Gold Price Today in India Crashes Ahead of Akshaya Tritiya! 24K Falls Rs 13700/100 Gm, Silver Down | April 17

Gold Price Today in India: Prices of 24K, 22K, and 18K gold witnessed a sharp correction on Friday, April 17, after rallying for three consecutive sessions ahead of Akshaya Tritiya (Akha Teej). The decline comes amid a stronger Indian Rupee at the opening, even as trends in the international bullion market remained firm. Silver rate in India today also followed the trend and saw some decline.

The recent decline in gold price in today is likely to cheer retail jewellery buyers and investors. Buying gold carries immense significance during the upcoming Akshaya Tritiya festival, set to be celebrated on Sunday, April 19.

Gold Price in India Today

The price of gold in India saw a sharp trend reversal on Friday. The 24 karat gold rate in India fell by Rs 137 per gram to Rs 15,420 per gram. Likewise, the 22 karat gold rate in India today declined by Rs 125 per gram to Rs 14,135 per gram. Similarly, the rate of 18 karat gold in India slipped by Rs 103 per gram to Rs 11,565 per gram.

Friday's decline in gold price means that per 100 gram of 24 karat gold in India became Rs 13,400 cheaper to Rs 15,42,000.

Silver Rate in India Today

Silver rate in India also declined on Friday, April 17. The price of silver in India dipped by Rs 5 per gram to Rs 265 per gram and by Rs 5000 per kilogram to Rs 2.65 lakh. Silver price today in India saw mild decline, however, the precious metal saw sharp swings in January and February, where prices jumped above Rs 4 lakh per gram, only to crash below Rs 3 lakh next month.

While gold and silver rates in India declned on Friday, the international prices of the precious metals remained stable. International gold rate today remained close to $4,800 per ounce on Friday, April 17, as per Trading Economics. The bullion is on track for its fourth consecutive weekly gain as the ceasefire agreement between Iran and US is helping in easing concerns around inflation and crude supply crunch.

Why Gold Prices Are Falling Today?

While the international gold prices remained stable, strong opening of the Indian Rupee on Friday could be one of the reasons behind gold price correction. "When the Rupee weakens against the US Dollar, gold becomes more expensive in India even if global prices do not rise. For example, a 1-2% fall in the Rupee can directly increase domestic gold prices," explained Darshan Rathod, COO, Multyfi, noting that reverse is also true.

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