Gold prices declined in the latest trading session, with 24-carat gold trading at ₹14,897 per gram, as a ber Indian rupee and stability in overseas markets exerted downward pressure on domestic rates. Silver prices remained unchanged.
In recent sessions, gold prices had recorded sustained increases, with 24-carat gold rising sharply and gaining approximately ₹33,900 per 100 grams over a span of three days. The latest session reflects a reversal in this trend.
According to GoodReturns, the price of 24-carat gold declined by ₹398 per gram from the previous level of ₹15,295 to ₹14,897 per gram. The price of 8 grams of 24-carat gold fell to ₹1,19,176 from ₹1,22,360, marking a decline of ₹3,184. The price of 10 grams declined to ₹1,48,970 from ₹1,52,950, registering a decrease of ₹3,980. For bulk buyers, the price of 100 grams of 24-carat gold declined to ₹14,89,700 from ₹15,29,500, reflecting a reduction of ₹39,800.
Prices of 22-carat gold also declined. The per gram rate fell to ₹13,655 from ₹14,020. The price of 8 grams declined to ₹1,09,240 from ₹1,12,160. The price of 10 grams stood at ₹1,36,550, down from ₹1,40,200, marking a decrease of ₹3,650. The price of 100 grams declined to ₹13,65,500 from ₹14,02,000.
In the latest trading session, 18-carat gold prices also registered a decline. The per gram rate fell to ₹11,173 from ₹11,471. The price of 8 grams declined to ₹89,384 from ₹91,768, marking a reduction of ₹2,384. The price of 10 grams stood at ₹1,11,730 compared with ₹1,14,710 previously. The price of 100 grams declined to ₹11,17,300 from ₹11,47,100.
The decline in gold prices is primarily attributed to the strengthening of the Indian rupee. The Reserve Bank of India introduced multiple measures to curb currency volatility, resulting in the rupee recording its largest gain in 12 years. A ber rupee reduces import costs, which in turn lowers domestic gold prices, as gold is largely imported into India.
Silver prices remained stable in the domestic market, with rates at ₹250 per gram and ₹2,50,000 per kilogram.
