With a price change of Rs. 340, the highest pure form of gold i.e 24K has spiked to over Rs. 33000 levels while 22k gold has declined by Rs. 70 to Rs. 30,580 per 10 gram.
Internationally, spot gold edged higher by 0.1% at $1,325.16 per ounce after falling in price for three consecutive trading sessions. US gold futures were also on a gaining trajectory at $1327.1 per ounce with a rise of 0.2%.
The steady price of gold has been on the back of increase in 10-year US yield and rising dollar which reduce the safe have appeal of the yellow metal which earns no interest.
22K gold in the domestic markets saw a decline in price due to heavy selling pressure. Meanwhile silver also surged in price by Rs. 200 to Rs. 43,700 per kg.
As per the PTI report, gold price is significantly moved by the dollar and US interest do not impact its pricing.
"Our analysis shows that the correlation between gold and US rates is waning and that the US dollar is again a stronger indicator of the direction of price," WGC said in its recent Investment Update.