s around ₹112,816. That’s a huge difference—over ₹16,500 more expensive here.
What draws people there? Taxes and duties. India adds import duties, plus GST. Dubai has much lower levies, especially if you factor in tourist VAT refunds. India’s price is always the international rate, plus the Rupee-Dollar exchange rate, plus all those government duties. That’s why the price is always higher here.
What’s Next for Investors?
Analysts are actually pretty bullish. They still think the overall trend is pointing slightly higher. That expectation of a rate cut—even if it’s uncertain today—is keeping the bullish feeling intact. Plus, China’s central bank, a massive buyer, they keep hoarding gold. That alone supports the price.
If you’re a retail investor, the advice is always the same: track the global market. Don’t just look at the local jeweler’s board. Keep your eyes on the US Fed’s final decision. That’s what’s really going to shape the next few weeks for the yellow metal. It’s an ongoing, global economic dance.
Also Read | School Holidays: Winter Break Declared for Students in J&K, Rajasthan
End…
Add Businessleague.in as a Preferred Source 
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
Add businessleague.in as a Preferred Source
