24-Hour Whiplash in Bullion! Gold Rate in India Falls Rs 23,400 After Huge Jump; Will Gold Price Today Rise?

Gold rates in India witnessed sharp volatility in the latest trading sessions, reflecting a tug-of-war between global uncertainty and profit booking. After rising by Rs 398 per gram (Rs 39,800 per 100 gm) in the previous session, gold rates declined in the latest session.

Huge Drop in Gold Rate After Rally; RBI Flags Bubble-Like Conditions in Gold Market

The price of 24K gold slipped to Rs 15,148 per gram, down Rs 234, while 22K gold eased to Rs 13,885 per gram, falling Rs 215. On a bulk basis, this translates to a sharp drop of Rs 23,400 per 100 grams after the recent surge.

The Reserve Bank of India (RBI), in its latest monetary policy assessment, flagged that gold prices have shown signs of entering a "bubble-like" phase over the past year. The central bank noted that the yellow metal has experienced a strong price escalation, raising concerns about sustainability at elevated levels.

Gold Rate in India: Check Latest 22K, 24K & 18K Gold Prices Per Gram

24 Karat Gold Rate Today in India

Across purity levels, gold prices showed a consistent decline at the latest trading session. For 24K gold, the rate per gram stood at Rs 15,148, compared to Rs 15,382 in the previous session. Prices for 8 grams fell to Rs 1,21,184 from Rs 1,23,056, while 10 grams declined to Rs 1,51,480 from Rs 1,53,820. 100 grams of 24K gold dropped to Rs 15,14,800, down by Rs 23,400.

22 Karat Gold Rate Today in India

Similarly, 22K gold prices per gram rate was recorded at Rs 13,885, down from Rs 14,100. For 8 grams, prices slipped to Rs 1,11,080 from Rs 1,12,800, while 10 grams fell to Rs 1,38,850 from Rs 1,41,000. The price for 100 grams declined to Rs 13,88,500, reflecting a drop of Rs 21,500 compared to the previous session.

18 Karat Gold Rate Today in India

In the case of 18K gold, the price per gram stood at Rs 11,361, down from Rs 11,537. The cost of 8 grams dropped to Rs 90,888 from Rs 92,296, while 10 grams fell to Rs 1,13,610 from Rs 1,15,370. Meanwhile, 100 grams of 18K gold declined to Rs 11,36,100, registering a fall of Rs 17,600.

MCX Gold Price Trends

On the futures front, gold prices on the Multi Commodity Exchange (MCX) showed mild gains despite the broader correction in retail rates. Gold was trading around Rs 1,51,465 per 10 grams, marginally higher by about Rs 311 compared to the previous close, indicating some resilience in domestic futures markets.

Spot Gold Price Trends

Globally, spot gold prices remained steady near $4,700 per ounce after witnessing sharp swings in the previous session. The movement comes as investors closely monitor geopolitical developments in the Middle East, particularly a fragile ceasefire and ongoing uncertainty surrounding the Strait of Hormuz.

Reports of disruptions in oil tanker movement following Israeli strikes in Lebanon have added to market caution.

Will US-Iran Ceasefire Impact Gold Prices? Check Gold Rate Outlook Ahead

"Gold prices often react to increases or decreases in geopolitical risk, so a credible US-Iran ceasefire would reduce safe-haven demand. When tensions ease, investors tend to rotate toward riskier assets like equities, which can put mild downward pressure on gold," said Ross Maxwell, Global Strategy Operations Lead, VT Markets.

"However, the current ceasefire is only a short-term, temporary ceasefire, with claims from both sides that it has been violated already, amid confusion over whether Lebanon is included in the ceasefire agreement. It is very fragile and the markets could doubt its durability, meaning gold could remain supported by cautious investors," he added.

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