Today’s Gold Rate in India: November 23, 2024
Gold has long been regarded as a safe haven for investors and is a staple in the jewelry industry. In India, where gold is deeply embedded in cultural practices and investment strategies, staying updated on gold rates is crucial. As of 22 November 2024, here are the current gold rates in India.
As of November 23, 2024, gold continues to be a crucial investment in India, the world’s second-largest consumer of this precious metal. Understanding today’s gold rate is essential for both investors and buyers looking to make informed decisions.
Current Gold Rates
Gold Prices Today
| Gold Type | Price (Per 10 grams) | Change |
|---|---|---|
| 24 Carat Gold | ₹79,003 | +₹870.00 |
| 22 Carat Gold | ₹72,433 | +₹800.00 |
Gold Prices in Major Indian Cities
| City | 24 Carat Gold (Per 10 grams) | 22 Carat Gold (Per 10 grams) |
|---|---|---|
| Bangalore | ₹78,845 | ₹72,275 |
| Chennai | ₹78,851 | ₹72,281 |
| Delhi | ₹79,003 | ₹72,433 |
| Kolkata | ₹78,855 | ₹72,285 |
| Mumbai | ₹78,857 | ₹72,287 |
| Pune | ₹78,863 | ₹72,293 |
India is the world’s second-largest consumer of gold, trailing only behind China. The majority of the gold demand is met through imports and local recycling. Consequently, domestic gold prices are influenced not just by international prices but also by import duties and local taxes.
Gold Rates in Various Cities
| City Name | 22 Carat Price | 24 Carat Price |
|---|---|---|
| Ahmedabad | ₹72,341 | ₹78,911 |
| Amritsar | ₹72,460 | ₹79,030 |
| Bhopal | ₹72,344 | ₹78,914 |
| Bhubaneswar | ₹72,280 | ₹78,850 |
| Chandigarh | ₹72,442 | ₹79,012 |
| Coimbatore | ₹72,300 | ₹78,870 |
| Faridabad | ₹72,465 | ₹79,035 |
| Gurgaon | ₹72,458 | ₹79,028 |
| Hyderabad | ₹72,289 | ₹78,859 |
| Jaipur | ₹72,426 | ₹78,996 |
| Kanpur | ₹72,453 | ₹79,023 |
| Kerala | ₹72,305 | ₹78,875 |
| Kochi | ₹72,306 | ₹78,876 |
| Lucknow | ₹72,449 | ₹79,019 |
| Madurai | ₹72,277 | ₹78,847 |
| Meerut | ₹72,459 | ₹79,029 |
| Nagpur | ₹72,301 | ₹78,871 |
| Nashik | ₹72,337 | ₹78,907 |
| Patna | ₹72,329 | ₹78,899 |
| Surat | ₹72,348 | ₹78,918 |
| Vadodara | ₹72,354 | ₹78,924 |
| Vijayawada | ₹72,295 | ₹78,865 |
| Visakhapatnam | ₹72,297 | ₹78,867 |
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.
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.
Historical Gold Rates
Gold prices also fluctuate over a short period, which can provide insights into the current market trends. Tracking the fluctuations in gold prices can provide insight into market trends. Below are the gold rates for the last 15 days:
Recent Gold Price Trends
Here’s a quick look at the gold price trends over the last 15 days:
| Date | 22 Carat Price | 24 Carat Price |
|---|---|---|
| Nov 22, 2024 | ₹71,633 | ₹78,133 |
| Nov 21, 2024 | ₹71,333 | ₹77,803 |
| Nov 20, 2024 | ₹70,833 | ₹77,253 |
| Nov 19, 2024 | ₹70,133 | ₹76,493 |
| Nov 18, 2024 | ₹69,513 | ₹75,813 |
| Nov 17, 2024 | ₹69,523 | ₹75,823 |
| Nov 16, 2024 | ₹69,633 | ₹75,943 |
| Nov 15, 2024 | ₹69,513 | ₹75,813 |
| Nov 14, 2024 | ₹70,613 | ₹77,013 |
| Nov 13, 2024 | ₹70,623 | ₹77,023 |
| Nov 12, 2024 | ₹71,023 | ₹77,463 |
| Nov 11, 2024 | ₹72,373 | ₹78,933 |
| Nov 10, 2024 | ₹72,923 | ₹79,533 |
| Nov 09, 2024 | ₹72,923 | ₹79,533 |
Why Invest in Gold?
Gold is not just a metal; it’s a safe haven for investors, particularly during times of economic uncertainty. It acts as a hedge against inflation and currency fluctuations. Given its historical value and demand, investing in gold—whether through physical gold, ETFs, or sovereign bonds—remains a popular choice among Indians.
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.
Understanding Gold Investment
Gold is not just a commodity but an asset that has intrinsic value. Investors often turn to gold during economic uncertainty, making it a reliable hedge against inflation and currency fluctuations. Here are key reasons to consider investing in gold:
- Safe Haven: Gold tends to retain its value even during economic downturns.
- Inflation Hedge: It provides a safeguard against inflation as it often appreciates in value when the cost of living rises.
- Diversification: Including gold in an investment portfolio helps diversify risk.
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.
Conclusion
Keeping track of today’s gold rate is crucial for making informed investment decisions. Whether you’re buying gold for personal use or as an investment, understanding the factors influencing gold prices will help you navigate the market effectively.
FAQs About Gold
- Why should you invest in gold?
- Gold serves as a hedge against inflation and economic uncertainty.
- What are the various forms of investing in gold?
- Gold can be bought in physical forms like coins and jewelry, or through financial products like ETFs.
- Does India import gold?
- Yes, India is the largest importer of gold, catering primarily to the jewelry industry.
- How are gold prices determined in India?
- Prices depend on international gold rates, currency value, import duties, and local demand.
- What is the difference between 22K and 24K gold?
- 24K gold is pure gold, while 22K is alloyed with other metals, making it suitable for jewelry.
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