As of November 7, 2024, gold prices in India have shown stability, with minor fluctuations observed over the past week. The price of 10 grams of 24-carat gold is currently ₹80,523, while 1 kg of silver is priced at ₹99,100 in Delhi. This article provides a comprehensive overview of gold and silver rates across major cities and analyzes the factors influencing these prices.
Current Gold and Silver Prices in Major Cities
Delhi
- 24-Carat Gold: ₹80,523 per 10 grams
- 22-Carat Gold: ₹73,823 per gram
- Silver: ₹99,100 per kg
Chennai
- 24-Carat Gold: ₹80,371 per 10 grams
- 22-Carat Gold: ₹73,710 per gram
- Silver: ₹107,700 per kg
Mumbai
- 24-Carat Gold: ₹80,377 per 10 grams
- 22-Carat Gold: ₹73,777 per gram
- Silver: ₹98,400 per kg
Kolkata
- 24-Carat Gold: ₹80,375 per 10 grams
- 22-Carat Gold: ₹73,775 per gram
- Silver: ₹99,900 per kg
Price Trends and Changes
The gold rate has remained relatively stable:
- Over the past week, the price of 24-carat gold has increased by 1.37%, but it has decreased by 3.48% over the last month.
- The silver rate has remained unchanged from previous days.
Recent Price Movements
- On November 6, 2024, the price of gold was recorded at ₹80,413 for 10 grams in Delhi.
- Last week (November 1), gold was priced at ₹81,513 for the same quantity.
Factors Influencing Gold Prices
Gold prices are influenced by a variety of factors that include:
Global Demand and Supply Dynamics
The demand for gold often rises during economic uncertainties as investors look for safe-haven assets. Recent geopolitical events and fluctuations in global markets can significantly impact demand.
Currency Fluctuations
The strength of the US dollar plays a crucial role in determining gold prices. A stronger dollar typically leads to higher gold prices as it becomes more expensive for holders of other currencies.
Interest Rates and Inflation
Interest rates set by central banks affect the opportunity cost of holding non-yielding assets like gold. Lower interest rates often lead to higher gold prices as they reduce the cost of holding gold.
Import Duties and Local Taxes
In India, import duties on gold can significantly affect retail prices. The Indian government imposes various taxes that can influence how much consumers ultimately pay for gold.
Conclusion
As gold prices stabilize around ₹80,523 for 10 grams today, investors should remain vigilant about market trends and global economic conditions that could affect future pricing. Given the current economic climate and various influencing factors, potential buyers are encouraged to consult with financial experts before making any purchases.
Disclaimer: The prices mentioned are subject to change based on market conditions and may vary slightly based on local dealers. It is advisable to check with local jewelers for the most accurate pricing before making any transactions.
