Domestic gold prices in India have staged a noticeable recovery following a sharp downward trend, tracking positive global cues. Gold prices climbed more than 1% globally, receiving substantial support from a softer US dollar. Market participants are also closely watching key upcoming US inflation data slated for release this week, which is expected to provide critical direction regarding the Federal Reserve monetary policy stance amidst an ongoing rally in crude oil prices.
Breakdown of Gold Prices Across Purity Categories
The price of 24 Karat gold in India currently stands at Rs 15,551 per gram, marking an increase of Rs 120 from the previous session. For larger quantities, 8 grams of 24K gold is priced at Rs 1,24,408, while 10 grams costs Rs 1,55,510, reflecting a jump of Rs 1,200. For bulk buyers, 100 grams of 24K gold is retailing at Rs 15,55,100, which is higher by Rs 12,000.
Meanwhile, 22 Karat gold is priced at Rs 14,255 per gram, registering a gain of Rs 110. An 8-gram quantity of 22K gold is valued at Rs 1,14,040 after rising by Rs 880, while 10 grams costs Rs 1,42,550, up by Rs 1,100. The price for 100 grams of 22 Karat gold has climbed to Rs 14,25,500, showing an increase of Rs 11,000.
The 18 Karat gold category has also moved upward, currently trading at Rs 11,663 per gram, higher by Rs 90. The rate for 8 grams stands at Rs 93,304, up Rs 720, whereas 10 grams of 18K gold is priced at Rs 1,16,630, marking an increase of Rs 900. For 100 grams, the 18K gold price has reached Rs 11,66,300, reflecting a rise of Rs 9,000 compared to the previous trading session.
Silver Prices and Expert Market Outlook
In contrast to gold, silver prices have remained completely unchanged from the previous session. Silver continues to be priced at Rs 255 per gram and Rs 2,55,000 per kilogram across India today.
Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of the India Bullion and Jewellers Association Ltd., shared his perspective on the market trajectory by stating that with the Producer Price Index due on Thursday and the Consumer Price Index on Friday, a hot print could place further pressure on gold, whereas a soft reading might open room toward $4,400. He added that gold appears set to trade within a $4,300 (roughly Rs 150,000) to $4,500 (roughly Rs 157,000) band, favoring a buy-the-dip and sell-the-rally approach for now, while noting that silver has more room to run as holding above $67 (roughly Rs 243,000) paves the path toward $70 (roughly Rs 247,000).
