Gold Rate in India Today Takes U-Turn! 24K Crashes After Rs 84,000/100 Gm Jump In 7 Days, Silver Falls Too

Gold Rate in India: The price of 24 karat, 22 karat, and 18 karat gold in India saw a sharp downturn on Thursday, April 2, snapping five day gains amid the ongoing Iran-US war. Silver price today also followed the cue and saw decline. Fall in gold price in India today came after US Dollar rebounded after US President Donald Trump did not give any definite deadline to end the war.

Back in India, Thursday's decline in gold price in India has revived hopes of some relief from the skyrocketing price of the precious metal in last five to six months. For retail jewellery buyers and investors, here are all the details of gold rate in India on April 2.

Gold Rate in India Today: Check 24K, 22K, 18K Prices

The price of 24 karat gold in India fell by Rs 153 per gram to Rs 15,142 per gram on Thursday. Which means that per 10 gram of 24 karat gold in India became cheaper by Rs 1530 to Rs 1,51,420.

22 karat gold rate in India declined by Rs 140 per gram to Rs 13,880 per gram on Thursday, April 2. Which means that the price of per 10 gram of 22 karat gold in India dipped by Rs 1400 per 10 gram to Rs 1,38,800 per 10 gram.

The rate of 18 karat gold in India on Thursday decreased by Rs 114 per gram to Rs 11,357 per gram. Which means that the price of per 10 gram of 18 karat gold in India eased by 1140 to Rs 1,13,570.

Silver Rate in India

The price of silver in India declined to Rs 250 per gram and to Rs 2,50,000 per kilogram on Thursday. The fall in silver rate today came after the white metal saw some upward movement in the past few trading sessions.

Gold Rate Today: 24K, 22K, 18K Rates in Mumbai, Delhi, Chennai, Bangalore, etc

Why Are Gold Prices Falling Today?

The decline in gold rate in India today mirrored the trend in international bullion market where the yellow metal slumped after Donald Trump's latest remarks on Iran-US war. Trump didn't give any definitive timeline to end Iran-US war leading to brent crude oil price reclaiming their levels above $100 per barrel.

Revival in crude oil price rally has dampened the investors sentiment due to fresh concerns about inflation and global economic slowdown. The development is likely to have shifted investors's sentiment away from safe-haven assets like gold and silver.

"Expectations for interest rates have shifted higher as inflation risks are linked to higher oil and energy prices, which pushes bond yields up and makes non-yielding assets like precious metals less attractive. At the same time, safe haven demand has strengthened the USD which is weighing on prices, since gold and silver are priced in dollars and become more expensive for international buyers. There is also an element of profit-taking after recent rallies, with investors reducing positions to raise liquidity during broader market volatility," explained Ross Maxwell, Global Strategy Operations Lead, VT Markets.

Gold Price in India Crashes Post Rs 84,000 Jump In Week

Gold price in India today declined after seeing a nearly Rs 84,000/100 gram (for 24K) jump in last seven trading days.

As per Goodreturns data, 24 karat gold rate in India surged around Rs 840 per gram from Rs 14,455/gm recorded on March 26 to Rs 15295/gm on April 1. Which mean that per 100 gram of 24 karat gold became costlier by Rs 84,000 in the duration.