Gold price in India today; 24 karat reverses losses, while 22 karat tumbles
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 were on a mixed trend on Wednesday, with 24 karat gold in various gram witnessing gains, whereas 22 karat gold in various gram tumbling during the day. On the other hand, global gold prices gained, as investors stayed away from risk assets after the United States slapped tariffs on $50 billion worth imports from China, raising the stakes in a growing trade showdown with Beijing.
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 32,180, up by Rs 180, compared to its previous day performance when it stood at just Rs 32,000. While 100 gram in 24 karat surged by Rs 1800 and was available at Rs 3,21,800 compared to previous day price of Rs 3,20,000. Also, 1 gram and 8 gram in 24 karat rose by Rs 18 and Rs 144 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 surged on Wednesday, as 1 Kg in silver was priced at Rs 41,600 up by Rs 300, whereas 100 gram silver at Rs 4,160 higher Rs 30. Also, 10 gram, 8 gram and 1 gram silver grew gradually by Rs 3, Rs 2.40 and Rs 0.30 respectively.
Moreover, Spot gold rose 0.2 percent to $1,334.44 per ounce as of 0334 GMT, after falling 0.6 percent in the previous session. U.S. gold futures were up 0.1 percent at $1,338.10 an ounce.
"The markets will be looking out for what China will do in retaliation to such a move, that alone will have a huge potential in dragging the market sentiment and risk appetite," said OCBC analyst Barnabas Gan in a Reuters report.