Gold Price in India today: 24 karat, 22 karat show opposite trends despite positive global cues; silver price surges
Global gold prices rose during the day, on the back of a subdued dollar as investors considered the prospects of fewer interest rate hikes in the United States this year.
Gold price in India today: There were opposite trends recorded in Indian yellow metal on Tuesday, with 24 karat in various grammages saw gradual uptick in prices, whereas 22 karat gold in various grams tumbled despite global prices inched higher on the day, as there was safe-haven buying, but upside potential for the metal was capped by a firm dollar and outlook for further interest rate hikes in the United States. Even gold futures in India slipped today, however, silver price saw rise in their valuation.
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 at Rs 32,880 in 10 gram above Rs 3 compared to previous price of Rs 32,877, while 100 gram in 24 karat was available at Rs 3,28,800 rising by Rs 30 as against previous price of Rs 3,28,770. Also, 1 gram and 8 gram in 24 karat surged by Rs 0.30 and Rs 2.40 respectively.
22 karat gold in 10 gram gold was valued at Rs 30,700 down Rs 40 compared to previous day price of Rs 30,740, while 100 gram in the same karat priced at Rs 3,07,000 slight below Rs 400 as against previous day price of Rs 3,07,400. Also, prices of 1 gram and 8 gram dropped by Rs 4 and Rs 32 respectively.
Furthermore, at the Multi Commodity Exchange, gold for delivery in June fell by Rs 101, or 0.32 per cent to Rs 31,403 per ten grams in business turnover of 770 lots.
As per PTI report, on the similar lines, the yellow metal for delivery in far-month August declined by Rs 99, or 0.31 per cent to Rs 31,645 per ten grams in 32 lots.
Meanwhile, silver prices surged today, as 1 Kg in silver was priced at Rs 42,700 up by Rs 100, whereas 100 gram silver was at Rs 4,270 above Rs 10. Also, prices of 10 gram, 8 gram and 1 gram silver up by Rs 1, Rs 0.80 and Rs 0.10 respectively.
According to GoodReturns.com, 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 rose 0.1 percent to $1,313.54 per ounce at 0325 GMT. U.S. gold futures for June delivery were, however, down 0.4 percent at $1,313.40 per ounce.