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Gold Rate Today in India: On January 31, 2024, various changes in the price of gold were documented in several cities in India. The constant rate per 10 grams remained at a level of approximately 63,000 rupees. To delve into the details, the average price of 10 grams of 24 karat gold recorded at Rs 63,270, while the corresponding figure for 22 karat gold It was 58,000 rupees.
Meanwhile, the silver market demonstrated a steady upward trajectory, reaching Rs 76,500 per kilogram.
Gold Rate Today in India: Retail Gold Price on January 31
Gold Price Today in Mumbai
In Mumbai, 10 grams of 22-carat gold is currently priced at Rs 58,000, while the same amount of 24-carat gold is valued at Rs 63,270.
Gold rate today in Delhi
In Delhi, people have to spend Rs 58,150 for 10 grams of 22-carat gold and Rs 63,420 for the same amount of 24-carat gold.
Gold rate today in Chennai
In Chennai, the price of 10 grams of 22 carat gold is Rs 58,500 and the same amount of 24 carat gold is Rs 63,820.
Check gold rates today in different cities on January 31, 2024; (In Rs/10 grams)
| City | 22 karat gold price | 24 karat gold price |
| Ahmedabad | 58,050 | 63,320 |
| Calcutta | 58,000 | 63,270 |
| Gurugram | 58,150 | 63,420 |
| Lucknow | 58,150 | 63,420 |
| Bengaluru | 58,000 | 63,270 |
| Jaipur | 58,150 | 63,420 |
| Patna | 58,050 | 63,320 |
| Bhubaneshwar | 58,000 | 63,270 |
| Hyderabad | 58,000 | 63,270 |
Multi Commodity Bag
On January 31, 2024, gold futures expiring on April 5 were actively trading at Rs 62,465 on the Multi Commodity Exchange. Furthermore, silver futures with an expiry date of March 5, 2024 were trading at Rs 72,287.
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) has recently said that the current global economic uncertainties and geopolitical tensions are expected to push gold prices to an all-time high of Rs 70,000 per 10 grams over the next year. This trend makes gold a reliable investment and a valuable safeguard against inflation.
first published: January 31, 2024, 11:20 IST
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