Gold Rate in India Crash Continues! 24K Down Rs 55600/100 Gm In Week; Silver Slides Amid Iran-US War| March 18

Gold Rate in India: The price of 24 karat, 22 karat, and 18 karat gold in India reversed its trajectory on Wednesday, March 18, following Tuesday's gain. Barring the previous session's uptick, gold prices have largely been on a declining trend over the past week amid the Iran-US war. Silver prices in India also declined on Wednesday, failing to hold on to the gains from the previous session.

The rate of 24 karat gold in India has declined nearly Rs 55,600 per 100 gram in last one week. The fall indicates an overall weaker sentiment prevailing across the metal market. Meanwhile, retail jewellery buyers continue to track gold and silver rates in India on a regular basis.

24K Gold Rate in India

The price of 24 karat gold in India declined by Rs 33 per gram to Rs 15,775 per gram on Wednesday, March 18. Which means that the price of 10 grams of 24 karat gold in India fell by Rs 330 to Rs 157750. Additionally, the rate of per 100 grams of 24 karat gold slipped by Rs 3300 to Rs 15,77,500.

22K Gold Rate in India

The price of 22 karat gold in India declined by Rs 30 per gram to Rs 14,460 on Wednesday. Meanwhile, the rate of per 10 gram of 22 karat gold fell by Rs 300 to Rs 144600. Likewise, per 100 grams of 22 karat gold in India became cheaper by Rs 3000 to Rs 14,46,000.

18K Gold Rate in India

The price of 18 karat gold in India declined by Rs 25 per gram to Rs 11,831 per gram on Wednesday. The rate of per 10 gram of gold in India fell by Rs 250 to Rs 1,18,310. Likewise, the rate of per 100 gram of gold in India slipped by Rs 2500 to Rs 11,83,100.

Silver Rate in India

The price of silver in India also declined significantly on Wednesday. Silver rate in India today fell to Rs 265 per gram and to Rs 2,65,000 per kilogram.

The decline in gold and silver prices on Wednesday is part of a wider bearish sentiment prevailing across the bullion market since February. As per a Motilal Oswal report, "silver declined 12.81% in February but gained 188.98% on a yearly basis. Gold, delivered positive returns of 4.83% in February and 84.24% over the past year."

Explaining the drop in gold and silver prices over the past one week, Gaurav Garg, Research Analyst at Lemonn Markets Desk stated, "The drop in precious metals is largely attributed to rising crude oil prices, which surged to $100.15 per barrel, raising inflation fears and dampening expectations of a rate cut by the U.S. Federal Reserve. Ongoing geopolitical tensions in the Middle East, particularly the conflict involving the U.S. and Iran, have further complicated market sentiments, leading investors to reassess their positions in safe-haven assets."

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