What price is gold today? Here is what you will need to pay
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: The prices of both 24 karat and 22 karat gold in various grammages surged gradually on Saturday amid positive global cues, however, despite this experts believe physical gold demand lacked vigour this week in top Asian hubs as high domestic prices suppressed appetite for the metal, with prices in India swinging to a discount for the first time in three weeks. However, silver price, which remained muted for quite sometime now, has recorded negative pricing 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 32,880 in 10 gram above Rs 10 compared to previous price of Rs 32,870, while 100 gram in 24 karat was available at Rs 3,28,800 rising by Rs 100 as against previous price of Rs 3,28,700. Also, 1 gram and 8 gram in 24 karat surged by Rs 1 and Rs 8 respectively.
22 karat gold in 10 gram gold was valued at Rs 30,810 up Rs 10 compared to previous day price of Rs 30,800, while 100 gram in the same karat priced at Rs 3,08,100 slight above Rs 100 as against previous day price of Rs 3,08,000. Also, prices of 1 gram and 8 gram surged by Rs 1 and Rs 8 respectively.
Meanwhile, silver prices surged today, as 1 Kg in silver was priced at Rs 42,700 down by Rs 600, whereas 100 gram silver was at Rs 4,270 lower by Rs 60. Also, prices of 10 gram, 8 gram and 1 gram silver slipped by Rs 6, Rs 4.80 and Rs 0.60 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, benchmark spot gold was on track to register a weekly gain of about 0.7 percent, having traded between $1,304.11 and $1,325.06 an ounce.
A Reuters report highlights, dealers in India were offering a discount of up to $1 an ounce from official domestic prices this week, compared with a premium of $1.50 last week.
"The depreciating rupee is making gold expensive for Indian consumers. Jewellers are confused about the price trend and waiting for prices to come below 31,000 rupees," said a Mumbai-based dealer with a bullion-importing private bank in the report.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.