Gold price in India today: Strong dollar impacts 24 karat, 22 karat rates
The dollar index hovered near its highest level in more than four months, backed by rising Treasury yields and broadly strong U.S. economic data, leaving its major rivals such as the euro struggling.
Gold price in India today: There were opposite trends recorded in Indian yellow metal on Tuesday, with 24 karat gold remaining on a muted level and that of 22 karat gold in various gram witnessing rise in prices. Such outcome was because of global gold prices which were subdued as the US benchmark dollar index held steady near its 2018 high on the relative strength of the U.S. economy. However, silver prices remain mute. As per a Reuters report, the dollar index hovered near its highest level in more than four months, backed by rising Treasury yields and broadly strong U.S. economic data, leaving its major rivals such as the euro struggling.
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 32,600 in 10 gram, while 100 gram in 24 karatwas available at Rs 3,26,000. Also, 1 gram and 8 gram in 24 karat were priced at Rs 3,260 and Rs 26,080 respectively.
22 karat gold in 10 gram gold was valued at Rs 30,740 above Rs 140 compared to previous day price of Rs 30,600, while 100 gram in the same karat priced at Rs 3,07,400 surged by a whopping Rs 1400 as against previous day price of Rs 3,06,000. Also, prices of 1 gram and 8 gram rose by Rs 14 and Rs 112 respectively.
Meanwhile, silver prices were unchanged today, as 1 Kg in silver was priced at Rs 42,700, whereas 100 gram silver was at Rs 4,270. Also, prices of 10 gram, 8 gram and 1 gram silver stood at Rs 427, Rs 341.60 and Rs 42.70 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 down 0.1 percent at $1,312.66 per ounce as of 0343 GMT, after closing marginally lower in the previous session. U.S. gold futures for June delivery were about 0.1 percent lower at $1,313.40 per ounce.