Gold price in India today; 24 karat gains, 22 karat below Rs 30,000-mark
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: The prices of yellow metal in India were on a mixed trend on Monday, with 24 karat gold in various gram witnessing gains, whereas 22 karat gold in various gram tumbling during the day. On the other hand, global gold prices were little changed during the day as investors awaited fresh developments on the simmering trade spat between the United States and China.
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.
24 karat gold today was trading at Rs 32,075, up by Rs 5, compared to its previous day performance when it stood at just Rs 32,070. While 100 gram in 24 karat surged by Rs 75 and was available at Rs 3,20,750 compared to previous day price of Rs 3,20,700. Also, 1 gram and 8 gram in 24 karat rose by Rs 0.52 and Rs 4 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 remained unchanged on Monday, as 1 Kg in silver was priced at Rs 41,000, whereas 100 gram silver at Rs 4,100. Also, 10 gram, 8 gram and 1 gram silver were available at Rs 410, Rs 328 and Rs 41 respectively.
Moreover, Spot gold was almost unchanged at $1,332.46 an ounce as of 0330 GMT. Prices hit a more than two-week low of $1,321.16 an ounce on Friday before closing 0.5 percent higher. U.S. gold futures were unchanged at $1,335.80 an ounce.
A Globe Commodities Ltd research report on MCX June futures revealed that, the yellow metal prices hit 17-month high before ending the week with gravestone doji formation in weekly chart, strengthening the case for technical recession towards 30090, the vicinity of 20-week EMA, which if broken decisively will extend such decline for 29800.
The report added, "We believe any upsurge should be containing near 31000 where fresh round of selling can be accelerated but sustainable move above 31120 will shift near to medium term sentiment to bullish for 31900 and then 32455, its medium term top formed in July 2016, where profit booking activity can be initiated."
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