Gold price in India today: 24 karat, 22 karat rise on Akshaya Tritiya celebration
Gold in India has been a perfect hedge against inflation over the years and investors are now increasingly looking at it as an important source of investment.
Gold price in India today: Both 24 karat and 22 karat gold in various grams surged on Wednesday, as people from different regions in India are celebrating Akshaya Tritiya an auspicious day for purchase the yellow metal. Even silver metal rose during the occassion. The performance of Indian gold surpassed the shocks of global gold prices - as they tumbled after rising for three straight sessions as the dollar held its gains on the back of upbeat U.S. economic data and equities edged up, whetting investor risk appetite.
Gold in India has been a perfect hedge against inflation over the years and investors are now increasingly looking at it as an important source of investment. Here's where the price of 24 karat and 22 karat gold stands currently.
24 karat gold today was trading at Rs 32,450, up by Rs 50, compared to its previous day performance when it stood at just Rs 32,400. While 100 gram in 24 karat surged by Rs 500 and was available at Rs 3,24,500 compared to previous day price of Rs 3,24,000. Also, 1 gram and 8 gram in 24 karat rose by Rs 5 and Rs 40 respectively.
22 karat gold also rose by similar rate during the day, with 10 gram of 22 karat valued at Rs 30,370 up by Rs 50 compared to previous day price of Rs 30,320, while 100 gram in the same karat priced at Rs 3,03,700 above Rs 500 versus previous day price of Rs 3,03,200. Also, prices of 1 gram and 8 gram grew by Rs 5 and Rs 40 respectively.
At the same time, silver metal prices increased today, as 1 Kg in silver touched over Rs 42,000-mark, and was priced at Rs 42,200 above Rs 100, whereas 100 gram silver was at Rs 4,220 up by Rs 10. Also, 10 gram, 8 gram and 1 gram silver were increased by Rs 1, Rs 0.80 and Rs 0.10 respectively.
Global gold prices were steady on Tuesday as the U.S. dollar remained on the back foot, with the metal supported by festering worries over U.S.-China trade tensions.
Moreover, Spot gold fell 0.2 percent to $1,344.06 per ounce at 0414 GMT, while U.S. gold futures for June delivery dipped 0.18 percent to $1,347.10 per ounce. According to Reuters report, gold prices surged to $1,365.23 per ounce last week, their highest since Jan. 25, on heightened tensions over Syria and U.S. sanctions on Russia.
Akshaya Tritiya also known as Akha Teej is an auspicious and holy day for Hindu communities. The occasion falls during Shukla Paksha Tritiya in the month of Vaishakha. Akshaya Tritiya comes on a Rohini Nakshatra day with Wednesday being considered very auspicious.