Gold price in India today: Ahead of Akshaya Tritiya, 22 karat unchanged; silver soars over Rs 42,000-mark
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.
Gold price in India today: With just one day left for celebration of auspicious festival Akshaya Tritiya where Indian yellow and shiny metal sees uptrend in their prices, surprisingly on Tuesday, 24 karat gold in various gram witnessed decline, whereas 22 karat gold in various gram remained unchanged compared to their massive rise in previous trading session. The current trend in India yellow metal is despite global gold prices trading on a steady note due to weak US dollar index against major currencies basket. When dollar sees decline in their valuation, investors are encouraged to opt for safe haven.
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 32,400, down by Rs 20, compared to its previous day performance when it stood at just Rs 32,420. While 100 gram in 24 karat tumbled by Rs 200 and was available at Rs 3,24,000 compared to previous day price of Rs 3,24,200. Also, 1 gram and 8 gram in 24 karat dropped by Rs 2 and Rs 16 respectively.
22 karat gold however remained unchanged, with 10 gram of 22 karat valued at Rs 30,320, while 100 gram in the same karat priced at Rs 3,03,200. Also, prices of 1 gram and 8 gram in 22 karat stood at Rs 24,256 and Rs 3,032 respectively during the day.
On ther hand, silver metal saw rise in their prices today, as 1 Kg in silver touched over Rs 42,000-mark, and was priced at Rs 42,100 above Rs 200, whereas 100 gram silver was at Rs 4,210 up by Rs 20. Also, 10 gram, 8 gram and 1 gram silver were increased by Rs 2, Rs 1.60 and Rs 0.20 respectively.
Global gold prices were steady on Tuesday as the U.S. dollar remained on the back foot, with the metal supported by festering worries over U.S.-China trade tensions.
Moreover, Spot gold was unchanged at $1,345.62 an ounce as of 0322 GMT.
"Despite a quietening of negative headlines overnight, its unlikely we`ve seen the last of China trade tensions or a weaker U.S. dollar for that fact. All of which continues to provide the most apparent reasons to own gold," said Stephen Innes, head of trading for Asia-Pacific for OANDA in Singapore, reported by Reuters.
Akshaya Tritiya which is considered as one of the most auspicious day in India to buy gold will be celebrated on April 18 in Maharashtra. During this period, demand for gold particularly physical gold in the form of jewellery, bars and coins usually witness rise.