Gold price in India today; 24 karat & 22 karat record mix trend as global gold falls sharply
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 Thursday, in line with global gold prices, which dropped due to rally witnessed in US benchmark dollar index. An IANS report said that gold futures on the COMEX division of the New York Mercantile Exchange posted more than one percent losses on Wednesday, as the US dollar rallied. 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 at currently.
24 karat gold today was trading at Rs 32,070, up by Rs 20, compared to its previous day performance when it stood at just Rs 32,050. While 100 gram in 24 karat above Rs 200 and was available at Rs 3,20,700 compared to previous day price of Rs 3,20,500. Also, 1 gram and 8 gram in 24 karat witnessed uptrend by Rs 2 and Rs 16 respectively.
22 karat gold for 10 gram, however, was valued at Rs 29,980, down by Rs 10, compared to its previous day price of Rs 29,990. A 100 gram in the same karat is priced at Rs 2,99,800, below Rs 100, against the previous day price of Rs 2,99,900. 1 gram and 8 gram in 22 karat were lower by Rs 1 and Rs 8 respectively during the day.
Meanwhile, silver metal also tumbled, as 1 Kg in silver was priced at Rs 41,500 down by Rs 300 compared to their previous day price of Rs 41,800. While 100 gram at Rs 4,150 - lower by Rs 30 as against previous day price of Rs 4,180. Also, 1 gram, 8 gram and 10 gram silver fell by Rs 0.30, Rs 2.40 and Rs 3 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.
According to IANS report, the most active gold contract for June delivery fell $17.9, or 1.33 per cent, to settle at $1330.00 per ounce. Meanwhile, The US dollar index, a measure of the dollar against a basket of other major currencies, rebounded by 0.52 per cent to 89.80 as of 1636 GMT, Xinhua reported.
The report further said the dollar was boosted by the news that US economic growth slowed less than previously estimated in the fourth quarter of 2017, as the US Commerce Department revised its third GDP growth rate earlier Wednesday.