Gold price in India today: 24 karat metal sees uptick, while 22 karat plunges
Silver tumbled today, as 1 KG of this metal was priced at Rs 41,100, down by Rs 300, compared to previous day price of Rs 41,400.
Price of yellow metal in India witnessed a mixed trend, as 24 karat gold in various gram recorded uptick, while 22 karat gold in various grams saw a decline. The trend in Indian gold prices were surprising as the global gold was trading firm, recovering from over a two-week low. Traders, however, have been waiting for the US monetary policy for the rest of the year as the two-day Federal Reserve meeting kicks off later in the day.
Gold in India has been a perfect hedge against inflation over the years, as investors are increasingly looking at it as an important source of investment.
24 karat gold today was trading at Rs 31,860, up by Rs 10, compared to its previous day performance when it stood at just Rs 31,850. While 100 gram in 24 karat surged by Rs 100 and was available at Rs 3,18,600 compared to previous day price of Rs 3,18,500. Also, 1 gram and 8 gram in 24 karat witnessed uptrend by Rs 1 and Rs 8 respectively.
22 karat gold for 10 gram, however, was valued at Rs 29,740, lower by Rs 50, compared to its previous day price of Rs 29,790. A 100 gram in the same karat is priced at Rs 2,97,400, below Rs 500, against the previous day price of Rs 2,97,900. 1 gram and 8 gram in 22 karat plunged by Rs 5 and Rs 40 respectively during the day.
Here's a list of gold rates in major cities of India, as per GoodReturns.In.
Meanwhile, silver also tumbled, as 1 KG of this metal was priced at Rs 41,100 on Tuesday, down by Rs 300, compared to previous day price of Rs 41,400. While 100 gram silver was available at Rs 4,110, below Rs 30, as against previous day price of Rs 4,140. Also, silver in 1 gram, 8 gram and 10 gram witnessed decline by Rs 0.30, Rs 2.40 and Rs 3 respectively.
Moreover, Spot gold was flat at $1,316.44 per ounce at 0353 GMT. In the previous session, it touched $1,307.51
an ounce, its lowest since March 1. Also US gold futures for April delivery dropped 0.1% to $1,316.10 per ounce.
"While the market has all but factored-in a rate hike, the focus will remain on the commentary and whether Fed Chair Jerome Powell hints at further rate hikes in 2018," ANZ analysts said in a Reuters report.