Gold prices drop by ₹630 ahead of Akshaya Tritiya. Check latest rates today
Gold Rate today: Gold is considered as an attractive investment option and acts as a hedge against inflation.
Gold prices across India decreased on Tuesday. The price of 24 carat gold cost ₹97,693 per 10 gms while the rate of 10 grams of 22 carat gold stood at ₹89,563.
In Delhi, the price of 10 grams of 22 carat gold stood at ₹89,563 while 24 carat gold was priced at ₹97,693/10 gms. In India's financial capital Mumbai, 24 carat gold cost ₹97,547 per 10 grams while the price of 22 carat gold was at ₹89,417 per 10 gms.
In Chennai, the prices of 24 carat and 22 carat gold were ₹97,541/10 gms and ₹89,411/10 gms respectively.
Gold is considered as an attractive investment option. A 24 carat gold is the purest form of the metal with a purity of 99.99 per cent. On the other hand, 22k gold is basically 22 parts of gold and two other metals like copper and zinc. It is used to make jewellery.
Gold prices drop as trade tensions between US and trading partners soften
On Tuesday, gold prices dropped as softening trade tensions between the US and its trading partners dulled the metal's safe-haven appeal, while investors awaited U.S. economic data to assess the Federal Reserve's policy path.
Spot gold was down 0.8% at $3,314.65 an ounce, as of 0619 GMT. U.S. gold futures lost 0.7% to $3,324.20.
"The risk environment has clearly improved recently, with market participants buoyed by optimism that the worst of the trade tensions may be behind us amid encouraging rhetoric around trade deals," IG market strategist Yeap Jun Rong told Reuters.
U.S. Treasury Secretary Scott Bessent said on Monday several top trading partners had made "very good" proposals to avoid U.S. tariffs, with India likely to be among the first to finalize a deal.
China's recent moves to exempt certain U.S. goods from its retaliatory tariffs showed a willingness to de-escalate trade tensions, Bessent added.
(With Reuters inputs)
