World Gold Council Archives - Vizag One

Gold Rates Today: Market Stability and Future Projections

Our Vizag — Mon, 02 Sep 2024 01:14:39 +0000

The latest trends in the gold market indicate a period of relative calm as prices have shown minimal fluctuations over the past few days. Despite a slight dip in prices on Monday, gold rates have largely remained steady across major cities in the country. However, experts from the World Gold Council predict a significant rise in gold consumption in India this year, hinting at a potential price increase in the near future.

Taking a closer look at the current rates, in Delhi, 10 grams of 22-carat gold are priced at Rs. 67,090, while 24-carat gold is at Rs. 73,180. Meanwhile, Mumbai sees 22-carat gold at Rs. 66,940 and 24-carat gold at Rs. 73,030. Chennai, Kolkata, Hyderabad, Vijayawada, and Visakhapatnam also reflect similar pricing trends for both 22-carat and 24-carat gold.

In parallel with the gold market, silver prices have mirrored the movements of gold. Recent data shows a decrease in silver prices across major cities, with Delhi and Mumbai listing silver at Rs. 86,900 per kilogram. The highest silver price per kilogram is recorded in Chennai, Kerala, Hyderabad, Visakhapatnam, and Vijayawada at Rs. 91,900.

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Gold Prices Drop After Central Budget: Demand Set to Rise in India

Our Vizag — Sun, 01 Sep 2024 02:10:58 +0000

In our country, women give the highest priority to gold. No matter how high the gold prices are, the purchases will continue. Gold shops are thronged with women for weddings and other auspicious functions. But recently after the central budget, gold prices have come down heavily. The demand for gold is likely to increase in the coming days. Let’s find out the reasons for this.

The World Gold Council has estimated that gold consumption in India will increase this year compared to last year. According to the World Gold Council, demand is expected to increase due to good monsoons and reduced duty on gold. India is expected to consume 850 tonnes of gold this year and 750 tonnes in 2023, according to the World Gold Council (WGC). This means that the country can buy about 13.5 percent more gold this year compared to last year. Jewelery will play the biggest role in driving demand for gold in India this year.

The WGC has forecast gold demand in India to rise 10 per cent year-on-year to 230 tonnes in the July-September quarter. This trend in gold demand is expected to continue in the fourth quarter i.e. October-December as well. During this time there are festivals like Diwali and Dhanteras. Gold is sold more here. However, gold demand fell by 5 percent to 158.1 tonnes in the April-June quarter this year.

According to the World Gold Council, higher import duty on gold led to lower demand in the last quarter. The World Gold Council said that the government has reduced the duty on gold from 15 percent to 6 percent in the general budget held on July 23, after which the demand for gold is increasing.

Increased popularity of gold ETF! WGC predicts that gold will now become a financial instrument in India as gold exchange traded funds are gaining popularity. The reason for saying this is the recent increase in investments in gold exchange traded funds. Currently only 50 tonnes of gold is stored in India through ETFs. But its capacity is also expected to increase in the coming years. According to the World Gold Council, in the first week of November, there will be volatility in the prices of gold as the presidential election is going to be held in the United States. India is completely dependent on imports to meet its gold requirements. Any change in international prices will affect the price of gold in India.

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Gold Prices Stable with Potential Surge in India’s Consumption

Our Vizag — Sun, 01 Sep 2024 01:17:24 +0000

The price of gold seems to have calmed down a bit. There is no significant increase in the price of gold in the last two days. Gold prices have been stable on Sunday. Gold prices remained unchanged in all major cities of the country. However, the World Gold Council estimates that the consumption of gold in India is likely to increase significantly this year. This projection has led experts to anticipate a forthcoming increase in gold prices, making it an advantageous period for prospective gold buyers.

Let’s take a look at the current prices of gold in various major cities across the country:

Delhi: 10 grams of 22-carat gold is priced at Rs. 67,100, while 24-carat gold costs Rs. 73,040.
Mumbai: The price of 22-carat gold stands at Rs. 66,950, with 24-carat gold priced at Rs. 73,040.
Chennai: 10 grams of 22-carat gold is priced at Rs. 66,950, and 24-carat gold is available at Rs. 73,040.
Kolkata: The price of 10 grams of 22-carat gold is Rs. 66,950, and 24-carat gold is priced at Rs. 73,040.

In Telugu states:

Hyderabad: 10 grams of 22-carat gold is priced at Rs. 66,950, while 24-carat gold costs Rs. 73,040.
Vijayawada: The price of 10 grams of 22-carat gold is Rs. 66,950, and 24-carat gold is priced at Rs. 73,040.
Visakhapatnam: 22-carat gold is available at Rs. 66,950, and 24-carat gold costs Rs. 73,040.

Regarding silver prices, the trend mirrors that of gold, with silver maintaining stability across major cities. The latest silver price per kilogram in Delhi and Mumbai is Rs. 87,000, in Bangalore it continues at Rs. 85,000, while in Chennai, Kerala, Hyderabad, Visakhapatnam, and Vijayawada, the price per kilogram of silver is at its highest at Rs. 92,900.

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