India's Gold Prices See Slight Increase Amid Ongoing Global Volatility
The gold price in India has experienced a slight increase today, September 12. According to Good Returns, the current prices stand at Rs 15,458 per gram for 24 carat gold, Rs 14,170 per gram for 22 carat gold, and Rs 11,594 per gram for 18 carat gold.
This marks an increase of Rs 15 over yesterday's price for 24 carat gold, while the prices for 22 carat and 18 carat gold have risen by Rs 15 and Rs 12 respectively.
Vedika Narvekar, Research Analyst- Commodities & Currencies at Anand Rathi Share and Stock Brokers Limited, attributes this development to global market trends. She notes that gold is 'trying to steady itself today' and is trading near $4,330 an ounce, after experiencing a 1.8% fall yesterday.
Narvekar further explains that the pressure on gold prices comes from two sides: oil prices, which are rising due to ongoing tensions in West Asia, and inflation concerns. The US producer price data released on September 10 showed a 0.4% increase, the fastest since May, adding to fears of sticky price pressures.