Gold price in India: Yellow metal tumbles as global value sink on stronger dollar
Gold prices in India are given for 24 karat and 22 karat gold in rupees per 10 grams.
As global gold prices dropped for third-consecutive day on Thursday, yellow metal in India also followed the trend by trading on a negative note, with the 22 karat gold in 10 gram, which regained over Rs 30,000-mark in previous trading session, has once again reversed the trend.
According to GoodReturns.in data, 22 karat gold in 10 gram is currently trading at Rs 29,970 down by Rs 110 - compared to previous price of Rs 30,080. While 100 gram in this karat tumbled by Rs 1,100 to Rs 2,99,700 as against earlier price of Rs 3,00,800.
Meanwhile, 24 karat gold in 10 gram shrunk by Rs 120 to Rs 32,694 on Thursday, versus Rs 32,814 of previous day. Also, the 100 gram gold in this karat gave away gains and plunged by Rs 1,200 to Rs 3,26,940 during the day, as against previous day price of Rs 3,28,140.
Here's a list of gold rates in major cities of India.
On the other hand, silver prices saw uptick in its valuation as 1 KG of this metal surged by Rs 100 to Rs 41,700 as against Rs 41,600. Silver prices have remain unchanged at Rs 41,600-mark in last few days.
Moreover, Spot gold was 0.2% lower at $1,314.64 an ounce at 0444 GMT. Prices have fallen about 1 percent so far this week. US gold futures were down 0.2% at $1,315.4 per ounce.
A Reuters report explained that tumble in global gold was weighed down by a stronger dollar while investors awaited the second session of Federal Reserve Chairman Jerome Powell`s testimony before the Senate Banking Committee later in the global day.
The dollar index, which measures the greenback against a basket of major currencies, was up 0.1 percent at 90.700. It had earlier touched its highest since Jan. 19 at 90.744.