Gold at Rs 32,247 in India; global prices at one-week high

Global gold prices rose for third-consecutive trading session on Wednesday, and the price of yellow metal in India also witnessed  uptrend during the day. 
 
On Wednesday, 24 karat gold was at Rs 32,247 for 10 gram, up by Rs 11, compared to previous day price of Rs 32,236, as per data given by good returns. 
 
While 22 karat gold as per the data, was valued at Rs 29,560 on 10 gram purchase, higher by Rs 10, if compared with previous day price of Rs 29,550. 
 
Here's a list of gold rates today in major cities. 

 
As per GoodReturns.in data, Gold in India has over the years been a perfect hedge against inflation. Investors are increasingly looking at gold as an important investment.
 
Meanwhile, silver price surged by Rs 700 on the day, as it was valued at Rs 41,300 in 1 KG. During previous day, silver price stood at Rs 40,600
 
According to GoodReturns.in, silver price in India is determined by international prices, which move in either direction. Other than that it also depends on currency movement of the rupee against the dollar. 
 
If the rupee falls against the dollar and international prices remain stable, silver will become more expensive. 
 
Moreover, Spot Gold was up 0.3% at $1,332 an ounce, as of 0115 GMT, after touching its highest level since Feb. 6 at $1,333.76.
 
A Reuters report mentioned that, this was buoyed by a weaker dollar, while investors awaited US inflation data for clues on the pace of future US interest rate increases.
 
It stated that, a retreat in the dollar, in which bullion is priced, has helped gold pull back nearly 2% from last week`s one-month low of $1,306.81 an ounce.