Massive Crash In Gold Rate In India Today! 24K Falls Below Rs 1.53 Lakh/10 Gm Ahead of Janmashtami | Sept 2

Gold Rate in India today saw a steep decline a day after starting September on a strong note. The price of 24 karat, 22 karat and 18 karat gold failed to hold on to gains and corrected on Wednesday, September 2. The recent dip has come ahead of the preparation for Janmashtami, one of the most popular festivals in India.

Weaker sentiment across international bullion markets, renewed geopolitical tensions amid concerns over the West Asia crisis, a rally in crude oil prices, and inflation concerns further weighed on gold prices. For retail investors and jewellery buyers who closely track gold rates, here are latest details about September 2 rates.

24K Gold Rate in India, September 2

The price of 24 karat gold in India fell by Rs 207 per gram to Rs 15,202 per gram, as per Goodreturns data at 11 am on Wednesday. This means that 10 grams of 24 karat gold became cheaper by Rs 2070 to Rs 1,52,020. Likewise, the rate of 100 grams of 24 karat gold in the country fell by Rs 20,700 to Rs 15,20,200.

22K Gold Rate in India, September 2

The rate of 22 karat gold in India dipped by Rs 190 per gram to Rs 13,935 per gram. Similarly, the cost of 10 grams of 22 karat gold reduced by Rs 1900 to Rs 1,39,350. The rate of 100 grams of gold fell by Rs 19,000 to Rs 13,93,500.

18K Gold Rate In India, September 2

THe 18 karat gold rate in India dipped by Rs 155 per gram to Rs 11,402 per gram. Likewise, 10 grams of 18 karat gold became cheaper by Rs 1550 to Rs 1,14,020. Meanwhile, the rate of 100 grams of 18 karat gold fell by Rs 15,500 to Rs 11,40,200.

Gold Rate In India Fall Today, Good Time To Buy?

A possible correction in gold prices can result in purchases for long-term investors, according to Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara Pvt. Ltd.

"A possible correction can result in purchases of long-term investors, but the market needs some consolidation ahead of the next move up. Gold price in India will depend also on currency rates," stated Maurya.

Silver Rate in India Today

Silver price in India followed the trend and saw a marginal decline on Wednesday. Silver rate in India fell to Rs 245 per gram and to Rs 2,45,000 per kilogram.

International Gold Rate Today

The recent decline in domestic gold prices came as the precious metal continued to lose momentum in the international market. International gold rate today stood at $ 4,300 per ounce on Wednesday, as per Trading Economics data. The recent decline in international gold price came amid growing expectations of a rate hike by the Federal Reserve, followed by a sharp hike in global bond yields and oil prices.

"Gold is currently undergoing a correction after the recent rally because of higher US yields, strong US dollar, and changing outlook for the Federal Reserve. The current period of volatility is expected to continue, especially with focus on US jobs figures and interest-rate clues. However, the overall fundamental picture for gold will be positively influenced by political tensions, central banks' purchases of gold, and portfolio insurance," stated Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara Pvt. Ltd.

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