Gold price in India today: 24 karat metal regains Rs 32,000-mark, 22 karat gains most
Gold price in India today: Both 24 karat gold in various gram and 22 karat gold in various grams saw positive momentum.
Gold price in India today: Price of yellow metal in India witnessed uptick, as both 24 karat gold in various gram and 22 karat gold in various grams saw positive momentum. The trend in Indian gold prices were in line with global prices, as they surged during the day due to drop in dollar index as investors await the outcome of the U.S. Federal Reserve`s meeting this week for signs of the pace of monetary tightening, which could limit the demand for bullion going forward. In previous day, both gold and silver prices in India, were trading on a mixed note.
Gold in India has been a perfect hedge against inflation over the years, as investors are increasingly looking at it as an important source of investment.
24 karat gold today was trading at Rs 32,040 up by Rs 180, compared to its previous day performance when it stood at just Rs 31,860. While 100 gram in 24 karat surged by Rs 1800 and was available at Rs 3,20,400 compared to previous day price of Rs 3,18,600. Also, 1 gram and 8 gram in 24 karat witnessed uptrend by Rs 18 and Rs 144 respectively.
22 karat gold for 10 gram, however, was valued at Rs 29,960, rising by Rs 220, compared to its previous day price of Rs 29,740. A 100 gram in the same karat is priced at Rs 2,99,600 higher by Rs 2,200, against the previous day price of Rs 2,97,400. 1 gram and 8 gram in 22 karat surged by Rs 22 and Rs 176 respectively during the day.
Meanwhile, where gold prices in India surged, silver metal remained unchanged on Wednesday, with 1 Kg of this metal standing at Rs 41,400, 100 gram at Rs 4,110, 10 gram at Rs 411, 8 gram at Rs 328.80 and 1 gram at Rs 41.10 respectively.
Moreover, Spot gold rose 0.2 percent to $1,313.96 per ounce at 0336 GMT. Prices fell to a nearly three-week low in the previous session of $1,306.91. U.S. gold futures for April delivery fell 0.1 percent to $1,313.80 per ounce.
The dollar index, which measures the greenback against a basket of six major currencies, slipped down 0.1 percent to 90.256 after climbing to 90.445 on Tuesday, its highest in almost three weeks, said a Reuters report.
"Dealers will be looking at forward guidance to determine the dollar`s prospects, and therefore that of gold," said Alasdair Macleod, head of research with Toronto-based Goldmoney Inc in the report.