The gold rate in India took a dramatic turn today, falling by 12,000 per 100 grams for 24-carat gold. This drop in the gold rate in India comes after nearly three consecutive days of relentless price surges, where gold staged a rebound.
The sudden drop is expected to bring much-needed relief to buyers. Over the past week, bullion markets have been on fire due to a drop in the US Dollar index, which gave a strong push to gold prices in India.
In the international market as well, spot gold prices today had surged rapidly, fuelled by safe-haven buying and a weakening dollar.
Gold Rate in India Today
On Thursday, February 12th, 24-carat gold rate today n India slipped by Rs. 1200 per 10 grams to cost Rs. 1,58,400. While the 22-carat gold price stands at Rs. 1,45,200 per 10 grams after a decline of Rs.1100. The cheaper variant, 18-carat gold, dropped by Rs. 900 to retail at Rs.1,18,800 per10 grams.
The higher-weight variant of gold also saw the same decline, with 100 grams of 24-carat gold now retailing at Rs 15,84,000, and 22-carat gold at Rs 14,52,000 per 100 grams.
Silver prices in India today
Silver rates in India today experienced a surge on the 12th of February; 1 kg of silver in India cost Rs.2,95,000 after rising by Rs. 5000. While 100 g of silver rates in India retail at Rs. 29,500, which jumped by Rs. 500.
MCX Gold and Silver Prices
Gold futures on the MCX are trading in the red zone on Thursday, February 12th. Gold futures prices on the MCX, which are going to mature on April 4th, are trading at Rs. 1,58,580 per 10 grams, up 0.11%. Similarly, silver futures prices set to mature on March 5th are trading 0.40% lower at Rs 2,61,970 per Kg at the time of writing.
Spot Gold Price and Spot Silver Rate
According to the latest Reuters report, “Spot gold edged 0.3% lower to $5,063.11 per ounce by 0453 GMT. It closed Wednesday with a more than 1% gain. U.S. gold futures for April delivery lost 0.3% to $5,083.90 per ounce. Spot silver fell 0.8% to $83.32 per ounce, after a 4% climb on Wednesday.”
“Spot Gold is likely to trade with negative bias amid recovery in dollar and rise in US treasury yields. The recent batch of economic data from the US showed resilience in the labour market, giving space for the US Federal Reserve to keep rates steady in the near term. As per the CME FedWatch tool market is pricing in 94% chance that the Fed will leave rates unchanged at its next meeting. Meanwhile, a sharp fall in prices would be cushioned amid a rise in haven demand following escalating geopolitical tension in the Middle East.” As per the ICICI Commodity Report.
City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India
Here’s a look at the latest gold prices for 22-carat and 24-carat gold in major Indian cities on February 12
Gold Price in Chennai
Gold Price in Bangalore
Gold Rate in Hyderabad
Gold Price in Mumbai
Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as “we”). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.
Credit: Goodreturns