Huge Drop In Gold Rates In India Today: 22K & 24K/100 Gm of Gold Falls Over Rs 4,000; Silver Drop To Rs 11,600

The price of gold in India fell precipitously on Tuesday, August 19, amid an uncertain and inflationary global market. Even though gold prices remain volatile due to geopolitical headwinds, global market volatility, and the U.S. Federal Reserve's expected stance on interest rates, demand for the yellow metal is expected to surge further due to India's impending wedding and festival season.

Gold & Silver Rates In India Today

The price of gold in India today is Rs 10,075 per gram for 24 karat gold, Rs 9,235 per gram for 22 karat gold and Rs 7,556 per gram for 18 karat gold. On Tuesday, 24k of 10 grams of gold reached Rs 1,00,750, which was Rs 1,01,180 on Monday, similarly, 24k of 100 grams of gold reached Rs 10,07,500 in India today, representing a price drop of Rs 4,300 from Rs 10,11,800 yesterday.

In India, the price of 22k of 10 grams of gold is Rs 92,350 today, whereas it was Rs 92,750 yesterday. In this instance, the price of 22k of 100 grams of gold dropped by Rs 4,000 on Tuesday to Rs 9,23,500, from Rs 9,27,500 on Monday.

Today, 18k of 10 grams of gold will cost Rs 75,560, dropping by Rs 330 overnight from Rs 75,890 on Monday.

Silver costs Rs 116 per gram and Rs 1,16,000 per kilogram in India today, compared to Rs 117 and Rs 1,17,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold has broken below the important 10- and 20-day EMA on the daily chart, bringing the immediate trend under pressure. However, the weekly trend remains intact and bullish. Support is seen at 98,750 and resistance at 99,950. Traders can sell MCX Gold near 99,950 for a target of 99,400-98,750, while any close above 100,120 will warrant a review of the current outlook," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading mix today on the international bourses. We expect precious metals prices on Indian bourses to trade range bound to slightly lower for the day; as gold prices are4 steady as traders weighed US-led efforts to end the war in Ukraine, and counted down to the Federal Reserve's annual Jackson Hole gathering, which may yield hints on possible rate cuts," commented the research analysts of Nirmal Bang Securities.

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