Gold Price in India Declines Amid Global Market Volatility

The gold price in India moved lower on August 27, following a sharp run-up earlier in the month. The domestic market remained closely tied to global bullion movements, currency trends, and expectations around US monetary policy.

According to the data provided, the price of 24K gold stood at ₹16,298 per gram, down ₹77 from the previous day's closing figure. The prices of 22K and 18K gold were also lower, at ₹14,940 and ₹12,224 per gram respectively.

International bullion prices remained firm despite the decline in Indian prices. Spot gold went up by 0.4% to close at $4,611.16/ounce, while US gold futures increased by 0.3% to $4,664.50.

The global market is following expectations of rates from the US market, with a probability of rate hikes in September at 36.1% and December at 62.9%. The MCX gold October contract was priced at ₹1,59,588 for 10 grams as of 12:26 pm on August 27.