Gold Rate In India Drops Rs 16,900 In A Month; Is It The Launch Pad For New High? Check Rates On July 13

Gold Rate in India: Despite an increase in gold rate in India over the past few days, the yellow metal is far below its previous month's rate. The price of 24K gold in India has declined by Rs 16,900 per 100 grams in one month to Rs 9,97,100 on Sunday, July 13. The month-long consolidation in gold rates has set up the base for another phase of gold rally in India and across the world.

Over the last month, the gold rate in India has regained its momentum amid rising uncertainty related to trade conflicts. The development has coincided with a slew of tariff announcements by United States President Donald Trump.

Gold Rate in India Today

There has been no major change in gold rate in India today since the commodities market remains closed on Sunday. The latest 24k, 22k, and 18k gold rate in India stood at Rs 9,971, Rs 9140 and Rs __ per gram as on July 13. There was a sharp surge in the gold rates on Saturday after the price of 24 karat gold increased by Rs 71 per gram to Rs 9,971. Similarly, the price of 22 karat gold increased by Rs 65 per gram to Rs 9140 per gram. The 18 karat gold rate on Sunday stood at Rs 7,479 per gram.

Silver Rate Today

Silver rate in India today stood at Rs 115 per gram and Rs 1,15,000 per gram. Silver rate has increased significantly over the past few months amid rising industrial demand, supply side issues, and geopolitical uncertainties.

The precious metal is likely to follow the gold price rally trend and may surge in the coming days, according to experts.

International Gold Rates Today

Gold prices continued to gain till Friday supported by safe-haven demand due to trade tariff uncertainty and stock market volatility. Earlier this week, Donald Trump has announced tariffs on multiple nations including Europe, Canada, Brazil, BRICS nations, etc.

Will Gold Price Rise More In Coming Days?

Keeping the last three days' surge apart, the gold price was in a consolidation phase. Investors may see another upward trend in the gold price in the coming days, according to Emkay Global Report.

"Gold prices in international markets is in a consolidation phase and such consolidation almost always prepares a launch pad for the yellow metal to move in an upward trend. Earlier in the year the demand for gold from China was often highlighted as a factor that was supporting higher gold prices. After the reported selling by China towards the end of April and beginning of May, this factor has become superfluous in the bigger picture. Over the last two weeks, stable dollar and firming US bond yields have placed a downward pressure on the gold prices. Technical support of gold is stated to be at US$ 3,297 and US$ 3,248," stated Emkay Global in its latest report.

Silver Price Outlook

The silver futures crossed Rs 1.10 lakh per kilogram in early trade on the Multi Commodity Exchange (MCX)on Friday. The surge in silver futures coincided with the surge in prices of silver in the physical spot market. Silver price in India increased by Rs 1,000 per kilogram to Rs 1,11,000.

Multiple reasons including geopolitical uncertainty, surge in industrial demand, supply side constraint, strong inflows in silver ETFs, and weakening of US dollar are among the key factors behind silver price rally, according to expert Ajay Kedia.

The silver rate has witnessed a 'technical breakout' above key resistance levels that attract fresh buying and momentum trades. Silver is likely to "test next resistance towards Rs.118600/- while overall target for year-end will be still same at Rs.1,30,000/" noted Kedia.