Gold price in India today: 24 karat, 22 karat remain subdued despite global prices gain
The Indian yellow metal witnessed opposite trend, with 24 karat gold and 22 karat gold in various grams remained muted today.
Gold price in India today: While the global gold prices surged today, the Indian yellow metal witnessed opposite trend, with 24 karat gold and 22 karat gold in various grams remained muted. The silver metal prices also remained unchanged from the previous day. Meanwhile, the global gold prices rose today, ticking up from a four-month low hit in the previous session, as Chinese buyers returned to the market following the Labour Day holiday, while investors awaited cues on the US monetary policy from a two-day Federal Reserve meeting.
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 prices of 24 karat and 22 karat gold stand currently.
24 karat gold today was valued at Rs 32,791 in 10 gram, while 100 gram was available at Rs 3,27,910. At the same time, 1 gram and 8 gram in 24 karat were priced at Rs 3,279.10 and Rs 26,232.80 respectively.
22 karat gold in 10 gram gold was valued at Rs 30,660 same as previous day, while 100 gram in the same karat priced at Rs 3,06,600, 1 gram was at Rs 3,066 and 8 gram at Rs 24,528.
Meantime, 1 Kg in silver was priced at Rs 42,800, whereas 100 gram silver was at Rs 4,280, 10 gram at Rs 428, 8 gram at Rs 342.40 and 1 gram silver was at Rs 42.80.
According to GoodReturns report, Silver price in India is determined by international prices, which move in either direction. Other than that it also depends on currency movement of the rupee against the dollar. If the rupee falls against the dollar and international prices remain stable, silver will become more expensive.
Moreover, Spot gold was up 0.5 percent at $1,310.30 per ounce at 0419 GMT. Gold fell to $1,301.51 in the previous session, its lowest since December 29, 2017. The US gold futures for June delivery rose 0.3 percent to $1,310.80 per ounce on Wednesday.
"The Chinese are back from a long holiday and we`re seeing some buying interest on the downside," said Peter Fung, head of dealing at Wing Fung Precious Metals, in a Reuters report.