Gold Rate Today In India: On November 16, 2023, the cost of 10 grams of gold differs in different cities, but on average, it’s about Rs 61,000. Specifically, 10 grams of 24-carat gold cost around Rs 61,040, while the same amount of 22-carat gold is valued at Rs 55,950. The current rate for silver is Rs 74,700 per kilogram.
Gold rate today in India: Retail gold price on November 16
Delhi Gold Rate
In Delhi, people have to spend Rs 56,100 for 10 grams of 22-carat gold and Rs 61,190 for the same amount of 24-carat gold.
Ahmedabad Gold Rate
In Ahmedabad, the current cost for 10 grams of 22-carat gold is Rs 56,000, and the same amount of 24-carat gold is priced at Rs 61,090.
Chennai Gold Rate
In Chennai, the price for 10 grams of 22-carat gold is Rs 56,450, and for the same amount of 24-carat gold, it’s Rs 61,580.
Check gold rates today in different cities on November 16, 2023; (In Rs/10 grams)
Multi Commodity Exchange
On November 16, gold futures expiring on December 05, 2023, were trading at Rs 60,128 on the Multi Commodity Exchange. At the same time, silver futures with the same maturity date were priced at Rs 72,234.
The retail price of gold is the amount it’s sold to customers in the country. This price is influenced by various factors, including the global gold price, the value of the Rupee, and the costs associated with labour and materials used in making gold jewellery.
Gold holds great significance in India due to its cultural importance, investment value, and longstanding role in weddings and festivals.
Here are several factors that can exert influence on the price of gold:
Supply and Demand: The price of gold mainly depends on how much people want it and how much is available. If more people want gold, the price usually goes up. But if there’s too much gold available, the price can go down.
Global Economic Conditions: The overall global economy also has a big impact on gold prices. When the world economy is not doing well or there’s a recession, investors often choose gold as a safe option, causing its price to go up.
Political Instability: Political troubles can also affect gold prices. When there’s uncertainty or a crisis in an important country or region, investors might choose to protect their money by investing in gold. This increased demand can make the price of gold go up.
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