Gold Rates In India Today Falls After Rs 62,500 Surge; 999 Purity Gold Below Rs 1.47 Lakh; 24K, 22K, 18K Gold

Gold rates in India dropped sharply on July 4th, with 24 carat which is also of 999 purity, falling below Rs 1.47 lakh. The latest decline comes after a nearly Rs 62,500 surge in 100 grams and a Rs 6,250 upside in 10 grams of 24 carat. Accordingly, 22 carat and 18 carat gold prices fell steeply. On Saturday, 1 gram of gold price in India stands at Rs 14,673 for 24 karat gold (99.9% purity), Rs 13,450 for 22 karat gold (91.6% purity), and Rs 11,005 for 18 karat gold (75% purity).

Gold Rates In India:

24 carat gold price plunged by Rs 2,700 to Rs 14,67,300 per 100 grams and 10 grams gold dipped by Rs 270 to Rs 1,46,730. Meanwhile, in the same carat, 8 grams gold dropped by Rs 216 to Rs 1,17,384 and 1 gram gold is down by Rs 27 to Rs 14,673.

Furthermore, 22 carat gold rate declined by Rs 2,500 to Rs 13.45 lakh and 10 grams gold plunged by Rs 250 to Rs 1,34,500. Also, 8 grams gold is lower by Rs 200 to Rs 1,07,600 and 1 gram gold is down by Rs 25 to Rs 13,450.

Moreover, 18 carat gold price plummeted by Rs 2,000 to Rs 11,00,500 per 100 grams, tumbled by Rs 200 to Rs 1,10,050 per 10 grams, decreased by Rs 160 to Rs 88,040 per 8 grams and edged lower by Rs 20 to Rs 11,005 per 1 gram.

100 grams of 24 carat had surged by 32,200 on July 4th and was up by Rs 30,000 on July 3rd. Gold is still broadly higher in four days of July despite the latest fall.

This week, gold broadly rebounded after an intense and sustained selling pressure for over a month. The latest sentiment is supported by softer US dollar which pulled away from 101 mark.

As per Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, the recent pullback in the Dollar Index has encouraged fresh buying in bullion, while domestic prices have also benefited from currency movements. Market participants will now closely watch next week's Federal Reserve meeting minutes for further guidance on the US interest rate outlook and the dollar's direction.

Technically, Trivedi added that gold is expected to trade in the Rs 1,45,000-1,49,000 range, with global cues continuing to drive sentiment.

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