Gold Rate Today In India: On January 3, 2024, the cost of gold went up and down in different cities in India. The typical price for 10 grams was about Rs 63,000. To be more precise, 10 grams of 24-carat gold had an average price of Rs 64,090, and the same amount of 22-carat gold was Rs 58,750. At the same time, the price of silver kept going up and reached Rs 78,900 per kilogram.
Rs 70,000 Per 10 Grams Gold Price
The All India Gem and Jewellery Domestic Council (GJC) stated on Tuesday that the prevailing global economic uncertainties and geopolitical tensions are expected to propel gold prices to a record high of Rs 70,000 per 10 grams this year. This development positions gold as a secure investment and an effective hedge against inflation.
Gold rate today in India: Retail gold price on January 03
Gold Rate Today In Mumbai
In Mumbai, the current cost for 10 grams of 22-carat gold is Rs 58,750, and the same amount of 24-carat gold is priced at Rs 64,090.
Gold Rate Today In Delhi
In Delhi, people have to spend Rs 58,900 for 10 grams of 22-carat gold and Rs 64,240 for the same amount of 24-carat gold.
Gold Rate Today In Chennai
In Chennai, the price for 10 grams of 22-carat gold is Rs 59,200, and for the same amount of 24-carat gold, it’s Rs 64,580.
Check gold rates today in different cities on January 03, 2024; (In Rs/10 grams)
Multi Commodity Exchange
On January 03, gold futures expiring on February 05, 2024, were trading at Rs 63,330 on the Multi Commodity Exchange. Silver futures expiring on March 05, 2024 were trading at Rs 74,098.
The retail price of gold is what customers pay for it in the country. This price is affected by different things, like the worldwide gold price, the value of the Rupee, and the expenses related to labour and materials used in crafting gold jewellery.
Gold is highly important in India because of its cultural significance, its value for investment, and its traditional role in weddings and festivals.
Here are several factors that can exert influence on the price of gold:
Market Forces and Gold Valuation: The valuation of gold is predominantly influenced by the dynamics of supply and demand. If there is a surge in public interest for gold, its price tends to rise. Conversely, an excess supply of gold in the market can lead to a decline in its price.
Global Economic Dynamics: The broader state of the global economy plays a significant role in determining gold prices. During periods of economic downturn or recession, investors often turn to gold as a secure investment, causing an uptick in its value.
Impact of Political Uncertainty: Political instability can also exert considerable influence on gold prices. Instances of uncertainty or crises in pivotal countries or regions may drive investors to safeguard their assets by investing in gold, thereby creating heightened demand and causing an increase in the price of gold.
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