New Delhi: Good news for gold enthusiasts! The price of gold has witnessed a welcome decline in India today, Monday, February 26th, 2024. This presents a potential buying opportunity for those considering investing in the precious metal.
Market fluctuations are common, with gold and silver prices experiencing occasional rises and dips. Today’s decline offers a chance to acquire gold at a slightly lower price point compared to recent trends.
So, what are the current gold prices across major Indian cities? Let’s delve into the details:
City-wise Gold Prices (per 10 grams):
| City | 22 Carat Gold Price | 24 Carat Gold Price |
|---|---|---|
| Mumbai | ₹57,600 | ₹62,840 |
| Delhi | ₹57,750 | ₹62,940 |
| Chennai | ₹58,100 | ₹63,380 |
| Ahmedabad | ₹57,650 | ₹62,890 |
| Kolkata | ₹57,600 | ₹62,840 |
| Gurugram | ₹57,750 | ₹62,940 |
| Patna | ₹57,650 | ₹62,890 |
| Bhubaneswar | ₹57,600 | ₹62,840 |
Understanding Gold Purity and Prices:
It’s crucial to remember that gold prices vary based on their purity. Here’s a breakdown of the commonly available purities and their corresponding prices:
| Purity | Price (per 10 grams) |
|---|---|
| 995 (24 carat) | ₹61,995 |
| 916 (22 carat) | ₹57,016 |
| 750 (18 carat) | ₹46,683 |
| 585 (14 carat) | ₹36,413 |
Factors Influencing Gold Prices:
Several factors contribute to gold price fluctuations, including:
- Global market trends: International economic conditions and geopolitical situations can significantly impact gold prices.
- Supply and demand: When demand for gold surpasses supply, prices tend to rise, and vice versa.
- Interest rates: Rising interest rates can make other investment options more attractive, potentially leading to a decline in gold demand and price.
- Inflation: Gold is often seen as a hedge against inflation, and its price can rise when inflation is high.
Should You Buy Gold Now?
The decision to buy gold depends on your individual financial goals and risk tolerance. While the current dip presents a potential buying opportunity, it’s essential to conduct thorough research and consider factors like your investment horizon and risk appetite before making any investment decisions.
Additional Tips for Buying Gold:
- Compare prices from different jewellers: Prices can vary slightly between jewellers, so it’s wise to compare before making a purchase.
- Consider buying hallmarked gold: Hallmark ensures the purity and quality of gold.
- Be mindful of making charges: Some jewellers add making charges to the price of gold. Factor this in when calculating the total cost.
- Store your gold securely: Invest in a safe deposit box or secure locker to safeguard your gold investment.
Remember, gold is a long-term investment. While short-term price fluctuations are inevitable, gold has historically proven to be a valuable asset over extended periods. By understanding the market dynamics, conducting proper research, and making informed decisions, you can potentially benefit from investing in gold.
