Gold Rate Today In India: As of January 16, 2024, gold prices displayed fluctuations in different Indian cities. The standardised cost for 10 grams was around Rs 63,000. To provide more detailed information, the average price for 10 grams of 24-carat gold was Rs 63,440, whereas an equivalent quantity of 22-carat gold was available at Rs 58,150. Simultaneously, the silver market witnessed a consistent upward trend, reaching Rs 76,500 per kilogram.
Also Read: Budget 2024 & Financial Inclusion: Will Gold Loans Come Under Priority Sector Lending?
Gold rate today in India: Retail gold price on January 16
Gold Rate Today In Delhi
In Delhi, people have to spend Rs 58,300 for 10 grams of 22-carat gold and Rs 63,590 for the same amount of 24-carat gold.
Gold Rate Today In Mumbai
In Mumbai, the present price for 10 grams of 22-carat gold is Rs 58,150, while an equivalent quantity of 24-carat gold is valued at Rs 63,440.
Gold Rate Today In Chennai
In Chennai, the price for 10 grams of 22-carat gold is Rs 58,700, and for the same amount of 24-carat gold, it’s Rs 64,040.
Check gold rates today in different cities on January 16, 2024; (In Rs/10 grams)
Multi Commodity Exchange
As of January 16, 2024, gold futures set to expire on February 05 were being traded at Rs 62,489 on the Multi Commodity Exchange. Additionally, silver futures with an expiration date of March 05, 2024, were trading at Rs 72,508.
The retail cost of gold in the country is the amount customers pay for it. This price is influenced by various factors, including the global gold price, the value of the Rupee, and the costs associated with labour and materials used in the production of gold jewellery.
Gold is highly important in India because of its cultural significance, its value for investment, and its traditional role in weddings and festivals.
Here are several factors that can exert influence on the price of gold:
Market Forces and Gold Valuation: The valuation of gold is predominantly influenced by the dynamics of supply and demand. If there is a surge in public interest for gold, its price tends to rise. Conversely, an excess supply of gold in the market can lead to a decline in its price.
Global Economic Dynamics: The broader state of the global economy plays a significant role in determining gold prices. During periods of economic downturn or recession, investors often turn to gold as a secure investment, causing an uptick in its value.
Impact of Political Uncertainty: Political instability can also exert considerable influence on gold prices. Instances of uncertainty or crises in pivotal countries or regions may drive investors to safeguard their assets by investing in gold, thereby creating heightened demand and causing an increase in the price of gold.
2024 Outlook: Rs 70,000 Per 10 Grams Gold Price
The All India Gem and Jewellery Domestic Council (GJC) recently stated that the prevailing global economic uncertainties and geopolitical tensions are expected to propel gold prices to a record high of Rs 70,000 per 10 grams this year. This development positions gold as a secure investment and an effective hedge against inflation.
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