Gold prices in India surged sharply on Monday, March 10, ahead of key macroeconomic data such as CPI, IIP and WPI inflation data of the country. Also, gold price performance will be eyed because the US will release its inflation and PPI data, which is expected to give further clarity to the rate cut scenario by the Federal Reserve. 24K gold price is above the Rs 87,800 level.

Gold Prices In India:

24K gold price is at Rs 87,820 per 10 grams, while the prices are at Rs 80,500 and Rs 65,870 per 10 grams in 22K and 18K. The price of 1 gram of gold is currently at Rs 8,782 per gram for 24-karat gold, Rs 8,050 per gram for 22-karat gold and Rs 6,587 per gram for 18-karat gold (also called 999 gold).

Silver Prices In India:

On the other hand, silver prices slipped marginally in the country. On Monday, the price of silver in India is at Rs 99 per gram down by Rs 0.10, and at Rs 99,000 per kilogram which is down by Rs 100.

MCX Gold Prices:

MCX gold futures, with an April 2025 expiry, stood at Rs 86,028 per 10 grams, rising by Rs 151 or 0.18%. The highest intraday level is at Rs 86,099 per 10 grams.

However, unlike silver prices in India, MCX silver futures with May 2025 expiry, jumped by Rs 777 or 0.80% to Rs 97,978 per 1kg. The intraday high for MCX silver is at Rs 98,098 per 1kg.

Spot Gold Price:

As per Trading Economics, gold held steady at around $2,910 per ounce on Monday, supported by a weaker dollar and safe-haven demand amid widespread fears of a broader trade war. While U.S. President Donald Trump postponed the 25% tariffs on many goods from Canada and Mexico for a month, Canada’s retaliatory measures remain in place, and China’s tariffs on certain U.S. agricultural products came into force on March 10.

Gold Prices Outlook!

Trading Economics data said, adding to investor jitters, in a Fox News interview on Sunday, Trump refused to say whether the economy is facing a recession or rising inflation. Meanwhile, Federal Reserve Chair Jerome Powell on Friday said officials don’t need to rush to cut interest rates despite increased uncertainty in the U.S. economic outlook. Investors now await a crucial U.S. inflation report, due later this week, for further clarity on the Fed’s rate path.

While Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd at Motilal Oswal Financial Services said, gold prices edged higher, helped by a weaker dollar and safe-haven flows triggered by fears of a global trade war, while investors awaited further clues to gauge the Federal Reserve’s interest rate stance. President Trump last week exempted many imports from Mexico and some from Canada from those tariffs for a month, creating uncertainty in the markets and fanning worries about U.S. inflation and growth.

Modi added, over the weekend, there were several updates regarding the Russia and Ukraine however, it was without any conclusion, keeping market participants on edge. On data front, Labor Department’s employment report last week showed that nonfarm payrolls increased by 151,000 last week and revising last month data lower to 125,000. However, unemployment rate increased by 0.1% to 4.1% from expectations.

He lastly said, “Along with several important data points like CPI, PPI from US, move in Dollar index will also be important to watch, as it has fallen sharply over the past few weeks.”

Should You Buy Gold Prices In India?

According to Nirmal Bang’s technical report dated March 10, gold prices are expected to resist 86100. One can sell at 86100 with a stop loss of 86500 for the target at 8570085400.

Further, the brokerage said, silver prices are expected to rise. One can buy at 97000 with a stop loss of 96200 for the target at 97900-98300.