Gold price in India today: 24 karat tumbles, 22 karat remains steady
24 karat gold today was trading at Rs 31,800, down by Rs 30, compared to its previous day performance, when it stood at Rs 31,830.
Gold price in India had mixed emotions today, as 24 karat yellow metal saw decline in various grams, while 22 karat gold maintained a positive momentum. 24 karat gold tumbled despite global prices edged up, gnawing near one-week highs hit in the previous session due to political tension between Britain and Russia, and worries over a potential trade war affecting stocks and the dollar.
24 karat gold today was trading at Rs 31,800, down by Rs 30, compared to its previous day performance when it stood at just Rs 31,830. Meanwhile, 100 gram in 24 karat dropped by Rs 300 and was available at Rs 3,18,000 compared to previous day price of Rs 3,18,300. Also, 1 gram and 8 gram in 24 karat fell by Rs 3 and Rs 24 respectively.
22 karat gold for 10 gram was valued at Rs 29,850, higher by Rs 90, compared to its previous day price of Rs 29,760. However, a 100 gram in the same karat is priced at Rs 2,98,500, up by Rs 900, against previous day price of Rs 2,97,600. 1 gram and 8 gram in 22 karat surged by Rs 9 and Rs 72 respectively during the day.
Here's a list of gold rates in major cities of India, as per GoodReturns.In.
Meanwhile, silver price also witnessed decline today as 1 kg was priced at Rs 41,400, down by Rs 100, compared to its previous day price of Rs 41,500. While 100 gram silver stood at Rs 4,140, lower by Rs 10, from previous day price of Rs 4,150. Also 1 gram, 8 gram and 10 gram silver in India declined in the range of Rs 0.10 to Rs 1 during the day.
Moreover, spot gold rose 0.2 percent to $1,326.83 per ounce at 0431 GMT. US gold futures for April delivery rose 0.1 percent to $1,327.00 per ounce.
"Gold has been supported by geopolitical factors as well as dollar weakness ... stock markets were down overnight, we`ve got a bit of risk-aversion coming back in," said a Hong Kong based trader in Reuters report.
On Wednesday, geopolitical tensions rose after the Russian Foreign Ministry said it would retaliate after 23 of its diplomats were expelled by British Prime Minister Theresa May over a chemical attack on a former Russian double agent in England that May reportedly blamed on Moscow.
Spot gold is biased to retrace towards support at $1,317 per ounce, as it seems to have finished a bounce triggered by this level, according to Reuters technical analyst, Wang Tao.