Today’s Gold Rate: 20th November 2024 – Latest Prices and Insights
Gold has always been a symbol of wealth and prosperity, making it one of the most popular investment options worldwide. India, being the second-largest consumer of gold, has a significant demand for the precious metal. Gold prices fluctuate daily based on a variety of factors, including international market conditions, the value of the Indian Rupee against the US Dollar, and domestic taxes and duties. In this post, we will explore the latest gold rates today across major cities in India and provide essential information to help you understand the factors affecting gold prices.
Gold Rate Today in India (Updated 20th November 2024)
| City | 22 Carat Gold Rate (10 grams) | 24 Carat Gold Rate (10 grams) |
|---|---|---|
| Ahmedabad | ₹70,041 | ₹76,401 |
| Amritsar | ₹70,160 | ₹76,520 |
| Bangalore | ₹69,975 | ₹76,335 |
| Chandigarh | ₹70,142 | ₹76,502 |
| Chennai | ₹69,981 | ₹76,341 |
| Delhi | ₹70,133 | ₹76,493 |
| Faridabad | ₹70,165 | ₹76,525 |
| Hyderabad | ₹69,989 | ₹76,349 |
| Kolkata | ₹69,985 | ₹76,345 |
| Mumbai | ₹69,987 | ₹76,347 |
| Pune | ₹69,993 | ₹76,353 |
Factors Influencing Today’s Gold Rate
Gold prices in India fluctuate due to several key factors, including:
- International Market Trends: Gold prices are highly sensitive to global economic conditions. Any changes in international markets, such as global growth rates, geopolitical tensions, or major policy shifts, can affect gold prices in India.
- Indian Rupee Performance: When the Indian Rupee weakens against the US Dollar, the price of gold typically rises. This is because gold is traded globally in dollars, and when the rupee loses value, the cost of imports, including gold, increases.
- Import Duties and Taxes: In India, gold is subject to various taxes, including an import duty of 10%. These taxes influence the domestic prices of gold.
- Demand and Supply: Gold demand in India is driven mainly by the jewelry market, festivals, and weddings. Increased demand can push prices higher, while reduced demand can have the opposite effect.
- Interest Rates and Inflation: Gold is often seen as a hedge against inflation. When inflation rises, people tend to invest in gold to preserve their wealth. Conversely, when interest rates rise, gold can become less attractive compared to fixed income investments.
How Gold Prices Vary Across Indian Cities
Gold prices vary from city to city due to factors such as state taxes, local demand, and other regional factors. Here’s a snapshot of today’s gold rates in different cities across India.
| City Name | 22 Carat Price (10 grams) | 24 Carat Price (10 grams) |
|---|---|---|
| Ahmedabad | ₹70,041 | ₹76,401 |
| Amritsar | ₹70,160 | ₹76,520 |
| Bangalore | ₹69,975 | ₹76,335 |
| Bhopal | ₹70,044 | ₹76,404 |
| Bhubaneswar | ₹69,980 | ₹76,340 |
| Chandigarh | ₹70,142 | ₹76,502 |
| Chennai | ₹69,981 | ₹76,341 |
| Coimbatore | ₹70,000 | ₹76,360 |
| Delhi | ₹70,133 | ₹76,493 |
| Faridabad | ₹70,165 | ₹76,525 |
| Gurgaon | ₹70,158 | ₹76,518 |
| Hyderabad | ₹69,989 | ₹76,349 |
| Jaipur | ₹70,126 | ₹76,486 |
| Kanpur | ₹70,153 | ₹76,513 |
| Kerala | ₹70,005 | ₹76,365 |
| Kochi | ₹70,006 | ₹76,366 |
| Kolkata | ₹69,985 | ₹76,345 |
| Lucknow | ₹70,149 | ₹76,509 |
| Madurai | ₹69,977 | ₹76,337 |
| Mangalore | ₹69,988 | ₹76,348 |
| Meerut | ₹70,159 | ₹76,519 |
| Mumbai | ₹69,987 | ₹76,347 |
| Mysore | ₹69,974 | ₹76,334 |
| Nagpur | ₹70,001 | ₹76,361 |
| Nashik | ₹70,037 | ₹76,397 |
| Patna | ₹70,029 | ₹76,389 |
| Pune | ₹69,993 | ₹76,353 |
| Surat | ₹70,048 | ₹76,408 |
| Vadodara | ₹70,054 | ₹76,414 |
| Vijayawada | ₹69,995 | ₹76,355 |
| Visakhapatnam | ₹69,997 | ₹76,357 |
Gold Price Trends Over the Last 15 Days
Gold prices also fluctuate over a short period, which can provide insights into the current market trends. Here’s a quick overview of the gold price trend over the last 15 days:
| Date | 22 Carat Price (10 grams) | 24 Carat Price (10 grams) |
|---|---|---|
| Nov 19, 2024 | ₹70,133 +620.00 | ₹76,493 +680.00 |
| Nov 18, 2024 | ₹69,513 -10.00 | ₹75,813 -10.00 |
| Nov 17, 2024 | ₹69,523 -110.00 | ₹75,823 -120.00 |
| Nov 16, 2024 | ₹69,633 +120.00 | ₹75,943 +130.00 |
| Nov 15, 2024 | ₹69,513 -1,100.00 | ₹75,813 -1,200.00 |
| Nov 14, 2024 | ₹70,613 -10.00 | ₹77,013 -10.00 |
| Nov 13, 2024 | ₹70,623 -400.00 | ₹77,023 -440.00 |
| Nov 12, 2024 | ₹71,023 -1,350.00 | ₹77,463 -1,470.00 |
| Nov 11, 2024 | ₹72,373 -550.00 | ₹78,933 -600.00 |
| Nov 10, 2024 | ₹72,923 0.00 | ₹79,533 0.00 |
| Nov 09, 2024 | ₹72,923 -100.00 | ₹79,533 -110.00 |
| Nov 08, 2024 | ₹73,023 +850.00 | ₹79,643 +910.00 |
| Nov 07, 2024 | ₹72,173 -1,650.00 | ₹78,733 -1,790.00 |
| Nov 06, 2024 | ₹73,823 +100.00 | ₹80,523 +110.00 |
Understanding the Types of Gold Available in India
In India, gold is available in two main types:
- 24 Carat Gold: This is the purest form of gold with a purity of 99.99%. However, due to its softness, it is not typically used for making jewelry.
- 22 Carat Gold: This gold contains 22 parts gold and 2 parts of other metals like copper or zinc. It is more durable and is widely used for making gold jewelry.
Why is Gold a Safe Investment?
Gold has been considered a safe haven for investors for centuries. It acts as a hedge against inflation and can preserve its value over time, especially in uncertain economic conditions. Additionally, the volatility in stock markets often leads investors to seek the stability of gold, making it an excellent asset to diversify an investment portfolio.
Investing in Gold in India
There are several ways to invest in gold:
- Gold Jewelry: A popular choice for long-term investment, especially during festivals or weddings.
- Gold Bars and Coins: Physical gold in the form of bars and coins can be a secure investment option.
- Gold ETFs and Sovereign Gold Bonds: These are non-physical forms of investment where you can buy gold electronically or through government bonds, providing safety and liquidity.
Hallmarking of Gold in India
In India, gold is marked with a Hallmark, which certifies its purity. The Bureau of Indian Standards (BIS) ensures that the gold bought by consumers is free from adulteration, offering a guarantee of quality.
Frequently Asked Questions (FAQs)
- Why Should You Invest in Gold?
- Gold is a stable investment that retains its value, especially during inflation or financial crises.
- What are the Different Forms of Gold Investment?
- You can invest in physical gold (jewelry, bars, coins) or through financial products like Gold ETFs and Sovereign Gold Bonds.
- Does India Import Gold?
- Yes, India is the world’s largest importer of gold, primarily to meet the demand for jewelry.
- How Are Gold Prices Determined in India?
- Gold prices are determined by international markets, currency fluctuations, and local taxes and duties.
- What is the Difference Between 22K and 24K Gold?
- 24K gold is pure gold, while 22K gold is mixed with other metals for strength, making it more suitable for jewelry.
- What is Hallmarking of Gold?
- Hallmarking ensures the purity of gold and protects the buyer from adulterated gold.
Stay updated on today’s gold rate and make informed investment decisions based on current market trends. Gold remains one of the most trusted investment options, especially in times of economic uncertainty.