Gold Price in India – 17th October 2024: Analysis and Insights

As of 17th October 2024, gold prices in India continue to show an upward trend, driven by various local and global factors. Gold has long been considered a reliable store of value, especially during times of economic uncertainty. This article provides a detailed analysis of today’s gold prices, factors influencing the market, and a broader outlook for the future of gold investments.

Today’s Gold Prices in India (17th October 2024)

On 17th October 2024, the gold prices in India have seen a slight rise across different categories. Here’s a breakdown of gold prices per gram:

• 22 Karat Gold: ₹7,160 per gram (an increase of ₹20)
• 24 Karat Gold: ₹7,811 per gram (an increase of ₹22)
• 18 Karat Gold: ₹5,858 per gram (an increase of ₹16)

In comparison to the previous day (16th October 2024), prices have seen a modest rise, indicating positive momentum in the gold market. This trend has been attributed to a mix of both domestic and international market factors, including seasonal demand, economic instability, and global market movements.

Key Factors Driving Gold Prices

Gold prices in India are influenced by several factors, some of which are tied to local market conditions while others are impacted by global events. Below are the most significant drivers affecting the gold market as of 17th October 2024:

1. Global Economic Instability

Global economic uncertainty continues to play a major role in the rising demand for gold. Economic pressures, especially from inflationary concerns and rising interest rates in major economies, have led investors to turn to gold as a safe-haven asset. Recent fluctuations in the stock market and concerns over potential recessions in leading economies like the United States have made gold an attractive investment option.

For instance, the U.S. Federal Reserve’s recent announcements about potential interest rate hikes have created anxiety among investors. Consequently, gold has gained ground as a hedge against inflation and a stable investment during turbulent times.

2. Festive Season Demand in India

India is one of the largest consumers of gold, particularly during the festive and wedding seasons. The ongoing Navratri festival, followed by Dussehra and Diwali, has significantly contributed to increased gold purchases across the country. The festive season is known for its cultural significance, where gold is traditionally bought for religious ceremonies, weddings, and as a symbol of prosperity.

This seasonal demand often leads to a temporary surge in gold prices. As the wedding season follows in the coming months, demand is expected to stay strong, further pushing gold prices higher.

3. International Gold Prices and Exchange Rates

The price of gold in India is heavily influenced by international gold prices and fluctuations in the Indian Rupee against the U.S. Dollar. Today, the global spot price for gold is trading at $2,656.78 per ounce, reflecting an increase of 0.91% from the previous day.

The exchange rate between the Indian Rupee and the U.S. Dollar also impacts gold prices in India. A weaker Rupee makes gold more expensive for domestic buyers, as India imports most of its gold. Over the past week, the Rupee has depreciated against the Dollar, further contributing to the rise in gold prices locally.

Gold Price Trends Over the Past 10 Days

Gold prices in India have exhibited some volatility over the past 10 days, with fluctuations influenced by both global and domestic events. The table below provides an overview of gold price movements for 22 Karat and 24 Karat gold during this period:

Date	22K Gold (₹ per gram)	24K Gold (₹ per gram)
17th October 2024	₹7,160	₹7,811
16th October 2024	₹7,140	₹7,789
15th October 2024	₹7,095	₹7,740
14th October 2024	₹7,115	₹7,762
13th October 2024	₹7,120	₹7,767

Gold Price Comparison Across Major Cities

Gold prices vary across different cities in India due to differences in local taxes, transportation costs, and demand levels. Below is a comparison of today’s gold prices in major Indian cities:

• Mumbai: ₹7,160 for 22K gold, ₹7,811 for 24K gold
• Delhi: ₹7,175 for 22K gold, ₹7,826 for 24K gold
• Kolkata: ₹7,160 for 22K gold, ₹7,811 for 24K gold
• Bangalore: ₹7,160 for 22K gold, ₹7,811 for 24K gold

Although the variations in price are relatively small, they reflect regional demand and the specific supply-chain dynamics in each city. Mumbai, being a major hub for gold imports, often shows the most consistent pricing, while cities like Delhi may experience slightly higher prices due to regional demand fluctuations.

International Comparison of Gold Prices

For a global perspective, here’s how today’s gold prices in India compare with those in other countries:

• United States: ₹7,226 per gram for 24K gold
• United Arab Emirates: ₹7,337 per gram for 24K gold
• Singapore: ₹7,658 per gram for 24K gold
• United Kingdom: ₹7,244 per gram for 24K gold

These figures highlight that gold prices in India remain competitive compared to global markets, though slightly lower in some cases. This is largely due to domestic factors, including currency exchange rates and government taxes on gold imports.