Gold price in India today: 24 karat reverses gains, 22 karat tumbles
Gold price in India today: Indian gold prices tumbled following the global rates which dropped today as the dollar advanced towards more than three-month highs.
Gold price in India today: The yellow metal in India plunged on Wednesday, with 24 karat gold in various grams reversing it previous day's gains, on the other hand, 22 karat gold in various grams facing selling pressure during the day. Similar trend was in the case of silver prices also. The tumble in Indian yellow metal followed the global prices which dropped today as the dollar advanced towards more than three-month highs and on easing concerns over North Korea and a Sino-U.S. trade war, but found some support from sliding stock markets.
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 32,700, down by Rs 370, compared to its previous day performance when it stood at just Rs 33,070. While 100 gram in 24 karat slipped by Rs 3700 and was available at Rs 3,27,000 compared to previous day price of Rs 3,30,700. Also, 1 gram and 8 gram in 24 karat fell by Rs 37 and Rs 296 respectively.
22 karat gold in 10 gram gold was valued at Rs 30,550, down by Rs 30 compared to previous day price of Rs 30,580, while 100 gram in the same karat priced at Rs 3,05,500 lower by Rs 300 as against previous day price of Rs 3,05,800. Also, prices of 1 gram and 8 gram tumbled by Rs 3 and Rs 24 respectively.
At the same time, silver metal prices dropped today, as 1 Kg in silver was priced at Rs 43,500 down by Rs 200, whereas 100 gram silver was at Rs 4,350 lower by Rs 20. Also, 10 gram, 8 gram and 1 gram silver slided by Rs 2, Rs 1.60 and Rs 0.20 respectively.
Moreover, Spot gold was down 0.1 percent at $1,329.04 per ounce at 0335 GMT. The yellow metal rose 0.5 percent on Tuesday to break a three-session losing streak. U.S. gold futures eased 0.2 percent to $1,330.60 per ounce.