Gold price in India today; 24 karat & 22 karat tumble despite global gold gain
Gold price in India today: Yellow metal in India has been a perfect hedge against inflation over the years and now investors are again increasingly looking at it as an important source of investment.
Gold price in India today: The prices of yellow metal in India tumbled on Monday, despite global gold prices witnessing uptrend. It is being known that, global gold prices rose today, as the dollar eased amid renewed concerns over a trade war after China imposed extra tariffs on U.S. products in response to U.S. duties on imports of aluminium and steel. 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 32,060, down by Rs 10, compared to its previous day performance when it stood at just Rs 32,070. While 100 gram in 24 karat lower Rs 100 and was available at Rs 3,20,600 compared to previous day price of Rs 3,20,700. Also, 1 gram and 8 gram in 24 karat witnessed downtrend by Rs 2 and Rs 16 respectively.
22 karat gold for 10 gram, however, was valued at Rs 29,980, down by Rs 10, compared to its previous day price of Rs 29,990. A 100 gram in the same karat is priced at Rs 2,99,800, below Rs 100, against the previous day price of Rs 2,99,900. 1 gram and 8 gram in 22 karat were lower by Rs 1 and Rs 8 respectively during the day.
Meanwhile, silver metal also remained unchanged on Monday, as 1 Kg in silver was priced at Rs 41,400, 100 gram at Rs 4,140, 10 gram at Rs 414, 8 gram at Rs 331.20 and 1 gram at Rs 41.40 respectively.
Moreover, after falling in the past three trading sessions, spot gold edged up 0.4 percent to $1,329.24 per ounce at 0343 GMT.
As per Reuters report, China has slapped extra tariffs of up to 25 percent on 128 U.S. products including frozen pork, as well as wine and certain fruits and nuts, in response to U.S. duties on imports of aluminium and steel.
"The trade war is going on and it is getting worse, so that might be the reason that people are selling dollar and buying gold," said Yuichi Ikemizu at ICBC Standard Bank in Tokyo in the report.