New Delhi: Looking to buy gold in India? You’re in luck! Today, on February 28th, 2024, gold prices have witnessed a slight but welcome decline, offering a good buying opportunity. Let’s delve deeper into the latest gold rates and analyze the market trends.
Current Gold Prices Across India (as of February 28th, 2024):
| City | 22 Carat Gold (₹/10 grams) | 24 Carat Gold (₹/10 grams) |
|---|---|---|
| Delhi | 57,740 | 62,990 |
| Mumbai | 57,590 | 62,830 |
| Ahmedabad | 57,640 | 62,880 |
| Jaipur | 57,740 | 62,990 |
| Patna | 57,640 | 62,880 |
National Gold Price Trends:
According to ibjarates.com, the price of 999 purity (24 carat) gold is currently at ₹ 62,251 per 10 grams, compared to yesterday’s ₹ 62,240 per tola. Similarly, 22 carat (916 purity) gold is being sold at ₹ 57,022 per tola, down from yesterday’s ₹ 57,040.
Silver Price Update:
Along with the dip in gold prices, silver has also seen a slight decrease, currently trading at ₹ 69,436 per kilogram.
Factors Affecting Gold Prices:
Several factors influence gold prices, including:
- Global market fluctuations: International demand and supply of gold significantly impact its price in India.
- The Indian Rupee’s exchange rate: A stronger rupee often leads to lower gold prices, and vice versa.
- Government policies: Import duties and taxes on gold can affect its final price in the Indian market.
- Festive seasons and weddings: During these periods, the demand for gold surges, pushing prices upwards.
Is it a Good Time to Buy Gold?
While the current dip in gold prices presents a good buying opportunity, it’s important to consider your individual financial goals and investment horizon. Gold can be a valuable addition to a diversified portfolio, offering a hedge against inflation and market volatility. However, it’s crucial to research and understand the market trends before making any investment decisions.
Additional Tips for Buying Gold:
- Compare prices from various jewellers: Don’t settle for the first offer you receive. Shop around and compare prices to ensure you get the best deal.
- Choose a reputable jeweller: Always buy gold from a trusted and licensed jeweller who provides a proper bill and certificate of authenticity.
- Understand the making charges: Making charges vary depending on the jeweller and the intricacy of the gold piece. Factor these charges into your overall budget.
- Consider buying hallmarked gold: Hallmarking ensures the purity and quality of gold. Look for the BIS hallmark before making a purchase.
