Gold price in India today: In big surprise, 24 karat tumbles; while 24 karat rises
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: With the dollar index weakening against various currency including INR, the investors usually show appetite for safe haven, however, global gold prices failed to see what investors were looking at and the impact of such trend was also witnessed in prices of yellow metal in India, where both 24 karat gold and 22 karat gold were trading in opposite direction. The 22 karat gold in various grams saw rise in their prices, while 24 karat gold in various grams recorded decline. Meanwhile, this came in as a positive factor for silver prices in India, as this metal rose in various grams, after remaining muted in past few trading session.
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.
24 karat gold today was trading at Rs 32,050, down by Rs 20, compared to its previous day performance when it stood at just Rs 32,070. While 100 gram in 24 karat dropped by Rs 200 and was available at Rs 3,20,500 compared to previous day price of Rs 3,20,700. Also, 1 gram and 8 gram in 24 karat witnessed downtrend by Rs 2 and Rs 16 respectively.
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22 karat gold for 10 gram, however, was valued at Rs 29,990, higher by Rs 10, compared to its previous day price of Rs 29,980. A 100 gram in the same karat is priced at Rs 2,99,900, up Rs 100, against the previous day price of Rs 2,99,800. 1 gram and 8 gram in 22 karat were up by Rs 1 and Rs 8 respectively during the day.
Meanwhile, silver metal increased, as 1 Kg in silver was priced at Rs 41,800 up by Rs 200 compared to their previous day price of Rs 41,600. While 100 gram at Rs 4,180 - higher by Rs 20 as against previous day price of Rs 4,160. Also, 1 gram, 8 gram and 10 gram silver rose by Rs 0.20, Rs 1.60 and Rs 2 respectively.
Moreover, Spot gold dropped 0.6 percent to $1,344.82 an ounce.
A Reuters report mentioned, a stronger Chinese currency against the U.S. dollar showed signs of optimism on trade. Emerging market stocks <.MSCIEF> rose 0.3 percent, and copper gained 0.8 percent. During European trading, currencies pivoted, with the yuan snapping back lower.