Gold price in India today: 24 karat, 22 karat rates surge ahead of Akshaya Tritiya, sovereign gold bond debut
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: Prices of yellow metal in India have surged massively on Monday, ahead of Akshaya Tritiya and market debut of this fiscal's first tranche of sovereign gold bond (SGB). 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. Not only gold was seeing uptick in their prices, even silver metal surged to new level.
24 karat gold today was trading at Rs 32,420, up by Rs 20, compared to its previous day performance when it stood at just Rs 32,400. While 100 gram in 24 karat rose by Rs 200 and was available at Rs 3,24,200 compared to previous day price of Rs 3,24,000. Also, 1 gram and 8 gram in 24 karat grew by Rs 2 and Rs 16 respectively.
22 karat gold however saw most rise in comparison with 24 karat gold. A 10 gram of 22 karat was valued at Rs 30,320, up by Rs 120, compared to its previous day price of Rs 30,200. A 100 gram in the same karat is priced at Rs 3,03,200, higher by a massive Rs 1200, against the previous day price of Rs 3,02,000. 1 gram and 8 gram in 22 karat surged by Rs 12 and Rs 96 respectively during the day.
Meanwhile, silver metal also jumped today, as 1 Kg in silver was priced at Rs 41,900 above Rs 300, whereas 100 gram silver was at Rs 4,190 up by Rs 30. Also, 10 gram, 8 gram and 1 gram silver were increased by Rs 3, Rs 2.40 and Rs 0.30 respectively.
The government announced this fiscal's first tranche of sovereign gold bond (SGB) and its subscription will open on April 16. The sovereign gold bond 2018-19, Series-I, will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges namely the NSE and BSE, the finance ministry said in a statement today.
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.
Moreover, Spot gold was steady around $1,345.60 an ounce, still well short of last week`s peak at $1,365.23.