Gold price in India today: Rates soar despite weak global demand
Gold price 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.
Gold price in India today: There were opposite trends recorded in Indian yellow metal on Wednesday, with 24 karat gold remaining on a positive level and that of 22 karat gold in various gram giving away previous gains. Such outcome was despite drop in global gold prices in Asian trading today, as the dollar regained ground after U.S. President Donald Trump`s decision to pull the United states out of the Iran nuclear deal boosted oil prices and pushed Treasury yields higher. However, silver prices which remained muted for quite sometime now, has also increased in today's 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. Here's where the prices of 24 karat and 22 karat gold stand currently.
24 karat gold today was at Rs 32,870 in 10 gram above Rs 270 compared to previous price of Rs 32,600, while 100 gram in 24 karat was available at Rs 3,28,700 rising by Rs 2,700 as against previous price of Rs 3,26,00. Also, 1 gram and 8 gram in 24 karat surged by Rs 27 and Rs 216 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 below Rs 400 as against previous day price of Rs 3,07,400. Also, prices of 1 gram and 8 gram tumbled by Rs 4 and Rs 32 respectively.
Meanwhile, silver prices surged today, as 1 Kg in silver was priced at Rs 43,000 up by Rs 300, whereas 100 gram silver was at Rs 4,300 higher by Rs 30. Also, prices of 10 gram, 8 gram and 1 gram silver grew by Rs 3, Rs 2.40 and Rs 0.30 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 had fallen 0.2 percent to $1,311.44 per ounce by 0346 GMT. U.S. gold futures for June delivery were about 0.2-percent lower at $1,311.70 per ounce.