Gold lost some of its shine in India on July 4th, with 999 purity 24 carat slipping below the Rs 1.47 lakh mark. What makes the fall notable is its timing, coming right after 100 grams of 24 carat gold had jumped by nearly Rs 62,500 and 10 grams had climbed Rs 6,250. Riding the same wave down, prices of 22 carat and 18 carat gold also dropped steeply.
On Saturday, 1 gram of gold in India stood at Rs 14,673 for 24 carat (99.9% purity), Rs 13,450 for 22 carat (91.6% purity) and Rs 11,005 for 18 carat (75% purity).
Where 24 Carat Gold Stands
24 carat gold tumbled Rs 2,700 to Rs 14,67,300 per 100 grams, while 10 grams eased Rs 270 to Rs 1,46,730. In the same purity, 8 grams fell Rs 216 to Rs 1,17,384 and 1 gram slipped Rs 27 to Rs 14,673.
22 Carat and 18 Carat Ease Too
The 22 carat rate declined Rs 2,500 to Rs 13.45 lakh per 100 grams, with 10 grams down Rs 250 at Rs 1,34,500. Alongside, 8 grams dropped Rs 200 to Rs 1,07,600 and 1 gram fell Rs 25 to Rs 13,450.
Meanwhile, 18 carat gold sank Rs 2,000 to Rs 11,00,500 per 100 grams. It shed Rs 200 to Rs 1,10,050 per 10 grams, Rs 160 to Rs 88,040 per 8 grams and Rs 20 to Rs 11,005 per 1 gram.
Still Higher Across July Despite the Dip
Here is the bigger picture: on July 4th, 100 grams of 24 carat had surged Rs 32,200, and on July 3rd it had risen Rs 30,000. That is why, even after the latest slide, gold remains broadly higher across the first four days of July.
The metal staged a strong comeback this week after more than a month of intense, sustained selling pressure. The rebound drew support from a softer US dollar, which pulled away from the 101 mark.
What Lies Ahead for Prices
According to Jateen Trivedi, VP Research Analyst for Commodity and Currency at LKP Securities, the recent pullback in the Dollar Index has encouraged fresh buying in bullion, while domestic prices have also gained from currency movements. Markets will now watch next week's Federal Reserve meeting minutes closely for cues on the US interest rate outlook and the dollar's direction.
On the technical side, Trivedi expects gold to trade in the Rs 1,45,000 to Rs 1,49,000 range, with global cues continuing to steer sentiment.
