New Delhi: The glitter of gold has always held a special allure in India, but lately, it’s causing more worry lines than happy sighs. Gold prices in the country have been on a relentless upward climb, leaving many consumers wondering if it’s the right time to invest or buy that dream piece of jewelry.
A Nationwide Spike: 24k Gold Crosses Rs. 65,000 Mark
As of March 10th, 2024, the price of 24 carat gold, the purest form, has crossed a staggering Rs. 65,000 per 10 grams. This marks a significant hike and has sent shockwaves through the market. The average price of 22 carat gold, the more commonly used variety in jewelry, sits around Rs. 60,750 per 10 grams. This price fluctuation has many consumers feeling hesitant and confused.
City-Wise Gold Rates: Understanding the Variations
Gold prices can vary slightly across different Indian cities. Here’s a quick snapshot of the current rates in some major cities:
- Delhi:
- 22 carat: Rs. 60,900 per 10 grams
- 24 carat: Rs. 66,420 per 10 grams
- Mumbai:
- 22 carat: Rs. 60,750 per 10 grams
- 24 carat: Rs. 66,270 per 10 grams
- Ahmedabad:
- 22 carat: Rs. 60,800 per 10 grams
- 24 carat: Rs. 66,320 per 10 grams
- Bangalore:
- 22 carat: Rs. 60,750 per 10 grams
- 24 carat: Rs. 66,270 per 10 grams
- Jaipur:
- 22 carat: Rs. 60,900 per 10 grams
- 24 carat: Rs. 66,420 per 10 grams
- Patna:
- 22 carat: Rs. 60,800 per 10 grams
- 24 carat: Rs. 66,320 per 10 grams
Important Caveats: Understanding the Fine Print
It’s crucial to remember that these prices are indicative and don’t include additional charges like GST, TCS, and making charges levied by jewelers. Always check with your local jeweler for the final price before making a purchase.
Understanding Gold Purity: 24k vs. 22k
Knowing gold purity is essential before buying. Here’s a quick breakdown:
- 24 Karat Gold: This is considered pure gold (99.99% or 100% pure) with no other metals mixed in. It’s generally used for investment purposes due to its malleability and is rarely used in jewelry.
- 22 Karat Gold: This is the more common choice for jewelry as it contains around 91.67% pure gold alloyed with other metals like silver or copper for increased strength and durability.
What’s Driving the Gold Price Surge?
Several factors contribute to the rising gold prices in India:
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- Global Market Fluctuations: The global price of gold significantly impacts domestic prices. When international prices rise, so do domestic ones.
- Geopolitical Tensions: Uncertainties in the global political landscape often lead to increased investor interest in gold, a perceived safe haven asset.
- Weakening Rupee: A depreciating rupee against the US dollar makes gold imports more expensive, pushing domestic prices higher.
- Supply Chain Disruptions: Any disruptions in the global gold supply chain can also contribute to price hikes.
- Festival Season Demand: In India, gold purchases surge during festivals and weddings, leading to temporary price increases.
