Gold price in India today: 24 karat yellow metal trades below Rs 32,000-mark

With global gold prices extending losses for fourth consecutive day today, Indian yellow metal gave away its gains, as 24 karat and 22 karat were trading below Rs 32,000-mark and Rs 30,000-level respectively. Global gold prices saw a decline during the trading session, as investors expect the US Federal Reserve to raise interest rates this week. All the grams in 24 karat and 22 karat gold in India, have seen negative trend. 
 
24 karat gold today was trading at Rs 31,850 down by Rs 90, compared to its previous day performance when it stood at just Rs 31,940. While 100 gram in 24 karat tumbled by Rs 900 and was available at Rs 3,18,500 compared to previous day price of Rs 3,19,400. Also, 1 gram and 8 gram in 24 karat witnessed decline by Rs 9 and Rs 72 respectively. 

 
22 karat gold for 10 gram was valued at Rs 29,790, lower by Rs 70, compared to its previous day price of Rs 29,860. However, a 100 gram in the same karat is priced at Rs 2,97,900, below Rs 700, against previous day price of Rs 2,98,600. 1 gram and 8 gram in 22 karat plunged by Rs 7 and Rs 56 respectively during the day. 

 
Here's a list of gold rates in major cities of India, as per GoodReturns.In. 

 
Meanwhile, silver price remained unchanged today as 1 kg was priced at Rs 41,400 and 100 gram silver stood at Rs 4,140. Also 1 gram, 8 gram and 10 gram silver in India remained the same at Rs 41.40, Rs 331.20 and Rs 414 respectively. 
 
Moreover, Spot gold was down 0.1% at $1,311.70 per ounce at 0402 GMT, after falling 0.8 percent last week. US gold futures for April delivery dropped 0.1% to $1,311.60 per ounce.
 
"I think the overall economic recovery is good enough for the (U.S.) central bank to consider a faster pace of normalization of monetary policies," said Mark To, head of research at Hong Kong`s Wing Fung Financial Group in a Reuters report. 
 
A two-day Federal Open Market Committee (FOMC) meeting begins on Tuesday, with the US central bank expected
to hike interest rates for the first time this year. 
 
"It is somehow expected and is already priced in the market so I stick to my prediction that precious metals, with gold included, are going to have range-bound trading, unless something really surprising happens," said To.