Gold Rate Today in India: As of January 24, 2024, gold prices showed fluctuations in different cities of India. The standardized rate for 10 grams was approximately Rs 63,000. Providing a detailed breakdown, the average dose of 10 grams of 24 karat gold was 63,000 rupees, while the amount corresponding to 22 karat gold stood at Rs 57,750. At the same time, the silver The market showed a steady upward trend, reaching Rs 75,300 per kilogram.
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Gold Rate Today in India: Retail Gold Price on January 24
Gold rate today in Delhi
In Delhi, people have to spend Rs 57,900 for 10 grams of 22-carat gold and Rs 63,150 for the same amount of 24-carat gold.
Gold rate today in Mumbai
In Mumbai, the current price of 10 grams of 22 carat gold is Rs 57,750, while an equivalent amount of 24 carat gold is valued at Rs 63,000.
Gold rate today in Chennai
In Chennai, the price of 10 grams of 22 carat gold is Rs 58,350 and the same amount of 24 carat gold is Rs 63,650.
Check gold rates today in different cities on January 24, 2024; (In Rs/10 grams)
|22 karat gold price
|24 karat gold price
Multi Commodity Bag
As of January 24, 2024, gold futures expiring on February 5 were trading at Rs 61,960 on the Multi Commodity Exchange. Additionally, silver futures with an expiry date of March 5, 2024 were trading at Rs 70,901.
The retail cost of gold in the country is the amount that customers pay for it. This price is influenced by several factors, including the world price of gold, the value of the rupee, and the costs associated with labor and materials used in the production of gold jewelry.
Gold is very important in India due to its cultural importance, its investment value and its traditional role in weddings and festivals.
Here are several factors that can influence the price of gold:
Market Forces and Gold Valuation: Gold valuation is predominantly influenced by supply and demand dynamics. If there is an increase in public interest in gold, its price tends to rise. On the contrary, an excess supply of gold in the market can cause its price to fall.
Global economic dynamics: The broader state of the global economy plays an important role in determining gold prices. During periods of economic crisis or recession, investors often turn to gold as a safe investment, causing its value to increase.
Impact of political uncertainty: Political instability can also exert a considerable influence on gold prices. Instances of uncertainty or crisis in crucial countries or regions may lead investors to safeguard their assets by investing in gold, thereby creating greater demand and causing an increase in the price of gold.
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Outlook for 2024: price of 70,000 rupees per 10 grams of gold
The All India Gem and Jewelery Domestic Council (GJC) recently stated that global economic uncertainties and prevailing geopolitical tensions are expected to push gold prices to a record high of Rs 70,000 per 10 grams this year. This fact positions gold as a safe investment and an effective hedge against inflation.
first published: January 24, 2024, 11:30 IST
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