Today’s gold price in India: Global economic conditions have a big impact on the gold rate.
On August 20, the retail price of gold in India for 10 grams of the yellow metal was trending at around Rs 59,000 in various places. 10 grams of 24-carat gold costs Rs 59,020, whereas the same amount of 22-carat gold costs Rs 54,100. Silver, on the other hand, costs Rs 73,300 a kg.
In Ahmedabad, the retail price of 22-carat gold is Rs 54,150 per 10 kilos, while the cost for 24-carat gold is Rs 59,070 per 10 grams. If the prices change during the day, this article will be updated.
Retail Gold Price in India on August 20 (See table below)
|CITY||22 CARAT GOLD PRICE||24 CARAT GOLD PRICE|
Price of Gold in Chennai
In Chennai, a gram of 22 carat gold costs Rs 54,500. Similarly, the retail price of 24 carat gold in Tamil Nadu’s capital city is Rs 59,450 per 10 grams.
Gold Rates in Noida
22 carat gold was purchased at Rs 54,250/10 gram in Noida. Customers must pay Rs 59,170/10 grams for 24 carat.
Gold futures maturing on October 5, 2023 were selling at Rs, 58,378 on the Multi Commodity Exchange on August 18. Silver, on the other hand, was trading at Rs 70,246 as of September 5.
In general, global economic conditions, inflation rates, currency changes, and local demand and supply dynamics all have an impact on gold prices in India.
Here are some of the elements that can influence the gold price:
Demand and supply: The gold rate is primarily decided by the market’s interaction of demand and supply. When there is a greater demand for gold, the rate tends to climb as well. If the quantity of gold increases, the rate is likely to fall.
Global economic conditions: The gold rate is also heavily influenced by global economic conditions. During global economic downturns, investors frequently gravitate to gold as a safe haven, causing the gold rate to rise.
Political unrest: Furthermore, political unrest might have an impact on the gold rate. When a major country experiences political turbulence or disaster, investors may seek to preserve their assets by investing in gold as a hedge against uncertainty, causing the gold rate to rise.
Furthermore, the retail gold price in India is the price at which gold is sold to Indian customers. It is determined by several factors, including the global gold price, the Indian rupee, and the cost of labor and materials used in the production of gold jewelry. The retail gold price in India is usually higher than the world gold price since it includes a jeweller’s margin and other fees.
Gold is valued in India for its cultural importance, investment worth, and historic role in weddings and festivities.