Gold price in India today; 24 karat yellow metal subdued; while 22 karat edges up
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: A mixed trend was recorded in Indian gold prices on Friday, in line with global gold prices. A Reuters report stated that, despite global equities` gains, safe-haven bonds also advanced in price. Interestingly, in India, 24 karat gold in various grams remained unchanged compared to that of previous trading session, while 22 karat gold in various grams saw rise in their prices. 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. On the other hand, silver prices tumbled for second consecutive day.
24 karat gold on Friday stands unchanged at Rs 32,070 in 10 gram, followed by Rs 3,20,700 in 100 gram, Rs 25,656 in 8 gram and Rs 3,207 in 1 gram.
22 karat gold for 10 gram, however, was valued at Rs 29,990, up by Rs 10, compared to its previous day price of Rs 29,980. A 100 gram in the same karat is priced at Rs 2,99,900, above Rs 100, against the previous day price of Rs 2,99,800. 1 gram and 8 gram in 22 karat rose by Rs 1 and Rs 8 respectively during the day.
Meanwhile, silver metal plunged, as 1 Kg in silver was priced at Rs 41,400 down by Rs 100 compared to their previous day price of Rs 41,500. While 100 gram at Rs 4,140 - lower by Rs 10 as against previous day price of Rs 4,150. Also, 1 gram, 8 gram and 10 gram silver fell by Rs 0.10, Rs 0.80 and Rs 1 respectively.
Generally, gold and the dollar move in opposite directions, which would mean when the American currency sees uptrend, gold futures are bound to fall because yellow metal are priced in US dollar - which would mean it becomes more expensive for investors using other currencies.