North India Statesman
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A rise in gold prices was seen on Saturday, 28 December 2024. The prices of 24 carat and 22 carat gold have increased by up to Rs 300. In major cities of the country, 24 carat gold is trading at around Rs 78,000 per 10 grams and 22 carat gold at Rs 71,600 per 10 grams.
Silver prices on December 28, 2024
Silver prices have also increased.
- The price of one kilogram of silver has become Rs 92,500.
- Earlier on Friday, the price of silver was Rs 91,600, which means there has been an increase of Rs 900.
Gold and silver prices in Delhi’s bullion market
A rise in the prices of gold and silver was recorded in the bullion market of the national capital Delhi on Friday.
- Gold price: Increase by Rs 350 to Rs 79,200 per 10 grams.
- Silver price: Rs 900 higher at Rs 91,700 per kg.
weekly uptrend
In the last one week, silver prices have increased by a total of Rs 3,550 per kg.
influence of global markets
In the international market:
- Comex gold futures: down $13.70 at $2,640.20 an ounce.
- Comex silver futures: down 0.74% to $30.17 an ounce.
Due to increase in gold prices
- Buying by Jewellers: More buying by jewelers towards the end of the year.
- Rupee weakness: Fall in Indian currency pushed gold prices higher.
- Global Stress:
- Russia-Ukraine war.
- Conflict in West Asia.
- Demand for safe investment: Due to economic and political uncertainty, gold is being considered as a safe investment.
- Strength of Dollar: Experts say that the strength of the dollar and policy changes in the new year may have an impact on the market.
28 December 2024: Gold prices in major cities
| city name | 22 carat (₹) | 24 carat (₹) |
|---|---|---|
| Delhi | 71,650 | 78,150 |
| Noida | 71,650 | 78,150 |
| Ghaziabad | 71,650 | 78,150 |
| Jaipur | 71,650 | 78,150 |
| Gurgaon | 71,650 | 78,150 |
| Lucknow | 71,650 | 78,150 |
| Mumbai | 71,500 | 78,000 |
| Kolkata | 71,500 | 78,000 |
| Patna | 71,550 | 78,000 |
| Ahmedabad | 71,550 | 78,000 |
| Bhubaneswar | 71,500 | 78,000 |
| Bengaluru | 71,500 | 78,000 |
How is the price of gold determined?
The price of gold depends on many factors:
- Local Demand: Gold prices in India depend on the local market demand.
- International market:
- America’s economic situation.
- Federal Reserve interest rates.
- Rupee Position: Strength or weakness of the rupee against the dollar.
- Global events: Demand for gold increases in times of political and economic crisis.
