Gold Rates Today (March 9): Gold Rate Crashes By Rs 20,000; Check 24K, 22K, 18K Gold Prices In Mumbai

Gold rates in India dropped sharply on March 9, despite the worsening situation in Middle East. 24 carat gold prices plunged as steep as Rs 19,600 in 100 grams and Rs 1,960 in 10 grams. In cities like Mumbai, gold rate stood at Rs 1,61,680 per 10 grams, which is lower compared to cities like Delhi, Ahmedabad and Chennai. The reason why gold prices are under pressure is the surge in dollar index and treasury yields owing to rate hike expectations from US Federal Reserve.

Gold Rates In Mumbai:

24 carat gold price dropped by Rs 1,960 to Rs 1,61,680 per 10 grams, while 100 grams gold nosedived by Rs 19,600 to Rs 16,16,800. Also, 8 grams gold dipped by Rs 1,568 and 1 gram gold is lower by Rs 196 to Rs 16,168.

Furthermore, 22 carat gold rates plunged by Rs 1,800 to Rs 1,48,200 in 10 grams, and plummeted by Rs 18,000 in 100 grams to Rs 14,82,000. Also, 8 grams gold here is down by Rs 1,440 to Rs 1,18,560 and 1 gram gold slipped by Rs 180 to Rs 14,820.

Under 18 carat, 10 grams gold plunged by Rs 1,470 to Rs 1,21,260 and 100 grams gold price dipped by Rs 14,700 to Rs 12,12,600. The rate of 8 grams gold is lower by Rs 1,176 to Rs 97,008 and 1 gram gold is down by Rs 147.

Gold Rates In India:

The 1 gram gold rate in India is around Rs 16,168 per gram for 24 karat gold (99.9% purity), Rs 14,820 per gram for 22 karat gold (91.6% purity), and at Rs 12,126 per gram for 18 karat gold (75% purity).

Gold is expensive in cities like Chennai where 10 grams of 24 carat is priced at Rs 163,090. The 10 grams gold is at Rs 1,61,830 in Delhi, and at Rs 1,61,730 in cities like Ahmedabad and Vadodara. In cities like Mumbai, Bengaluru, Hyderabad, Kerala, Kolkata and other cities, 10 grams gold is priced at Rs 1,61,800.

What Is Impacting Gold Prices?

As per Trading Economics, spot gold price fell to around $5,110 per ounce on Monday as a firmer US dollar and diminishing expectations of Federal Reserve rate cuts offset safe-haven demand from the escalating Middle East conflict. Oil prices surged above $100 per barrel for the first time since 2022 as the war with Iran entered its second week, fueling concerns about renewed global inflation. Disruptions intensified after oil tankers were effectively blocked from the Strait of Hormuz, prompting several Middle Eastern producers, including Kuwait, Iraq, and the UAE, to curb crude output.

Gold Rates Outlook:

As per Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions, with tensions in the Middle East intensifying and energy prices rising, safe-haven demand for gold continues to build. As long as gold sustains above the $5,200 zone, the momentum favors a move toward $5,450-5,600 in the near term. Dips are likely to attract strategic buying rather than aggressive selling.

He added, "While short-term volatility will remain high due to geopolitical headlines and US economic data, the broader bias for both metals stays constructive, with corrections likely to be shallow and temporary."

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