Domestic bullion markets experienced a downward correction in gold prices following a robust surge that had pushed rates past the notable Rs 90,000 mark. The recent dip provides a temporary breather for retail buyers after a prolonged upward trajectory driven by strong safe-haven demand. Market participants are closely evaluating these shifting price levels as macroeconomic factors continue to influence domestic sentiment.
Detailed Breakdown of 24K, 22K, and 18K Rates
The price of 24 Karat gold settled at Rs 16,375 per gram, marking a decrease of Rs 22 compared to the previous trading session. For larger volume purchases, 8 grams of 24K gold was priced at Rs 1,31,000, while 10 grams stood at Rs 1,63,750. The standard rate for 100 grams of 24 Karat gold dropped by Rs 2,200 to reach Rs 16,37,500.
Meanwhile, 22 Karat gold traded at Rs 15,010 per gram, down by Rs 20 from the preceding rate. Buyers looking for 8 grams of 22K gold faced a cost of Rs 1,20,080, and 10 grams were valued at Rs 1,50,100. A 100-gram lot of 22 Karat gold registered a decline of Rs 2,000, bringing its total to Rs 15,01,000.
In the 18 Karat category, the price per gram fell by Rs 12 to rest at Rs 12,281. The cost for 8 grams of 18K gold was recorded at Rs 98,248, with 10 grams priced at Rs 1,22,810. For bulk quantities of 100 grams, the price decreased by Rs 1,200 to total Rs 12,28,100.
Global Cues and Macroeconomic Outlook
On the international front, gold prices pulled back after touching their highest level in over three months earlier in the trading day. Investors worldwide are shifting their immediate focus toward upcoming US inflation metrics and scheduled remarks from Federal Reserve Chair Kevin Warsh. These upcoming economic inputs are expected to provide clearer guidance regarding future interest rate adjustments and the broader trajectory of precious metals.
Expert Insights on Market Trends
Industry experts point out that monetary policy decisions and technical breakouts are dictating the current metal cycle. Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of India Bullion and Jewellers Association Ltd., noted that central bank minutes highlight persistent inflation worries. He stated that several policymakers remain open to a rate hike if inflation fails to ease toward the two percent target, while noting that technical charts show gold breaking out of its previous range toward higher resistance levels alongside strong momentum in silver.
