New Delhi: The Indian gold market, like an ever-shifting sand dune, experiences constant fluctuations in prices. Today, Tuesday, February 27th, 2024, is no exception with gold prices witnessing an upward trend. If you’re considering a gold purchase, understanding the current rates is crucial to make informed decisions.
Gold Prices Across Major Indian Cities:
Here’s a snapshot of the average gold prices (per 10 grams) across major Indian cities today:
| City | 22 Carat Gold | 24 Carat Gold |
|---|---|---|
| Mumbai | ₹57,600 | ₹62,840 |
| Delhi | ₹57,750 | ₹62,940 |
| Chennai | ₹58,150 | ₹63,440 |
| Ahmedabad | ₹57,650 | ₹62,890 |
| Kolkata | ₹57,600 | ₹62,840 |
| Gurugram | ₹57,750 | ₹62,940 |
Detailed Gold Price Breakdown:
While the above table provides a general picture, here’s a more detailed breakdown of gold prices based on purity levels:
- 999 Purity (24 Carat): ₹62,240 per tola (approximately ₹6,224 per gram)
- 995 Purity: ₹61,991 per 10 grams
- 916 Carat (22 Carat): ₹57,012 per tola (approximately ₹5,701 per gram)
- 750 Purity (18 Carat): ₹46,680 per 10 grams
- 585 Purity (14 Carat): ₹36,410 per tola (approximately ₹3,641 per gram)
Silver Price Update:
While gold prices climbed today, silver witnessed a slight dip. As of this writing, the price of silver stands at ₹69,400 per kilogram.
Factors Affecting Gold Prices:
Several factors influence gold prices in India, including:
- Global market fluctuations: International gold prices significantly impact domestic prices.
- Exchange rate variations: The Indian rupee’s exchange rate against the US dollar plays a crucial role. A weaker rupee often leads to higher gold prices.
- Government policies: Import duties and other government regulations can affect gold prices.
- Supply and demand: Market forces of supply and demand also play a role in determining the price.
Tips for Gold Buyers:
Considering the volatile nature of gold prices, here are some helpful tips for potential buyers:
- Track the market: Regularly monitor gold price trends to understand the fluctuations.
- Compare prices: Don’t rush into a purchase. Compare prices across different jewellers.
- Consider purity: Decide on the desired purity level (24 carat, 22 carat, etc.) based on your budget and purpose.
- Beware of fake gold: Always purchase gold from reputable jewellers who offer certificates of authenticity.
- Plan your purchase: Consider factors like your budget, investment goals, and future needs before buying.
Conclusion:
The Indian gold market is a dynamic landscape, and understanding the factors influencing prices is essential for making informed decisions. By staying updated on market trends, comparing prices, and following sound buying practices, you can navigate the fluctuations and make your gold purchase a wise investment.
