Gold Rate in India Declines After Surging By Rs 3,750/10 Gm In 4 Days; Check 24,22,18 K Gold Price on June 16

Gold Rate in India: Gold rates in India declined marginally on Monday, June 16, after rising significantly over the past four days as investors sought refuge in safe-haven assets amid geopolitical uncertainty.

Gold rate movement in India mirrors international gold prices, which are at their record high level as intensified clashes between Israel and Iran continued to spark concern of further escalation of the situation in the Middle East. The recent decline in the price of yellow metal could be the result of profit booking among global investors as the bullion remains at its record-high level mark over the past few days.

Gold Rate in India Today

Gold rate in India surged significantly last week, but the prices consolidated on Monday. The price of 24 karat gold stood at Rs 10, 151 per 10 gram, whereas the price of 22 karat gold rate in India increased by Rs 150 per 10 gram to Rs 93050 per 10 gram. Similarly, the price of 18 karat gold rate in India stood at Rs 76140 per 10 gram after declining by Rs 120.

The rates for 24K gold have decreased by Rs 17 compared to yesterday. The current price is Rs 10,151 per gram. For larger quantities, such as 100 grams, the price stands at Rs 10,15,100. Similarly, the 22K gold rate has dropped by Rs 15 to reach Rs9,305 per gram.

Silver Rate in India Today

The price of silver declined on Monday and stood at Rs 109.9 per gram and Rs 1,09,900 per kilogram. The price of silver has remained at a record high mark over the past few days. Silver emerges as a favourable alternative to gold among jewellery buyers whenever there has been a surge in the price of gold.

Gold Price Outlook

Expressing the possibility of surge in gold rates in India later in the day, brokerage Nirmal Bang noted, "Gold prices are expected to rise. One can buy at 100400 with a stop loss of 100000 for the target at 100800-101200."

Gold Rates In Indian Cities

In major Indian cities like Mumbai and Bangalore, the price of 24K gold is consistent at Rs 10,151 per gram. 22 Karat gold rate in Mumbai declined to Rs 15 to Rs 9305 per gram, the price remained same in Bangalore in the category. Similarly, the price of 18 karat gold in Bangalore and Mumbai stood at Rs 7614 per gram, after declining 12 per gram.

The price of 24, 22, 18 karat gold in Delhi stood at Rs 10,166, Rs 9320, and Rs 7626 per gram on Monday. Gold rates in Delhi generally remains relatively higher compared to other Indian cities like Mumbai, Ahmedabad, Bangalore, etc.

Over the past ten days in India, there have been fluctuations in gold prices. On June 16th, the rate for 24K was Rs 10,151 while on June 13th it was higher at Rs 10,140 after a significant increase from previous days. Gold rates in India mentioned above are indicative and doesn't include the actual cost of the metal which also adds other expenses like GST, making charges, etc.

International Gold Rates

International gold rates declined nominally to $3420 per ounce on Monday. Despite the fall, the price of the yellow metal remained at an all-time high mark of April, according to Trading Economics. The precious metal's price rallied after renewed tensions in the Middle East sparked fears of wider conflicts in the region. The recent gold price rally has come after Iran-Israel conflict entered its fourth day as both nations continue to launch attacks against each other. Apart from the conflict, investors are keenly observing developments around US trade policies and US Federal Reserve announcement related to rate cut.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.