Gold Prices Take A Hit (March 12), Check 22K & 24K Rates Per Gram In Cities

24K & 22K Gold Price Today: Gold prices in India edged lower on Thursday, while silver recovered from early weakness and traded higher on the back of buying at lower levels.

Analysts noted that buying interest remains strong in the Rs 1,56,000-Rs 1,57,000 demand zone. “As long as prices hold above this base, the medium-term bullish outlook remains intact. A sustained breakout above Rs 1,65,000 could revive bullish momentum toward Rs 1,75,000-Rs 1,80,000,” an analyst said.

Silver, however, showed resilience during the session. MCX May silver futures rebounded after initial losses to trade at Rs 2,71,065 per kg, rising Rs 2,574 or 0.96 per cent. The contract had opened at Rs 2,69,212 per kg, slightly above its previous close of Rs 2,68,491.

The weakness in gold prices followed pressure in global bullion markets as the US dollar strengthened and expectations of near-term interest rate cuts diminished. A stronger dollar typically weighs on precious metals by making them more expensive for holders of other currencies.

In overseas markets, spot gold slipped 0.2 per cent to $5,165.73 per ounce, while US gold futures for April delivery declined 0.2 per cent to $5,171.40 per ounce. Spot silver remained largely steady at $85.82 per ounce.

Meanwhile, the Indian rupee touched a fresh record low on Thursday as rising crude oil prices and a firm US dollar continued to exert pressure on the local currency. The rupee fell 0.3 per cent to 92.3575 against the dollar, surpassing its previous lifetime low of 92.3475 recorded earlier this week.

Traders noted that Gold Rates in India  fell, with Gold prices in Delhi and other key metros reflecting the latest decline.

Gold Rates Across Major Cities In India On March 12