Gold Rate in India Takes U-Turn! 24K Jumps Rs 23,000 In Day! Silver Stable After Weak US Jobs Data | March 7

Gold Rate in India: Gold price in India reversed its losses after a sharp jump on Saturday, March 7. The surge in gold rates today mirrored stronger sentiment in the international bullion market following weaker-than-expected US jobs data released a day earlier. Meanwhile, ongoing US-Israel air strikes on Iran continue to weigh on investors' sentiment.

Gold prices in India have witnessed a sharp decline over the past four to five days as the US dollar regained strength, creating a significant headwind for precious metals, even as geopolitical uncertainties continued to lend underlying support to gold and silver prices. However, the recent US jobs data, released on Friday, supported the upward trend in gold prices. Silver rate in India remained stable.

24K Gold Rate in India

The price of 24 karat gold in India jumped Rs 251 per gram to Rs 16,364 per gram on Saturday, March 7. Which means that per 10 grams of 24 karat gold in India became expensive by Rs 2510 to Rs 1,63,640. Whereas, per 100 grams of 24 karat gold in India became costlier by Rs 25,100 to Rs 16,36,400 on Saturday.

22K Gold Rate in India

The price of 22 karat gold in India surged by Rs 230 per gram to Rs 15,000 per gram on Saturday, March 7. Hence, per 10 grams of 22 karat gold in India became costlier by Rs 2300 to Rs 1,50,000.

18K Gold Rate in India

The price of 18 karat gold in India increased by Rs 188 per gram to Rs 12,273 per gram on Saturday. Which means that the price of per 10 gram of 18 karat gold in India increased by Rs 1880 to Rs 1,22,730.

Silver Rate in India

The price of silver in India remained stable at Rs 285 per gram on Saturday, March 7. Silver rate today stood at Rs 2,85,000 per kilogram on Saturday. Silver prices in India saw a sharp jump on March 2, where prices jumped beyond Rs 3 lakh per kilogram mark, followed by price correction.

"A stronger USD and expectations that the FED may keep interest rates higher for longer have also reduced the appeal of non-yielding assets like silver and gold. Exchanges have raised margin requirements for metals futures during periods of extreme volatility created by the ongoing geopolitical issues, forcing leveraged traders to unwind positions," explained Ross Maxwell, Global Strategy Operations Lead, VT Markets.

Gold Prices Regain Momentum After Weak US Jobs Data

The international gold prices surged above $5,120 per ounce on Friday, as per Trading Economics. The sharp revival in international gold rates came after weak US jobs data (for February) fueled concerns around economic slowdown.

The Nonfarm payroll figures for February showcased that the US economy shed over 92,000 jobs, which was beneath the forecast of creation of over 59000 jobs in the duration. The unemployment rate also ticked higher at 4.4%. Apart from US jobs data, the gold and silver price trajectory will also depend on factors like strengthening of US Dollar and Treasury yields, US Fed rate cut expectations amid intensifying Middle East tensions.

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