Gold prices in India slipped for the second consecutive day on Wednesday, June 24, mirroring the softness running through global bullion markets. The 24 Karat variety eased by Rs 27 a gram to Rs 14,433, while 22 Karat gold lost Rs 25 a gram to settle at Rs 13,230. Across the last two sessions this pullback has knocked nearly Rs 36,500 off every 100 grams of 24 Karat gold, dragging the metal to its weakest level in almost a fortnight.
What Is Driving the Selloff
The slide reflects a mix of pressures weighing on sentiment. Investors are contending with growing bets on higher US interest rates, a firmer US dollar and a technology-led drop across global equity markets. Many traders, analysts believe, have been freeing up cash by unwinding positions in precious metals, which has chipped away at gold's pull as a safe-haven asset. Silver, on the other hand, held firm in the domestic market at Rs 245 per gram and Rs 2,45,000 per kilogram.
Down 12% in the June Quarter, Worst Since December 2016
Globally, gold has shed close to 12% over the June quarter and is heading for its sharpest quarterly fall since December 2016. From a record high of around $5,417 an ounce, the metal has now pulled back roughly 24%, a move that underlines a notable change in investor mood as appetite for risk improves and expectations for global financial markets shift.
24 Karat Gold Rate Today
On Wednesday, 24 Karat gold in India stood at Rs 14,433 per gram, Rs 27 lower than the previous session. In bulk, 8 grams cost Rs 1,15,464 and 10 grams came to Rs 1,44,330. A 100 gram lot of 24 Karat gold was priced at Rs 14,43,300, marking a fall of Rs 2,700.
22 Karat Gold Rate Today
The 22 Karat rate fell Rs 25 to Rs 13,230 per gram. Buyers paid Rs 1,05,840 for 8 grams and Rs 1,32,300 for 10 grams. The 100 gram price came in at Rs 13,23,000, down Rs 2,500 from the day before.
18 Karat Gold Rate Today
The 18 Karat variety dropped Rs 20 to Rs 10,825 per gram. Likewise, 8 grams were quoted at Rs 86,600 and 10 grams at Rs 1,08,250. The 100 gram price stood at Rs 10,82,500, a decline of Rs 2,000 from the previous session.
Silver Rate Today
Silver prices stayed flat in India on Wednesday. The metal was quoted at Rs 245 per gram, with 8 grams at Rs 1,960. In the same way, 10 grams were available for Rs 2,450 and 100 grams for Rs 24,500. On the larger measure, silver held at Rs 2,45,000 per kilogram, unchanged from the previous trading session.
The Global Picture
According to Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of IBJA, gold fell below $4,150 and silver edged toward $63 as rising Federal Reserve rate hike expectations pushed investors into the US dollar, which climbed to a one-year high against major peers. He noted that sterling weakened on UK political uncertainty while speculative selling of the yen continued.
