Gold Prices in India: A Detailed Analysis of the Current Trends and Rates
In recent times, gold has emerged as a popular investment option for many investors in India. The precious metal has been trading in a relatively narrow range in the past few months, with prices experiencing minor fluctuations. In this article, we will delve into the current gold prices in India, including the rates in Delhi, Mumbai, Chennai, and other major cities.
Current Gold Prices in India
As per the India Bullion Association, the current gold price in India is trading at Rs 99,800 per 10 gm. This represents a marginal gain of 0.45% over the previous day’s price of Rs 98,450 per 10 gm.
In the last six months, the highest price that gold has soared to was Rs 100,470 on June 15. The price of gold has gone as low as Rs 95,780 on June 28.
Regional Variations in Gold Prices
The gold price varies across different cities in India, depending on factors such as demand, supply, and local market conditions. In New Delhi, the current gold price is trading at Rs 99,450 per 10 gm, compared to Rs 98,110 per 10 gm on Monday. In Mumbai, the gold price is Rs 99,620 per 10 gm, against Rs 98,280 per 10 gm the previous day.
In Bengaluru, the rate stands at Rs 99,700, while in Kolkata, it is Rs 99,490 per 10 gm. The highest gold price is being seen in Chennai, trading at Rs 99,910 per 10 gm.
Global Factors Affecting Gold Prices
Gold prices are heavily influenced by global factors, including monetary policy decisions, economic indicators, and geopolitical events. The recent surge in gold prices can be attributed to the US-China trade tensions and the subsequent safe-haven demand for the precious metal.
The spot price of gold was trading 0.06% lower at $3,395.18 an ounce. Aug. 5 futures for gold were trading 1.35% higher at Rs 99,350, according to the Multi Commodity Exchange.
Silver Prices in India
Silver prices in India have been trading largely flat in recent times. The precious metal was trading at Rs 1,15,240 per kilogram on the India Bullion Association. The silver metal’s spot price declined 0.04% to trade at $38.92.
Aug. 5 futures for silver were trading 0.04% lower at Rs 1,15,001, according to the Multi Commodity Exchange.
Conclusion
In conclusion, the current gold prices in India are trading at Rs 99,800 per 10 gm, with minor fluctuations seen in the past few months. The regional variations in gold prices across different cities in India are significant, with Chennai offering the highest gold price. The global factors influencing gold prices, including monetary policy decisions and economic indicators, will continue to play a crucial role in shaping the future trajectory of gold prices in India.
