International spot price tanks 12 month low; domestic prices drop by Rs 20 per tola

Last Updated: Tue, Jul 03, 2018 17:13 hrs
Gold (Image Courtesy: PTI)

Gold prices traded to a low of nearly a year.

At the time of updating this story, Gold prices were trading at $1241.70, but on Monday prices had hit $1239.64 per ounce.

On 11th December 2017, prices had hit a low of $1241.16 and prior to this, prices touched $ 1216.91 on 13th July 2017.

Bullion traders attributed the price drop to a tepid demand for bullion investments as well as weaker uptake from jewelers. A stronger Dollar was one of the major reasons prompting consumers to await for the currency to cool. With dollar peaking, customers naturally have to shell more dollars for buying Gold.

In the domestic markets, prices of both 24 and 22 Karat Gold were down by at least Rs 20 per tola (10 grams) in markets such as New Delhi. The slippage was nearly 1% in New Delhi, while in Mumbai it was as much as 0.07%.

Gold on Tuesday, according to reports was selling at Rs 31,400 (24K) and Rs 31250 (22K) in the national capital.

Sovereign Gold has remained steady at Rs 24,800 per eight grams.

Silver prices too dropped on account of a weaker uptake from industrial units and coin makers.

According to reports, Silver was down by Rs 250 to Rs 40,350 per kilo. Silver coins, however, continued to be traded at previous level of Rs. 75,000 for buying and Rs. 76,000 for selling of 100 pieces.

Please note that the prices for both 22 Karat and 24 Karat are almost identical in Chennai and Hyderabad.

Kolkata still remains the most expensive metropolitan city to buy while Chennai is the least expensive to buy jewelry as well as bullion.

Here is a graph of how Gold performed in the past five trading sessions. You will have to double click the points for the prices to display. Data courtesy:

Price of 22 Karat Gold across top four markets of India.

Price of 24 Karat Gold across top four markets of India.

Gold rate in india

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