Good News for Jewellery Lovers: Massive Drop in Gold Prices! Check Today’s 10-Gram Gold Rate
After several days of consistent surge in gold prices due to rising geopolitical tensions, especially the conflict between Iran and Israel, gold rates have now seen a sudden and significant drop. This comes as welcome news for buyers looking to invest in gold.
Domestic Gold Prices Plummet
Due to changes in the international market, gold prices in India have dropped sharply. In Bengaluru, the price of 22-carat gold has fallen by ₹1,050 per 10 grams, bringing it down to ₹92,000. Just a day before, prices had dropped by ₹150.
Similarly, the price of 24-carat pure gold has also seen a massive decline. It is now priced at ₹1,00,370 per 10 grams after a ₹1,140 drop.
Silver Prices Slightly Up
While gold prices have decreased, silver prices have seen a slight increase. The price of silver has risen by ₹100 per kilogram, now trading at ₹1.10 lakh per kg.
Gold Price in the International Market
Globally, gold prices have witnessed a considerable fall. The spot price of gold has dipped below $3,380 per ounce (around 31.10 grams), compared to over $3,450 the previous day. This indicates a sharp drop within just a day.
According to market analysts, the decline is mainly due to a slight reduction in global uncertainty. As a result, the demand for gold as a safe-haven asset has decreased. Additionally, there is speculation about an upcoming announcement from the U.S. Federal Reserve regarding interest rates. This anticipation has led to profit booking—where investors sell to lock in gains—contributing further to the price fall.
Silver Price in the Global Market
Meanwhile, silver continues to trade steadily above $37 per ounce in the global market.
Rupee vs Dollar Exchange Rate
The Indian Rupee is trading at around ₹86.45 against the US Dollar, showing slight weakness. This too influences precious metal prices in the domestic market.
Note on Price Variations
The prices mentioned are as of 7 AM and may fluctuate every 10 hours based on global market trends. Also, gold and silver rates vary slightly from region to region due to local taxes and other factors.
Summary:
- 22K Gold: ₹92,000 per 10 grams (↓ ₹1,050)
- 24K Gold: ₹1,00,370 per 10 grams (↓ ₹1,140)
- Silver: ₹1,10,000 per kg (↑ ₹100)
- International Gold: Below $3,380/oz
- Silver Global Rate: Above $37/oz
- INR/USD: ₹86.45
Now might be the ideal time to buy gold, especially for those waiting for a price correction.