Gold Rate in India Today Retreats From Record Highs, March 21; 22K/100g Gold Falls Rs.4,000, Silver Declines

Gold Rate Today: After hitting back-to-back record highs, gold rate in India has finally declined today. Over the past four days, gold rates surged steadily due to strong domestic demand and escalating geopolitical tensions.

The latest Middle East conflict has further impacted the global gold prices, as reports from Reuters confirm that Israel carried out an airstrike on Gaza, resulting in 91 Palestinian casualties. The uncertainty in the region has fueled safe-haven demand for gold, influencing both international gold rates and local gold rate in India.

Gold Prices in India Today

As of today, 21st March, 24-carat gold rate in India slipped by Rs. 440 per 10 grams to cost Rs. 90,220. While the 22-carat gold rate today stands at Rs. 82,700 per 10 grams after a decline of Rs. 400. Meanwhile, the 18 carat gold decreased by Rs. 321 to retail at Rs. 67,670 per 10 grams.

The bulkier quantities also experience a decline; 100 grams of 24 carat gold rates now retail at Rs. 9,02,200, after slipping Rs. 4400, and the 22 carat gold rates per 100 grams now cost Rs. 8,27,000 after slipping Rs. 4000.

Silver prices in India today

Silver rates in India today fell sharply after three major gains. Currently, 1 kg of silver costs Rs. 103,000 after slipping Rs. 2,100, and 100 grams of silver decline Rs. 210 to cost Rs. 10,300.

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 rate in Chennai stand at Rs. 90,220 per 10 grams, while the 22 carat gold prices in Chennai cost Rs. 82,700 per 10 grams.

Likewise, gold rate in Bangalore for 22 carats are now at Rs. 82,700 per 10 grams, while the 24 carat gold price in Bangalore is now at Rs. 90,220 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. 82,700 per 10 grams. A 24 carat gold retails at Rs. 90,220 per 10 grams.

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MCX Gold and Silver Futures Prices Today

Currently, gold futures prices on the MCX expected to mature on April 4, 2025, are trading at Rs. 88,292 after slipping Rs. 0.47%. Silver futures, with an expiration date of May 5, 2025, are also trading in the red zone, down 0.94% at Rs. 98,459.

Spot Gold Price and Spot Silver Rate

Reuters, in its latest gold report, stated that, "Spot gold fell 0.5% to $3,029.86 per ounce (as of 05:00 GMT) after hitting an all-time high of $3,057.21 on Thursday. Despite the dip, gold has gained 1.5% this week. Gold prices edged lower on Friday, pressured by a stronger U.S. dollar, but remained on track for a third consecutive weekly gain amid expectations of Federal Reserve rate cuts and safe-haven demand due to global uncertainties.

Additionally, U.S. Gold Futures slipped 0.2% to $3,037.50 per ounce. While spot silver dropped 1.2% to $33.13 per ounce.

Gold price Outlook Ahead

As per the commodity report from the India Bullion and Jewellers Association Ltd., "Gold edged lower on Thursday from a fresh record as doubts crept in about the Federal Reserve's ability to significantly cut interest rates this year in the face of potentially inflationary trade tariffs. Bullion retreated after peaking above $3,057 an ounce earlier on Thursday, as the US dollar rose. A stronger greenback is a headwind for the precious metal. On Wednesday the US central bank kept interest rates unchanged while projecting slower growth and higher inflation this year. Fed Chair Jerome Powell acknowledged a high degree of uncertainty from President Donald Trump's policy changes but said there's no hurry to adjust monetary policy. Trump, meanwhile, said the Fed should reduce borrowing costs. Gold rate in India has climbed 16% this year in a rally that's seen it hit a series of all-time highs, extending last year's strong gains as investors seek safety. Several major banks have also raised their price targets for bullion in recent weeks, with Macquarie Group forecasting it could rise as high as $3,500 an ounce. Despite an upgrade to the inflation forecast, the bond market seized on the fact that US growth estimates were dialed back-validating some of the concerns that Trump's trade war and spending cuts will cool the economy. Fed officials continue to pencil in a half percentage point of rate cuts this year. Meanwhile, in China, the tone is growing cautious. State-run Chinese Securities Journal warned that investors should be careful on gold as prices are likely to be volatile going forward."