Gold Price In India Today, 1st March: 22K & 24K/100 Grams of Gold Dips Over Rs 2,000; Silver Flat At Rs 9,700

On Saturday, March 1st, the local gold market saw a steep decline due to the US Dollar Index's upward trend. Gold prices are predicted to trade lower on Friday when the U.S. Personal Consumption Expenditures report is released, but increasing uncertainty about US President Donald Trump's tariff plans may provide support for the precious metal. This is due to tension from a stronger U.S. dollar and rising Treasury yields as investors evaluate the Federal Reserve's policy path.

Gold Price In India Today

In India, 24 carat gold costs Rs 8,662 per gramme, 22 carat gold costs Rs 7,940 per gramme, and 18 carat gold costs Rs 6,497 per gramme. While 22k of 100 grammes of gold would cost Rs 7,94,000 in India today compared to Rs 7,96,000 yesterday, reflecting a price reduction of Rs 2,000, the price of 22k of 10 grammes of gold on Saturday reached Rs 79,400 compared to Rs 79,600 on Friday, marking a price drop of Rs 200.

While 24k of 100 grammes of gold would cost Rs 8,66,200 in India today compared to Rs 8,68,400 yesterday, representing a price decline of Rs 2,200, 24k of 10 grammes of gold prices in India on Saturday hit Rs 86,620 compared to Rs 86,840 on Friday, marking a price drop of Rs 220.

In India, the price of 18k of 10 grams of gold dropped by Rs 160 to Rs 64,970 on Saturday from Rs 65,130 on Friday. Meanwhile, the price of 18k of 100 grams of gold dropped by Rs 1,600 to Rs 6,49,700 today from Rs 6,51,300 yesterday.

Silver Price In India Today

The price of silver in India was steady today at Rs 97 per gram and Rs 97,000 per kilogram amid demand uncertainty and improved supply from US.

"Spot Silver is expected to face the hurdle of 20 day EMA at $31.75 and move lower towards $30.70. MCX Silver May is expected to face resistance near ₹96,600 and move lower towards ₹94,200," as per ICICI Direct Research.

Spot Gold Outlook

"Gold is expected to face the hurdle near $2925 and move lower towards $2860 amid strong dollar and higher treasury yields. Expectation of rise in inflation numbers would lower the chances of 2 rate cuts in this year. Meanwhile, tariff uncertainty and increasing ETF flows could provide some support to the bullions. For the day all eye will remain on US PCE price index, the Fed's preferred inflation measure. Moreover, comments from the Fed members would also bring price volatility. Gold price is near the 20 day EMA at $2880. A move below would weaken it towards $2860. An increasing call base near 2925 strike suggest prices may face resistance near $2925," said the technical research analysts of ICICI Direct Research.

MCX Gold Outlook

"MCX Gold April is expected to dip towards 20 day EMA at ₹84,600, as long as it trades under ₹85,800 level. Only below ₹84,600 it would open the doors towards ₹84,000," ICICI Direct Research stated.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.