Gold Rate In India Today Drops BIG, March 17: 24K /100g Gold Price Declines Rs.1,100; Silver Slips Further

Gold prices in India slipped once again at the beginning of this week, providing much-needed relief to buyers after soaring to record highs. In the past few trading sessions, gold rates in India surged amid uncertainty from the U.S. regarding trade tensions. Gold rate in india for the 22 carat variant are now cheaper and cost around Rs. 82,000, while the pure gold i.e 24 carat gold rate today is below the 90,000 level per 10 grams.

With the FOMC meeting scheduled this week, market participants are closely watching for cues that could influence gold price. Analysts expect that potential policy decisions on interest rates and economic outlook could lead to a major shift in gold price trends. As a result, gold prices in India today continue to decline, reflecting a temporary market correction after the recent rally.

Gold Rate in India Today

On 17th March, 24-carat gold rates today in India slipped by Rs. 110 per 10 grams to cost Rs. 89,560. While the 22-carat gold price in india today decreased by Rs. 100 per 10 grams to retail at Rs. 82,100 per 10 grams. Similarly, the 18-carat gold declined by Rs. 80 to retail at Rs. 67,180 per 10 grams.

The bulkier quantities also experience a decline; 100 grams of 24 carat gold price now retails at Rs. 8,95,600, after slipping Rs. 1100, and the 22-carat gold rates today per 100 grams now cost Rs. 8,21,000 after slipping Rs. 1000.

Silver prices in India today

Silver rates in India today dipped after a stability last week. Currently, 1 kg of silver costs Rs. 102,900 after slipping Rs. 100 per kg, and 100 grams of silver costs Rs. 10,290, which declined by Rs. 10 per 100 grams of silver.

Gold prices in Chennai, Bengaluru, and Hyderabad

A similar decline in gold prices across the country was seen. Below are the gold rates in the major cities of India:
10 grams of 24-carat gold rates in Chennai stand at Rs. 89,560 per 10 grams, while the 22-carat gold prices in Chennai cost Rs. 82,100 per 10 grams.

Likewise, gold rates in Bangalore for 22 carats are now at Rs. 82,100 per 10 grams, while the 24 carat gold price in Bangalore is now at Rs. 89,560 per 10 grams of yellow metal.

Gold prices in Hyderabad are also mirroring the gold rates in India today, where the price of 22 carat gold retails at Rs. 82,100 per 10 grams. A 24 carat gold retails at Rs. 87,560 per 10 grams.

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MCX Gold and Silver Futures Prices Today

Gold prices on the MCX (Multi Commodity Exchange) dipped sharply. Currently, gold futures prices due to mature on April 4, 2025, stand at Rs. 87,774 with a drop of 0.25%. Silver futures, with an expiration date of May 5, 2025, saw a decline this morning, trading 0.28% lower at Rs. 1,00,454.

Global Gold and Silver Price Update

According to Reuters, spot gold edged up 0.1% to $2,986.53 per ounce as of 0307 GMT. On Friday, gold surpassed the $3,000/oz milestone, reaching a record high of $3,004.86. Meanwhile, U.S. gold futures dipped 0.2% to $2,994.60. Spot silver declined 0.1% to $33.76 per ounce.
Gold prices remained firm on Monday, supported by geopolitical tensions, concerns over rising tariffs and trade frictions, and growing expectations of interest rate cuts by the U.S. Federal Reserve, which continue to drive safe-haven demand.

Gold price Outlook Ahead

As per the commodity report from the India Bullion and Jewellers Association Ltd., "Gold prices passed $3,000 an ounce on Friday for the first time ever, driven higher by a central bank buying spree, economic fragility worldwide, and President Donald Trump's attempts to rewrite the rules of global trade by imposing tariffs on allies and strategic rivals. Bullion climbed as much as 0.5% to $3,004.94 an ounce on Friday before erasing gains. The move through the psychological $3,000 level drives home gold's centuries-old role as a store of value in turbulent times and as a gauge of fear in markets. In the last quarter century, the price has risen 10-fold, outperforming even the S&P 500, the benchmark for US stocks, which quadrupled over the same period. As traders braced for tariffs, US prices for gold surged above other international benchmarks, prompting dealers to rush bullion into America in large volumes before the levies come into force. More than 23 million ounces of gold, worth about $70 billion, flowed into the depositories of New York's Comex futures exchange between Election Day and March 12. The influx has been so vast that it helped drive the US trade deficit to a record in January. Gold bars in a vault at the United States Mint in West Point, New York. Jumps in the gold price typically track broader economic and political stress. "