Sharp Fall in Gold Rate in India! 24 K Gold Down By Rs 6000/100 gm, Silver Follows Trend; Time To Buy?

Gold Rate in India Today: The price of the yellow metal continued to fluctuate on Friday, June 20, and fell significantly after increasing for the past two days. The recent decline in the gold rate in India mirrors the softening international gold rates

Gold prices have been fluctuating over the past few days as the Middle East tensions continue to keep investors on edge. The international gold prices remained more or less unchanged on Thursday, whereas in India gold rate today witnessed a sharp decline.

Gold Rate in India Today

The price of 24 karat gold in India declined by Rs 600 to Rs 100480 per 10 gram. Likewise, the rate of 22 karat gold in India today fell by Rs 550 to Rs 92100 per 10 gram. 18 karat gold rate in India today reduced by Rs 450 to Rs 75360 per 10 gram. Despite the significant decline in gold rates today, the price of the yellow metal remained close to an all-time high mark of above Rs 1 lakh.

Silver Rate In India Today

Silver rate in India also followed the trend and witnessed a slight decline in its prices. The price of silver in India today stands at Rs 110 per gram and Rs 110000 per kilogram. Silver rates in India are also close to their record high mark as the global demand for the precious metal has increased over the past few months.

The metal has also seen a surge in demand among jewllery buyers as silver appears to be an affordable alternative of gold among jewellery buyers. The price of gold has increased more than 25% since the beginning of the year. The phenomenal increase in the price of yellow metal has coincided with the increased geopolitical uncertainty and trade tensions due to massive shift in US policies after Donald Trump became the US President.

Gold Price Outlook

"Gold and silver prices are trading lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to lower for the day; as gold prices are heading for its first weekly drop in three as easing geopolitical tension in the Middle East sapped haven demand and a Federal Reserve inflation warning raised the prospect of fewer rate cuts," noted Nirmal Bang in its report.

Gold Rate In Indian Cities

The price of gold in Indian cities declined significantly on Friday, as the gold rate in India cooled off. The price of 24 karat gold in Mumbai stood at Rs 10048 per gram, and the price of 22 karat gold rate stood at Rs 9210 per gram and the price of 18 karat gold rate remained at Rs 7536 per gram. Gold rate in Chennai and Kolkata also remained the same as in Mumbai. Gold rate in Delhi emerged as an exception where the price of 24 karat gold stood at Rs 9225 per gram. Similarly the price of 18 karat gold rate in Chennai stood at Rs 7580 per gram which was slightly higher than other cities.

Apart from domestic gold prices, gold futures on Friday traded lower due to early deals. The downward trend led to their first weekly decline in three week with the strength in dollar as well as Treasury bond yield notes. Softening of gold futures value could also be the result of profit booking by traders as the gold price is near its record levels.

Disclaimer

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