Gold Rates Today in India (Updated on 08 Dec, 2024)
Gold Rate in India: A Comprehensive Guide to Gold Prices Today
Gold has always been one of the most sought-after precious metals in India, known not only for its beauty but also for its potential as an investment. As the second-largest consumer of gold in the world, after China, India’s gold market is highly influenced by various factors, including international gold prices, currency fluctuations, import duties, and domestic taxes. Whether you’re planning to invest in gold, purchase jewelry, or keep track of price trends, understanding the current gold rates in India is essential.
In this blog post, we will cover the latest gold rates today in India and explore the key factors affecting the price of gold. We’ll also discuss the differences between 22-carat and 24-carat gold and how gold prices vary across different cities.
Gold Rates Today in India (Updated on 08 Dec, 2024)
Here’s the gold price breakdown for both 22-carat and 24-carat gold for 10 grams in India:
| Gold Type | Price (₹ per 10g) | Change |
|---|---|---|
| 24 Carat Gold | ₹77,793 | -₹280.00 |
| 22 Carat Gold | ₹71,323 | -₹260.00 |
Gold prices in India are determined not only by international factors such as the global demand for gold and fluctuations in the US dollar but also by domestic factors, including taxes, import duties, and market conditions.
Gold Price in Metro Cities (08 Dec 2024)
Here’s how gold prices are varying across key cities in India:
| City | 24 Carat Gold (₹ per 10g) | 22 Carat Gold (₹ per 10g) |
|---|---|---|
| Bangalore | ₹77,635 | ₹71,165 |
| Chennai | ₹77,641 | ₹71,171 |
| Delhi | ₹77,793 | ₹71,323 |
| Kolkata | ₹77,645 | ₹71,175 |
| Mumbai | ₹77,647 | ₹71,177 |
| Pune | ₹77,653 | ₹71,183 |
These prices are indicative of the variation in gold prices depending on the demand and supply within each region, along with additional taxes and duties imposed by state governments.
Gold Rate in Different Cities in India
Gold prices also fluctuate based on location. Here’s a comprehensive look at the prices across various cities: Here is a detailed breakdown of the gold rates today across various cities in India, including the prices for 22 Carat Gold and 24 Carat Gold:
| City Name | 22 Carat Price (₹ per 10g) | 24 Carat Price (₹ per 10g) |
|---|---|---|
| Ahmedabad | ₹71,231 | ₹77,701 |
| Amritsar | ₹71,350 | ₹77,820 |
| Bangalore | ₹71,165 | ₹77,635 |
| Bhopal | ₹71,234 | ₹77,704 |
| Bhubaneswar | ₹71,170 | ₹77,640 |
| Chandigarh | ₹71,332 | ₹77,802 |
| Chennai | ₹71,171 | ₹77,641 |
| Coimbatore | ₹71,190 | ₹77,660 |
| Delhi | ₹71,323 | ₹77,793 |
| Faridabad | ₹71,355 | ₹77,825 |
| Gurgaon | ₹71,348 | ₹77,818 |
| Hyderabad | ₹71,179 | ₹77,649 |
| Jaipur | ₹71,316 | ₹77,786 |
| Kanpur | ₹71,343 | ₹77,813 |
| Kerala | ₹71,195 | ₹77,665 |
| Kochi | ₹71,196 | ₹77,666 |
| Kolkata | ₹71,175 | ₹77,645 |
| Lucknow | ₹71,339 | ₹77,809 |
| Madurai | ₹71,167 | ₹77,637 |
| Mangalore | ₹71,178 | ₹77,648 |
| Meerut | ₹71,349 | ₹77,819 |
| Mumbai | ₹71,177 | ₹77,647 |
| Mysore | ₹71,164 | ₹77,634 |
| Nagpur | ₹71,191 | ₹77,661 |
| Nashik | ₹71,227 | ₹77,697 |
| Patna | ₹71,219 | ₹77,689 |
| Pune | ₹71,183 | ₹77,653 |
| Surat | ₹71,238 | ₹77,708 |
| Vadodara | ₹71,244 | ₹77,714 |
| Vijayawada | ₹71,185 | ₹77,655 |
| Visakhapatnam | ₹71,187 | ₹77,657 |
This table reflects how prices differ across cities, driven by factors like state taxes, local demand, and logistical costs.
Key Insights on Gold Rates in India
- Regional Variations: Gold prices vary across India due to factors such as local demand, state taxes, and transportation costs. Major cities like Delhi, Mumbai, and Bangalore often have higher prices due to high demand.
- 24K vs. 22K: The prices for 24 Carat (pure gold) and 22 Carat gold (which contains 92% pure gold mixed with other metals) differ, with 24 Carat being more expensive due to its higher purity.
Why Do Gold Prices Fluctuate in Different Cities?
Gold rates change due to several factors, including:
- Demand and Supply: High demand in a particular city can drive up the price of gold.
- Import Duties and Taxes: Cities with higher local taxes or import duties may have slightly higher gold prices.
- Economic Conditions: Regional economic conditions, festivals, and wedding seasons can lead to price fluctuations as demand for gold rises.
Factors Affecting Gold Prices in India
Gold rates are influenced by a variety of global and domestic factors. Some of the key drivers include:
- International Gold Prices: The global market, which is denominated in USD, plays a huge role in determining the local price of gold in India. Any fluctuation in global gold prices will impact domestic prices.
- Exchange Rates: The value of the Indian Rupee (INR) against the US Dollar is crucial. A weaker INR leads to higher gold prices in India.
- Import Duties: India imports a large portion of its gold, and the government levies import duties, which can cause gold prices to rise or fall.
- Inflation and Interest Rates: Gold is often seen as a hedge against inflation. When inflation is high, demand for gold rises, driving up prices. Similarly, lower interest rates may encourage gold purchases.
- Geopolitical and Economic Uncertainty: Events like political instability, wars, and economic crises typically drive investors toward gold as a safe-haven asset.
22K vs. 24K Gold: What’s the Difference?
Gold is available in various purities, and the two most popular types are 22K and 24K.
- 24K Gold: This is pure gold with a purity of 99.99%. It is soft and not ideal for making jewelry, which is why it is typically used for investments in the form of gold bars and coins.
- 22K Gold: This is made up of 22 parts gold and 2 parts other metals like copper, zinc, or silver. It is more durable and is typically used for making jewelry.
While 24K gold is purer and ideal for investments, 22K gold is more commonly used for crafting jewelry due to its sturdier nature.
Gold as an Investment
Gold has been regarded as a safe investment for centuries. In times of economic downturn, inflation, or currency devaluation, investors often turn to gold to preserve their wealth. It is also considered a hedge against inflation and a diversifier in an investment portfolio.
Apart from physical gold (like jewelry, coins, and bars), gold can be invested in via Sovereign Gold Bonds (SGBs), Gold ETFs, and Gold Mutual Funds. These options offer exposure to gold prices without the need for physical possession.
Gold Rate for the Last 15 Days in India
Here is a table displaying the gold rates for the last 15 days:
| Date | 22 Carat Price (₹) | Change (₹) | 24 Carat Price (₹) | Change (₹) |
|---|---|---|---|---|
| Dec 07, 2024 | ₹71,583 | 0.00 | ₹78,073 | 0.00 |
| Dec 06, 2024 | ₹71,583 | +120.00 | ₹78,073 | +130.00 |
| Dec 05, 2024 | ₹71,463 | -20.00 | ₹77,943 | -20.00 |
| Dec 04, 2024 | ₹71,483 | +420.00 | ₹77,963 | +450.00 |
| Dec 03, 2024 | ₹71,063 | -600.00 | ₹77,513 | -650.00 |
| Dec 02, 2024 | ₹71,663 | -10.00 | ₹78,163 | -10.00 |
| Dec 01, 2024 | ₹71,673 | -120.00 | ₹78,173 | -120.00 |
| Nov 30, 2024 | ₹71,793 | +730.00 | ₹78,293 | +780.00 |
| Nov 29, 2024 | ₹71,063 | -170.00 | ₹77,513 | -180.00 |
| Nov 28, 2024 | ₹71,233 | +270.00 | ₹77,693 | +290.00 |
| Nov 27, 2024 | ₹70,963 | -1,200.00 | ₹77,403 | -1,310.00 |
| Nov 26, 2024 | ₹72,163 | -1,000.00 | ₹78,713 | -1,090.00 |
| Nov 25, 2024 | ₹73,163 | -10.00 | ₹79,803 | -10.00 |
| Nov 24, 2024 | ₹73,173 | +740.00 | ₹79,813 | +810.00 |
This table highlights the daily fluctuations in gold prices for both 22 Carat and 24 Carat gold over the last 15 days. The values represent price changes in Indian Rupees (₹) for each date.
FAQs About Gold
- Why should you invest in gold? Gold is a stable investment that protects against inflation and provides diversification for your portfolio.
- What is the difference between 22K and 24K gold? 22K gold is less pure and more durable, used for jewelry, while 24K is pure gold, often used in bars and coins.
- How are gold prices determined in India? Gold prices in India are based on international gold prices, the exchange rate of INR to USD, import duties, and local taxes.
- What is hallmarking of gold? Hallmarking is the certification that gold meets the Bureau of Indian Standards’ purity standards, providing assurance to buyers about the authenticity of the gold.
By understanding the latest gold rates and factors influencing the price, you can make better decisions whether you’re looking to invest or purchase gold for personal use. Stay updated on market trends and always consult with experts before making any significant investments in gold.