Gold Prices in India: Daily Review Today Gold prices in India witnessed a steady rise today, reflecting the global trend in precious metal markets. The increasing demand for gold, coupled with the weakening dollar, contributed to the surge in prices. Investors and consumers are advised to closely monitor the daily fluctuations in gold prices to make informed decisions regarding their investments or purchases. Current Gold Prices in India: Daily Updates and Analysis Gold Prices in India – October 2024
| Date | Gold Price (24k/10g) | Gold Price (22k/10g) | Highest Price | Lowest Price |
|---|---|---|---|---|
| 01 October 2024 | ₹74,872 | ₹68,500 | ₹76,313 (07 Oct) | ₹74,872 (01 Oct) |
| 02 October 2024 | ₹75,158 | ₹68,723 | ||
| 03 October 2024 | ₹75,303 | ₹69,001 | ||
| 04 October 2024 | ₹75,450 | ₹69,100 | ||
| 07 October 2024 | ₹76,313 | ₹69,450 | ||
| 08 October 2024 | ₹75,965 | ₹69,250 | ||
| 09 October 2024 | ₹75,200 | ₹68,723 | ||
| 10 October 2024 | ₹74,970 | ₹68,723 |
Explanation of Gold Prices in India (October 2024)
The gold price in India has seen fluctuations throughout October 2024, with 24-karat and 22-karat gold showing steady variations. Gold prices in India are influenced by global market trends, currency fluctuations, demand-supply dynamics, and local market conditions.
1. Price Trends for 24k Gold
24-karat gold is the purest form of gold available, primarily in coins and bars. The price on October 1, 2024, was ₹74,872 per 10 grams, rising steadily to ₹76,313 on October 7, before decreasing slightly to ₹74,970 on October 10. This fluctuation reflects global economic factors, including inflation and the U.S. dollar exchange rate.
2. Price Trends for 22k Gold
22-karat gold, mainly used for jewelry, followed a similar trend. Starting at ₹68,500 on October 1, it peaked at ₹69,450 on October 7, reflecting local demand influenced by the festive season in India. Jewelry buyers tend to favor 22k gold due to its durability.
3. Factors Affecting Gold Prices
- International Gold Prices: Since India imports most of its gold, international market trends heavily influence local prices.
- Currency Fluctuations: Any depreciation of the Indian Rupee against the U.S. Dollar increases the cost of imported gold.
- Local Demand: The festive season and wedding season in India typically increase demand for gold, affecting prices, especially for 22k gold used in jewelry.
- Government Taxes: Import duties and local taxes also play a role in varying prices across states.
4. Comparison Across Cities
Gold prices vary slightly across different Indian cities due to local demand, transportation costs, and state-specific taxes. For instance, on October 10, 2024, the price of 24k gold was ₹74,559 in Hyderabad and ₹76,349 in Kolkata, showing regional variation.
5. Gold as an Investment
Gold has always been considered a safe investment, especially during times of economic uncertainty. Many Indian households invest in gold to hedge against inflation and currency depreciation. The fluctuations observed in October 2024 reflect global uncertainties, and gold remains an attractive investment choice in such times.
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