Gold Price in India Hits 48-Hour Storm! 24K Crash 23400/100 Gm After Rs 40000 Jump; Silver Falls | April 9

Gold Rate in India: The price of 24 karat, 22 karat, and 18 karat gold in India declined sharply on Thursday, April 9, after a record surge in the previous session. Silver price today also saw some correction after rising on Wednesday. The sharp swing in gold prices today mirrored the massive volatility in the international bullion market following the Iran-US ceasefire.

Back in India, gold and silver rates are closely tracked by retail investors and retail jewellery buyers. Upcoming Akshaya Tritiya festival celebration has again turned the spotlight on gold and may spurt gold jewellery demand.

Gold Price in India

The price of 24 karat gold in India fell by Rs 234 per gram to Rs 13,148 per gram on Thursday, April 9. Which means that per 100 gram of 24 karat gold became cheaper by Rs 23,400 to Rs 13,14,800. The rate of 22 karat gold in India s;ipped by Rs 215 per gram to Rs 13,885 per gram on Thursday. The price of 18 karat gold in India declined by Rs 176 per gram to Rs 11,361 per gram.

Silver Rate in India

The price of silver in India declined to Rs 255 per gram and to Rs 2,55,000 per kilogram on Thursday, April 9. Silver rate in India has seen sharp swings, where the price of silver jumped significantly in January followed by steep crash in February.

International Gold Rate Today

The international gold rate on Thursday, April 9, remained steady near $4,700 per ounce after seeing sharp swings in the past two trading sessions, as per Trading Economics. The massive volatility in gold prices came as investors continued to assess the situation between Iran and US after the ceasefire announcement.

Meanwhile, the Reserve Bank of India, on Wednesday, maintained a steady outlook for gold and kept the repo rates unchanged at 5.25%. "Regarding commodities, the RBI's maintains a steady outlook for gold as well. Steady interest rates and sustained geopolitical volatility increase demand for gold as a safe-haven asset. However, rising demand for gold is curbed strengthened US dollar and revised expectations for interest rates around the world," explained Swapnil Aggarwal, Director, VSRK Capital.

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