Gold Rates in India (September 19, 2024)

Gold Rates in India (September 19, 2024)

Gold is a highly valued precious metal and is recognized as a popular investment choice. In India, gold prices are subject to fluctuations based on market conditions and are closely monitored during trading hours.

In India, two primary types of gold are traded: 24K and 22K. 24K gold is the purest form, with a purity of 99.99%, but it is too soft for crafting jewelry. 22K gold, on the other hand, consists of 22 parts gold and 2 parts other metals, such as copper and zinc, making it suitable for jewelry production.

Current Gold Prices

India stands as the largest importer of gold, primarily to meet the demands of its jewelry industry. The country imports between 800 to 900 tons of gold annually.

Gold prices are influenced by various factors, including currency fluctuations, global economic developments, and interest rates. A weakening rupee against the US dollar typically drives gold prices higher. Additionally, international factors such as economic growth and market volatility play significant roles in price determination.

In various Indian cities, gold prices can vary due to local demand, state taxes, and other levies. Gold can be acquired in forms such as bars, coins, and jewelry. Investment options include physical gold, exchange-traded funds (ETFs), and sovereign gold bonds.

Currently, the import duty on gold in India is set at 10%. The central government frequently adjusts this duty in response to the need to regulate imports.

Gold is regarded as a safe investment, serving as an effective hedge against inflation. Given current geopolitical uncertainties, many individuals are turning to gold as a secure investment option.

In India, the purity of gold is certified by the Bureau of Indian Standards through a process known as hallmarking. This ensures the authenticity of the metal and protects consumers from counterfeit products.

Gold Prices in Major Indian Cities

Overview of Gold Rates

As of September 19, 2024, the price of gold in India remains influenced by various factors including international market trends, currency fluctuations, and domestic demand. India is the second-largest consumer of gold globally, primarily relying on imports to meet its needs. The gold market is affected by the dynamics of inflation, interest rates, and economic conditions.

In India, gold is traded in two primary purities: 24K (99.99% pure) and 22K (91.67% pure). While 24K gold is pure and soft, making it unsuitable for jewelry, 22K gold is commonly used in various ornaments.

The government regulates the import duty on gold, currently set at 10%, which impacts local pricing. Additionally, hallmarking ensures the authenticity and purity of gold products, protecting consumers from counterfeit items.

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Gold Rates as of September 18, 2024

Gold Rate for the Last 15 Days

This table presents the gold prices for 22-carat and 24-carat gold over the past 15 days, along with the daily changes in their values.