📷 Image Credits: News18
Gold prices in India are on the rise, nearing Rs 74,000 per 10 grams in the spot market on July 13, 2024. The price reflects a premium for purer gold, with 24-carat gold reaching Rs 73,910 per 10 grams, while 22-carat gold was priced at Rs 67,760 per 10 grams. Silver’s price stood at Rs 95,400 per kilogram. The retail price of gold in India is influenced by various factors beyond the metal’s intrinsic value, including cultural significance and global trends.
India’s reliance on imported gold greatly influences domestic prices, which closely follow global trends. The cultural importance of gold in India, especially during festivals and weddings, can also impact demand levels. Investors and traders closely monitor these dynamics amidst market fluctuations.
Gold is a favored commodity for investments in India due to the country’s affinity for the precious metal and its potential to hedge against inflation. Central governments worldwide, as well as ETF houses and retail investors, show significant interest in gold investments. Various methods exist for investing in gold, from physical purchases to digital gold options.
The price of gold in India today is influenced by several key factors, including demand and supply dynamics, central bank reserves, currency strength, and global market trends. Factors like interest rates, inflation, and making charges on gold jewelry also impact gold prices. Gold rates can vary across different Indian cities due to local demand, transportation costs, taxes, economic conditions, making charges, and government regulations.
Gold prices in Mumbai, Kolkata, Chennai, Delhi, Bengaluru, Hyderabad, Gurugram, Lucknow, Ahmedabad, Jaipur, Thane, Surat, Pune, and Nagpur are all tracked to provide updated gold rates for investors. The pricing is based on 22 karat and 24 karat gold prices in these cities, providing a comprehensive view of the gold market in India.
Investing in gold can be done via various instruments like physical gold, sovereign gold bonds, gold ETFs, and digital gold wallets. Each investment option comes with its own set of benefits and taxation implications. Understanding these options and the factors that influence gold prices is crucial for investors looking to capitalize on the gold market trends in India.
