Gold and silver prices continue to fluctuate in India, following global trends and local factors. On Saturday, October 5, 2024, gold prices increased slightly across the country, while silver saw a small decrease. The price of 10 grams of 22-carat gold remained steady at ₹71,210, and 10 grams of 24-carat gold were priced at ₹77,680.
Gold and silver prices in India are largely influenced by various factors, including global market demand, the value of the Indian rupee against the US dollar, and international gold rates. Additionally, domestic taxes, interest rates, and demand for physical gold also play a significant role in determining the daily fluctuations.
Let’s take a closer look at the gold and silver prices in some of the major cities across India:
- Chennai: The price of 22-carat gold for 10 grams is ₹71,210, while 24-carat gold for 10 grams is priced at ₹77,680.
- Mumbai: The price of 22-carat gold for 10 grams is ₹71,210, and 24-carat gold stands at ₹77,680.
- Delhi: Here, the price of 22-carat gold for 10 grams is slightly higher at ₹71,360, with 24-carat gold priced at ₹77,830.
- Hyderabad: 10 grams of 22-carat gold is priced at ₹71,210, while 24-carat gold is ₹77,680 for the same weight.
- Vijayawada: Gold prices mirror those in Hyderabad, with 22-carat gold priced at ₹71,210 and 24-carat gold at ₹77,680.
- Bengaluru: 10 grams of 22-carat gold costs ₹71,210, while 10 grams of 24-carat gold is priced at ₹77,680.
- Kerala: Similar to other southern cities, the price of 22-carat gold for 10 grams is ₹71,210, while 24-carat gold costs ₹77,680.
Silver Prices
While gold prices saw a slight rise, silver prices dipped marginally. The current price of silver in the country is ₹94,900 per kilogram, reflecting a small decline in comparison to the previous days.
Factors Influencing Gold and Silver Prices:
The prices of gold and silver in India fluctuate based on several factors:
- Global Market Demand: High demand for gold in international markets, especially for investment purposes, directly impacts local prices.
- Currency Exchange Rates: The value of the Indian rupee against the US dollar influences gold prices in India.
- Taxes and Interest Rates: Local taxes, transportation costs, and interest rates also affect prices, which can vary from city to city.
- Local Demand: Seasonal and festival demand for gold in India also plays a major role in determining gold prices. Gold jewelry, which is highly sought after during weddings and festivals, drives price changes.
- Supply Chain Costs: Factors such as transportation, dealer margins, and bullion association rates lead to minor variations in gold prices across different cities.
As these gold prices fluctuate daily, it’s important for investors and buyers to stay updated with the latest trends. Gold remains one of the most trusted forms of investment for Indians, especially during times of economic uncertainty.
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