Gold Price in India today: Amid global cues , yellow metal rises gradually
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: The prices of both 24 karat and 22 karat gold in various grams surged gradually on Monday amid positive global cues. Even silver price recorded uptick in their prices. Moreover, 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 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 30,750 up Rs 10 compared to previous day price of Rs 30,740, while 100 gram in the same karat priced at Rs 3,07,500 slight above Rs 100 as against previous day price of Rs 3,07,400. Also, prices of 1 gram and 8 gram surged by Rs 1 and Rs 8 respectively.
Furthermore, at the Multi Commodity Exchange, gold for delivery in June declined by Rs 123, or 0.39 per cent, to Rs 31,395 per 10 grams in business turnover of 11 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 was up 0.2 percent at $1,320.45 per ounce as of 0330 GMT, after marking the highest since April 26 at $1,325.96 in the previous session. U.S. gold futures for June delivery were little changed at $1,320.50 per ounce.
A Reuters report highlights, the weakness in dollar is helping gold prices in Asia, a Hong Kong-based trader said.