As we delve into the world of gold in India, we find intriguing insights into the current state of the market.
Gold Rate Today: Gold futures set to expire on December 5, 2023, are currently trading at Rs 60,725 on the Multi Commodity Exchange. This rate provides a snapshot of the ongoing market conditions.
In the current scenario, on October 21, 2023, the Indian gold market is experiencing noticeable variations in the retail prices of 10 grams of gold across different cities, with an average hovering around Rs 61,000. For a more detailed breakdown, you’ll find that 10 grams of 24-carat gold are available at an approximate rate of Rs 61,750, while an equivalent amount of 22-carat gold is being traded at Rs 56,600. Additionally, the prevailing rate for silver stands at Rs 74,100 per kilogram.
October 21 Retail Gold Rates Across India
Delhi Gold Rate: In the capital city, 10 grams of 22-carat gold is available for Rs 56,550, and for the same quantity of 24-carat gold, it is priced at Rs 61,690.
Ahmedabad Gold Rate: Ahmedabad offers 10 grams of 22-carat gold for Rs 56,450, and the corresponding amount of 24-carat gold is available at Rs 61,580.
Chennai Gold Rate: In Chennai, the retail price for 10 grams of 22-carat gold is Rs 56,550, while for the same quantity of 24-carat gold, it is Rs 61,690.
Exploring Gold Rates on October 21, 2023 (In Rs/10 grams)
| CITY | 22 CARAT GOLD PRICE | 24 CARAT GOLD PRICE |
|---|---|---|
| Mumbai | 56,600 | 61,750 |
| Gurugram | 56,550 | 61,690 |
| Kolkata | 56,400 | 61,530 |
| Lucknow | 56,550 | 61,690 |
| Bengaluru | 56,400 | 61,530 |
| Jaipur | 56,550 | 61,690 |
| Patna | 56,450 | 61,580 |
| Bhubaneshwar | 56,400 | 61,530 |
| Hyderabad | 56,400 | 61,530 |
Multi Commodity Exchange:
As of October 20, gold futures set to expire on December 5, 2023, were trading at Rs 60,725 on the Multi Commodity Exchange. Meanwhile, silver futures with the same maturity date were priced at Rs 72,915, offering insights into the futures market.
Factors Shaping Gold Prices:
The retail price of gold reflects the amount at which it is sold to consumers within India. This pricing is influenced by various factors, including the global gold price, the value of the Rupee, and the costs associated with labor and materials used in crafting gold jewelry.
Several elements influence gold prices:
- Supply and Demand: The gold price is primarily determined by the dynamic interplay of supply and demand in the market. An increase in demand typically leads to a rise in price, while a surplus in the supply of gold can drive prices down.
- Global Economic Conditions: The broader global economic landscape also exerts a substantial impact on gold prices. During periods of global economic instability or recession, investors often turn to gold as a safe haven, causing its price to increase.
- Political Instability: Furthermore, political instability can have a notable effect on gold prices. When there is political turmoil or crisis in a significant nation or region, investors may opt to secure their assets by investing in gold as a hedge against uncertainty. This heightened demand can result in an uptick in the price of gold.
In India, gold holds immense significance due to its cultural importance, investment value, and its traditional role in weddings and festivals. Understanding the dynamics of the gold market is vital for both investors and consumers alike.