Gold price in India today: 24 karat, 22 karat prices rise as dollar slips

Gold price in India today: Following global spot gold prices, which rose to one-week high today, the yellow metal in India also surged in both 24 karat gold and 22 karat gold in various grams. However, silver prices remain mute. Meantime, global gold prices hit their highest in a week buoyed as the dollar slipped after marking its strongest level this year in the previous session. 

Gold in India has been a perfect hedge against inflation over the years and investors are now increasingly looking at it as an important source of investment. Here's where the prices of 24 karat and 22 karat gold stand currently. 
 
24 karat gold today was trading at Rs 32,600, up by Rs 40, compared to its previous day performance when it stood at just Rs 33,560. While 100 gram in 24 karat jumped by Rs 400 and was available at Rs 3,26,000 compared to previous day price of Rs 3,25,600. Also, 1 gram and 8 gram in 24 karat were up by Rs 4 and Rs 32 respectively. 
 
22 karat gold in 10 gram gold was valued at Rs 30,600 above Rs 100 compared to previous day price of Rs 30,500, while 100 gram in the same karat priced at Rs 3,06,000 surged by a whopping Rs 1000 as against previous day price of Rs 3,05,000. Also, prices of 1 gram and 8 gram rose by Rs 10 and Rs 80 respectively. 
 
Meanwhile, silver prices were unchanged today, as 1 Kg in silver was priced at Rs 42,700, whereas 100 gram silver was at Rs 4,270. Also, prices of 10 gram, 8 gram and 1 gram silver stood at Rs 427, Rs 341.60 and Rs 42.70 respectively. 
 
According to GoodReturns.com, 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 had risen 0.3 percent to $1,318.46 per ounce by 0332 GMT, after earlier touching its highest since late-April at $1,318.85. US gold futures for June delivery were up 0.3 percent at $1,319.10 per ounce.

"The dollar is a little bit under pressure. The key driver still remains the dollar and that is what we see," said Dominic Schnider at UBS Wealth Management in Hong Kong in a Reuters report.