Gold Rate in India Takes U-Turn As US Fed Meet Kicks Off Today, 24K Jumps Rs 12000 Amid Iran-US War, Silver Up

Gold Rate in India: The price of 24 karat, 22 karat and 18 karat gold in India rebounded on Tuesday, March 17, as part of a wider recovery across the bullion market. Meanwhile, silver rate in India today also saw a sharp recovery as investors continued to navigate the risk of the ongoing Iran-US war in the Middle East. The rebound in gold and silver rate today also coincides with the US Federal Reserve's Federal Open Market Committee (FOMC) meeting scheduled to begin on March 17.

Gold and silver rates in India have declined since the beginning of the Iran-US war, the precious metal saw massive volatility in January and February. However, the prices showcased range-bound movement in March as concerns around crude oil prices, strengthening US Dollar, etc weighed investors sentiment.

24K Gold Rate in India

The price of 24 karat gold in India surged by Rs 120 per gram to Rs 15,862 on Tuesday, March 17. Which means that per 10 gram of 24 karat gold in India became costlier by Rs 1200 to Rs 1,58,620. Similarly, the rate of per 100 grams of 24 karat gold in India became expensive by Rs 12,000 to Rs 15,86,200 on Tuesday.

22K Gold Rate in India

The price of 22 karat gold in India increased by Rs 110 per gram to Rs 14,540 on Tuesday. Hence, the rate of per 10 gram of 22 karat gold in India surged by Rs 1100 to Rs 1,45,400. Likewise, the rate of per 100 gram of 22 karat gold in India jumped by Rs 11,000 to Rs 14,54,000.

18K Gold Rate in India

The rate of 18 karat gold in India soared by Rs 90 per gram to Rs 11,897 per gram on Tuesday. Likewise, the rate of per 10 gram of 18 karat gold in India increased by Rs 900 to Rs 1,18,970 on March 17. Per 100 grams of 18 karat gold in India became expensive by Rs 9,000 to Rs 11,89,700 on March 17.

Silver Rate in India Today

The price of silver in India jumped on Tuesday. Silver rate in India increased by Rs 275 per gram and to Rs 2,75,000 per kilogram on March 17. Silver prices saw a massive volatility in January and February, but prices have remained stable in March so far.

All Eyes On US Fed Meeting Today Amid Iran-US War

US Fed's FOMC meeting is set to begin on Tuesday, March 17 and conclude on Wednesday, March 18 amid the ongoing Iran-US War. Experts believe that the FOMC may keep interest rates unchanged in March and also throughout the year amid concerns of the economic impact of the Iran-US war.

Weak Gold Prices Despite Iran-US War

Gold and silver prices rally during geopolitical uncertainty, like the one we are facing due to the Iran-US war. However, gold and silver prices remained muted, and even saw correction since the beginning of the Iran-US war due to strengthening of US Dollar. Meanwhile, crude oil prices have rallied since the beginning of the war amid concerns of global fuel supply crunch.

"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," explained Gaurav Garg, Research Analyst at Lemonn Markets Desk.

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