23, February, 2024
HomeBusinessGold Price Trends in India: Unveiling Fluctuations and Future Projections on February 5

Gold Price Trends in India: Unveiling Fluctuations and Future Projections on February 5

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Gold prices in India witnessed varied fluctuations on February 5, 2024, impacting major cities across the country. The steady rate for 10 grams remained around Rs 63,000, with 24-carat gold averaging at Rs 63,380 and 22-carat gold at Rs 58,100. Explore the city-wise breakdown to check the retail gold prices in different regions on the specified date.

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City-wise Gold Rates on February 5, 2024 (In Rs/10 grams):

  • Ahmedabad: 22 Carat – Rs 58,150 | 24 Carat – Rs 63,430
  • Kolkata: 22 Carat – Rs 58,100 | 24 Carat – Rs 63,380
  • Gurugram: 22 Carat – Rs 58,150 | 24 Carat – Rs 63,420
  • Lucknow: 22 Carat – Rs 58,250 | 24 Carat – Rs 63,530
  • Bengaluru: 22 Carat – Rs 58,100 | 24 Carat – Rs 63,270
  • Jaipur: 22 Carat – Rs 58,150 | 24 Carat – Rs 63,420
  • Patna: 22 Carat – Rs 58,050 | 24 Carat – Rs 63,320
  • Bhubaneshwar: 22 Carat – Rs 58,000 | 24 Carat – Rs 63,270
  • Hyderabad: 22 Carat – Rs 58,000 | 24 Carat – Rs 63,270

Multi Commodity Exchange Insights:

On the Multi Commodity Exchange, gold futures expiring on April 05 were actively traded at Rs 62,598, while silver futures with a March 05 expiration date were quoted at Rs 71,294 on February 5, 2024.

Factors Influencing Gold Prices:

  1. Market Forces and Gold Valuation: The dynamic interplay of supply and demand significantly influences gold prices. Increased public interest or excess supply can lead to price fluctuations.
  2. Global Economic Dynamics: The broader state of the global economy impacts gold prices. Economic downturns often prompt investors to turn to gold as a secure investment, driving up its value.
  3. Political Uncertainty: Gold prices can be affected by political instability, with investors seeking the security of gold during times of crisis, leading to heightened demand and increased prices.

Read Also | Gold Prices Surge in India: Latest Rates Across Cities on January 11

Outlook for 2024: Anticipated Gold Price Surge

The All India Gem and Jewellery Domestic Council (GJC) predicts that global economic uncertainties and geopolitical tensions will propel gold prices to a historic peak of Rs 70,000 per 10 grams in the coming year. This projection reinforces gold as a reliable investment and a valuable safeguard against inflation.

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