Gold Price Today: On January 31, 2024, find out how much gold will cost in various Indian cities. (In Rs/10 grams).
Current Gold Prices in India: As of January 31, 2024, there have been a number of variations in the price of gold reported in different Indian cities. The level of about Rs 63,000 was maintained at the constant rate for 10 grams. In more specific terms, the average cost of 10 grams of 24-carat gold was recorded at Rs 63,270, whilst the same amount of 22-carat gold cost Rs 58,000.
The price of silver, meanwhile, continued to rise steadily and reached Rs 76,500 per kilogram.
Indian gold rate as of right now: January 31 retail gold price
Mumbai’s current gold price
In Mumbai, 10 grams of 22-carat gold is currently priced at Rs 58,000, whereas the same amount of 24-carat gold is valued at Rs 63,270.
Gold Rate Today In DelhiIn
Delhi, people have to spend Rs 58,150 for 10 grams of 22-carat gold and Rs 63,420 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 58,500, and for the same amount of 24-carat gold, it’s Rs 63,820.
Multi Commodity Exchange
The gold futures that were scheduled to expire on April 5, 2024, were actively traded on the Multi Commodity Exchange for Rs 62,465 on January 31, 2024. Moreover, silver futures with an expiration date of March 5, 2024, were quoted at Rs 72,287.
The price that consumers pay for gold in the nation is known as its retail cost. The value of the Rupee, the cost of labor and materials needed in the creation of gold jewellery, and the price of gold globally all have an impact on this price.
Because of its cultural significance, investment potential, and customary use in festivals and weddings, gold holds great significance in India.
Here are several factors that can exert influence on the price of gold:
Market Forces and Gold Valuation: Supply and demand dynamics have a major impact on gold valuation. The price of gold usually rises when there is a spike in public demand for it. On the other hand, if there is an abundance of gold on the market, its value may drop.
Global Economic Dynamics: The overall health of the world economy has a big impact on gold prices. Gold’s value rises because investors frequently gravitate to it as a safe investment during economic downturns or recessions.
Impact of Political Uncertainty: The price of gold can be significantly impacted by political unrest. Situations of unpredictability or crises in crucial nations or areas may prompt investors to buy in gold as a means of protecting their wealth, hence increasing demand and driving up the price of gold.
2024 Outlook: Rs 70,000 Per 10 Grams Gold Price
According to a recent statement by the All India Gem and Jewellery Domestic Council (GJC), geopolitical tensions and present global economic uncertainty are expected to push gold prices to a historic high of Rs 70,000 per 10 grams in the upcoming year. This pattern validates gold as a dependable investment and an important inflation hedge.