Today’s Gold Rate: Gold Prices in India (17th November 2024)
Today’s Gold Rate: A Comprehensive Guide to Gold Prices in India (17th November 2024)
Gold has always been an important part of Indian culture, not only as a symbol of wealth and prosperity but also as a key investment asset. Whether it’s for making jewelry, buying coins, or investing in gold bars, the yellow metal has long been cherished for its ability to retain value. Gold prices in India fluctuate daily, influenced by factors like global economic conditions, currency fluctuations, and domestic demand. In this blog post, we will take a look at the current gold rates in India, provide a detailed breakdown of gold prices in major metro cities, and explain what affects these prices.
Gold Rates Today in India
Updated on 17th November 2024
| Gold Type | Price (10 grams) |
|---|---|
| 24 Carat Gold | ₹75,823.00 |
| 22 Carat Gold | ₹69,523.00 |
Gold prices are primarily listed for two types of purity: 24 Carat and 22 Carat. 24 Carat gold is the purest form of gold, containing 99.99% gold, and is mostly used in investment-grade products. 22 Carat gold, on the other hand, is 91.6% pure and is typically used for making jewelry due to its strength and durability.
Gold Price in Major Metro Cities (17th November 2024)
Here is a breakdown of the gold prices in various metro cities across India:
| City | 24 Carat Gold (per 10 grams) | 22 Carat Gold (per 10 grams) |
|---|---|---|
| Bangalore | ₹75,665.00 | ₹69,365.00 |
| Chennai | ₹75,671.00 | ₹69,371.00 |
| Delhi | ₹75,823.00 | ₹69,523.00 |
| Kolkata | ₹75,675.00 | ₹69,375.00 |
| Mumbai | ₹75,677.00 | ₹69,377.00 |
| Pune | ₹75,683.00 | ₹69,383.00 |
As we can see, gold prices vary slightly between cities due to local taxes, demand, and supply conditions. Major cities like Delhi and Mumbai tend to have higher gold prices due to their status as financial hubs.
Gold Prices in Different Cities in India (17th November 2024)
| City | 24 Carat Price | 22 Carat Price |
|---|---|---|
| Ahmedabad | ₹75,731 | ₹69,431 |
| Amritsar | ₹75,850 | ₹69,550 |
| Bhopal | ₹75,734 | ₹69,434 |
| Coimbatore | ₹75,690 | ₹69,390 |
| Faridabad | ₹75,855 | ₹69,555 |
| Gurgaon | ₹75,848 | ₹69,548 |
| Hyderabad | ₹75,679 | ₹69,379 |
| Jaipur | ₹75,816 | ₹69,516 |
| Kanpur | ₹75,843 | ₹69,543 |
| Kochi | ₹75,696 | ₹69,396 |
| Lucknow | ₹75,839 | ₹69,539 |
| Madurai | ₹75,667 | ₹69,367 |
| Mangalore | ₹75,678 | ₹69,378 |
| Nagpur | ₹75,691 | ₹69,391 |
| Patna | ₹75,719 | ₹69,419 |
| Surat | ₹75,738 | ₹69,438 |
| Vadodara | ₹75,744 | ₹69,444 |
| Vijayawada | ₹75,685 | ₹69,385 |
| Visakhapatnam | ₹75,687 | ₹69,387 |
As you can observe, there is a variation in gold rates across cities. Factors like regional demand, import duties, and local taxes influence these rates. For example, gold is slightly more expensive in cities like Amritsar and Faridabad compared to places like Madurai or Visakhapatnam.
Gold Price Trend: Last 15 Days
| Date | 22 Carat Price | 24 Carat Price |
|---|---|---|
| Nov 16, 2024 | ₹69,633.00 | ₹75,943.00 |
| Nov 15, 2024 | ₹69,513.00 | ₹75,813.00 |
| Nov 14, 2024 | ₹70,613.00 | ₹77,013.00 |
| Nov 13, 2024 | ₹70,623.00 | ₹77,023.00 |
| Nov 12, 2024 | ₹71,023.00 | ₹77,463.00 |
| Nov 11, 2024 | ₹72,373.00 | ₹78,933.00 |
| Nov 10, 2024 | ₹72,923.00 | ₹79,533.00 |
| Nov 09, 2024 | ₹72,923.00 | ₹79,533.00 |
| Nov 08, 2024 | ₹73,023.00 | ₹79,643.00 |
| Nov 07, 2024 | ₹72,173.00 | ₹78,733.00 |
| Nov 06, 2024 | ₹73,823.00 | ₹80,523.00 |
| Nov 05, 2024 | ₹73,723.00 | ₹80,413.00 |
| Nov 04, 2024 | ₹73,823.00 | ₹80,573.00 |
| Nov 03, 2024 | ₹73,823.00 | ₹80,573.00 |
As you can see, gold prices have fluctuated slightly over the last 15 days. On November 16, 2024, 24 Carat gold was priced at ₹75,943 per 10 grams, while 22 Carat gold stood at ₹69,633.
What Affects Gold Prices in India?
Gold prices in India are determined by a variety of factors:
- Global Market Trends: International demand and geopolitical events, including financial crises, wars, or economic sanctions, can affect the global price of gold.
- Currency Fluctuations: The value of the Indian Rupee against the US Dollar plays a significant role. When the Rupee weakens against the Dollar, gold prices tend to rise in India.
- Interest Rates: Lower interest rates make gold more attractive as an investment because the opportunity cost of holding gold (which doesn’t earn interest) becomes less significant.
- Import Duties: The Indian government imposes import duties on gold, which directly impacts the domestic price of gold. Changes in import duties can cause price variations.
- Demand and Supply: Domestic demand for gold, especially during wedding seasons and festivals like Diwali, pushes prices higher.
- Inflation: Gold is often seen as a hedge against inflation. During periods of high inflation, people flock to gold to preserve their wealth.
Why Should You Invest in Gold?
Gold has been historically viewed as a safe-haven investment. It has several advantages:
- Hedge Against Inflation: Gold tends to hold its value over time, making it an attractive option during inflationary periods.
- Store of Value: Unlike other assets that may lose value, gold is universally recognized and can be sold anywhere in the world.
- Liquidity: Gold is easy to buy and sell, and it doesn’t require specialized knowledge or infrastructure to trade.
Conclusion
Understanding today’s gold rate and how it fluctuates is crucial for anyone looking to invest in or buy gold in India. While it’s important to track gold prices regularly, investing in gold can help secure your financial future and act as a safe bet during economic uncertainty. Keep in mind that gold rates differ by city and that various factors influence these changes. Whether you’re buying gold as an investment or for personal use, knowing the current market rate will help you make informed decisions.
FAQs About Gold
- Why should you invest in gold?
Gold is a reliable store of value and serves as a hedge against inflation and economic uncertainty. - What are the various forms of investing in gold?
You can invest in physical gold (coins, bars, jewelry), gold ETFs, sovereign bonds, and gold mutual funds. - Does India import gold?
Yes, India is the largest importer of gold in the world, mainly to meet the demand for jewelry and investment. - How are gold prices determined in India?
Gold prices are influenced by global market trends, currency fluctuations, interest rates, and local demand. - What is the difference between 22K and 24K gold?
24K gold is pure gold (99.99%), while 22K gold contains 91.6% gold mixed with other metals for strength.