Gold Rate in India Today (Updated on 11 Dec, 2024)
Gold is a highly coveted investment option in India, and its prices fluctuate frequently due to various factors such as international market trends, currency movements, and local taxes. As the world’s second-largest consumer of gold, India imports a significant amount of gold to meet its demand, particularly for the jewelry industry. Understanding the current gold rates is crucial for both investors and consumers looking to make informed decisions.
Current Gold Prices in India
As of 11th December 2024, the prices of gold in India are as follows:
| Gold Type | Price per 10 Grams (INR) | Change (INR) |
|---|---|---|
| 24 Carat Gold | ₹78,783 | +₹820 |
| 22 Carat Gold | ₹72,233 | +₹750 |
Gold prices in India are influenced by multiple factors, including global trends in gold prices, exchange rates, import duties, and taxes. Additionally, market sentiment and inflation hedging behaviors also play a significant role in determining these rates.
Gold Prices in Major Indian Cities (As of 11 Dec 2024)
Gold prices can vary slightly between different cities due to local taxes and demand-supply dynamics. Below are the current gold rates in major metro cities in India:
| City | 24 Carat Gold (per 10 grams) | 22 Carat Gold (per 10 grams) |
|---|---|---|
| Bangalore | ₹78,625 | ₹72,075 |
| Chennai | ₹78,631 | ₹72,081 |
| Delhi | ₹78,783 | ₹72,233 |
| Kolkata | ₹78,635 | ₹72,085 |
| Mumbai | ₹78,637 | ₹72,087 |
| Pune | ₹78,643 | ₹72,093 |
To Know Other States Gold Rates CHECK HERE
Gold Price Trends in India (Last 15 Days)
Gold prices tend to fluctuate on a daily basis. Here’s a brief look at the price changes for the last 15 days:
| Date | 22 Carat Price (INR) | 24 Carat Price (INR) |
|---|---|---|
| Dec 10, 2024 | ₹71,483 +170 | ₹77,963 +180 |
| Dec 09, 2024 | ₹71,313 -10 | ₹77,783 -10 |
| Dec 08, 2024 | ₹71,323 -260 | ₹77,793 -280 |
| Dec 07, 2024 | ₹71,583 +0 | ₹78,073 +0 |
| Dec 06, 2024 | ₹71,583 +120 | ₹78,073 +130 |
| Dec 05, 2024 | ₹71,463 -20 | ₹77,943 -20 |
| Dec 04, 2024 | ₹71,483 +420 | ₹77,963 +450 |
| Dec 03, 2024 | ₹71,063 -600 | ₹77,513 -650 |
| Dec 02, 2024 | ₹71,663 -10 | ₹78,163 -10 |
| Dec 01, 2024 | ₹71,673 -120 | ₹78,173 -120 |
| Nov 30, 2024 | ₹71,793 +730 | ₹78,293 +780 |
| Nov 29, 2024 | ₹71,063 -170 | ₹77,513 -180 |
| Nov 28, 2024 | ₹71,233 +270 | ₹77,693 +290 |
| Nov 27, 2024 | ₹70,963 -1200 | ₹77,403 -1310 |
Understanding Gold in India
Gold is seen as a secure and reliable investment, especially in times of economic uncertainty. There are two primary types of gold traded in India:
- 24 Karat Gold: This is the purest form of gold available, with 99.99% purity. However, it is too soft to be used in jewelry and is typically bought as bars or coins for investment purposes.
- 22 Karat Gold: This is gold that contains 22 parts of gold and 2 parts of other metals like copper or zinc. It is commonly used to make jewelry due to its durability and strength.
India is the largest importer of gold in the world, with annual imports reaching between 800-900 tons to cater to the jewelry industry’s needs.
How Gold Prices Are Determined in India
The price of gold in India is influenced by a range of factors:
- International Gold Prices: Gold is priced in US dollars globally, and fluctuations in the international market impact Indian prices.
- Exchange Rates: A weakening rupee against the dollar tends to push up the price of gold in India, as it becomes more expensive to import.
- Import Duties and Taxes: India imposes a 10% import duty on gold, which can increase the cost of gold for consumers.
- Market Sentiment and Inflation: During periods of economic uncertainty or inflation, gold is often seen as a safe-haven investment, which can lead to higher demand and consequently, higher prices.
Why Invest in Gold?
Gold has always been considered a valuable asset, providing a hedge against inflation and currency devaluation. Investors often turn to gold when stock markets are volatile or during economic crises. In addition, gold offers:
- Stability: Unlike stocks or real estate, gold is a relatively stable asset.
- Liquidity: Gold can be easily sold or exchanged in the market.
- Wealth Preservation: Over the long term, gold has a proven record of preserving wealth.
Frequently Asked Questions (FAQs) About Gold
- Why should you invest in gold? Gold offers stability and can act as a hedge against inflation. It has been a reliable store of value for centuries.
- What are the different forms of investing in gold? Gold can be purchased in physical forms like bars, coins, and jewelry. Additionally, you can invest in gold ETFs or sovereign gold bonds.
- How are gold prices determined in India? Gold prices in India are determined by global trends, the value of the rupee against the dollar, import duties, and local market conditions.
- What is the difference between 22K and 24K gold? 22K gold contains 91.6% pure gold and is used for jewelry, while 24K gold is pure gold (99.99% purity) and is mostly used for investment.
- What is hallmarking of gold? Hallmarking is the certification of gold’s purity. In India, the Bureau of Indian Standards (BIS) is responsible for hallmarking gold.
- Who is responsible for hallmarking gold in India? The Bureau of Indian Standards (BIS) certifies the purity of gold in India, ensuring that consumers are getting the quality they pay for.
- What does KDM gold mean? KDM refers to a specific type of gold jewelry that is made by adding cadmium during the process of gold soldering. It is often avoided due to health concerns regarding cadmium’s toxicity.
Conclusion
Gold remains a preferred investment option for millions of people in India due to its ability to retain value and serve as a hedge against inflation. The fluctuating gold prices, driven by both domestic and international factors, offer opportunities for investors to enter the market at favorable prices. By keeping an eye on the current market trends and understanding the underlying factors influencing gold prices, you can make informed decisions about buying and investing in gold.
For the latest updates and insights on gold rates, keep visiting our website!