Gold price in India today; 24 karat, 22 karat rates plunge on Sovereign Gold Fund announcement

Gold price in India today: Prices of yellow metal in India tumbled massively on Saturday, after when the finance ministry announced first tranche of sovereign gold bond (SGB) for fiscal FY19. Both  24 karat gold in various gram and 22 karat gold in various gram reversed their gains and witnessed heavy decline following the announcement.  Gold in India has been a perfect hedge against inflation over the years and investors are now increasingly looking at it as an important source of investment. Here's where the price of 24 karat and 22 karat gold stands currently. 
 
24 karat gold today was trading at Rs 32,400, down by Rs 110, compared to its previous day performance when it stood at just Rs 32,510. While 100 gram in 24 karat plunged by a whopping Rs 1,100 and was available at Rs 3,24,000 compared to previous day price of Rs 3,25,100. Also, 1 gram and 8 gram in 24 karat dropped by Rs 11 and Rs 88 respectively. 
 
22 karat gold however declined by much high rate compared to that of 24 karat ones. A 10 gram of 22 karat was valued at Rs 30,200, down by Rs 120, compared to its previous day price of Rs 30,320. A 100 gram in the same karat is priced at Rs 3,02,000, below a massive Rs 1200, against the previous day price of Rs 3,03,200. 1 gram and 8 gram in 22 karat were lower by Rs 12 and Rs 96 respectively during the day. 
 
Meanwhile, silver metal also slipped today, as 1 Kg in silver was priced at Rs 41,600 down by Rs 400, whereas 100 gram silver at Rs 4,160 lower by Rs 40. Also, 10 gram, 8 gram and 1 gram silver were fell by Rs 4, Rs 3.20 and Rs 0.40 respectively. 

On Friday, the government announced this fiscal's first tranche of sovereign gold bond (SGB) and its subscription will open on April 16. The sovereign gold bond 2018-19, Series-I, will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges namely the NSE and BSE, the finance ministry said in a statement today.
 
Moreover, Spot gold added 0.8 percent to $1,346.26 an ounce. U.S. gold futures gained 0.57 percent to $1,349.60 an ounce.