North India Statesman
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Gold and silver prices have once again become a topic of discussion. Especially when the gold has crossed ₹ 93,300. This situation brings special messages from common consumers to investors, for everyone – the market has a boom. According to the latest report by India Bullion and Jewelers Association (IBJA), on Friday, 24 carat gold jumped from ₹ 90,161 and reached ₹ 93,353 per 10 grams. At the same time, silver also increased from ₹ 90,669 to ₹ 92,929 per kg.
Now you must be wondering why it was so fast? There can be many reasons behind this – such as the bustle of the international market, the exchange rate of dollars and rupee, import duty, or a sudden surge in domestic demand. Apart from this, prices also remain stable due to the holiday (eg Saturday, Sunday and Babasaheb Ambedkar Jayanti) in the market these days.
In a country like India, where gold is considered not only ornaments but a medium of cultural heritage and investment, a slight movement in its prices becomes the center of people’s attention. In such a situation, it is necessary to know what are today’s expressions according to different carats and how much gold is being sold in your city.
Gold and Silver Fresh Price – 24 carat, 22 carats, 18 carats and 14 carats
24 carat gold price rises
If you are a pure gold i.e. 24 carat buyer, then this news may be a bit shocking for you. On Friday, its price reached ₹ 93,353 per 10 grams. This is a direct price of ₹ 3,192 directly from the previous closed price ₹ 90,161. This is an indication that investors are now turning to a safe option and gold has always been considered to be the safest option.
Such a big jump was seen when gold prices went up in the international market too. Its effect was seen directly in India as the gold here is imported and its prices depend on the status of the rupee against the dollar.
Rates of 22, 18 and 14 carats
Not everyone buys 24 carat gold. Most of the gold used in jewelery is 22 carats. At present, the price of 22 carat gold is ₹ 85,511 per 10 grams. The price of 18 carats is running ₹ 70,015 per 10 grams and the price of 14 carat is ₹ 54,612 per 10 grams. These rates are fixed on the basis of their purity – the more carat, the more pure gold and the higher the price.
For those who buy gold for more jewelry than investment, 22 or 18 carats are a better option. While 14 carats are usually used for light jewels, especially for children or youth.
Silver market performance
Now talk about silver, so it has also seen a significant boom. The price of 24 carat silver has increased to ₹ 92,929 per kg, which has increased by about ₹ 2,260 from the previous ₹ 90,669. Silver may be called ‘gold of small investors’, but it is used not only in jewelry, but also in industrial work, which keeps its demand.
Today the price of gold in major cities of India
Gold prices in metro cities
Gold prices are almost the same in large metro cities of India, but slightly a lot of difference is due to exchange rate and dealer margin. Today, 24 carat gold is being sold at ₹ 95,660 per 10 grams in cities like Chennai and Mumbai, while in Delhi and Jaipur, ₹ 95,810.
The same situation is for 22 carats – ₹ 87,690 in Mumbai and Chennai, while ₹ 87,840 in Delhi. 18 carat gold prices are seen from ₹ 71,750 to ₹ 72,590.
Rate in cities of North India
In North India such as 24 carat gold in cities like Lucknow, Ghaziabad, Noida, Ayodhya and Gurugram is ₹ 95,810 per 10 grams and ₹ 87,840 of 22 carats. This indicates that the price of gold throughout the region is stable and may have a slight difference in rates given by the dealer.
Prices of South India and other cities
In cities like Chennai and Kolkata, prices are almost the same, ₹ 95,660 per 10 grams (24 carats) and ₹ 87,690 (22 carats). This is an indication that gold prices at the national level remains stable, and the difference may only be due to local tax, jeweler’s cost and logistics.
Why do prices remain stable when the market is closed?
When we hear that gold and silver prices remain the same as the prices of gold and silver on Saturday, Sunday or a particular holiday, then this question definitely comes-why? The answer is straightforward: There is no new transaction due to the closure of the market, so there is no change in the price.
Weekends and holidays
The bullion market (gold-silver wholesale market) is closed in India on Saturday and Sunday. Apart from this, some government holidays or special occasions such as Babasaheb Dr. Bhimrao Ambedkar Jayanti are also closed. When there is no transaction, institutions like IBJA do not update new prices, and the rates of the previous business day remain valid.
Think, just as the school’s result does not come on holiday, similarly the “result” of the market does not come to a new house. Therefore, even if there is ups and downs in the international market, but due to the closure of the market in India, its impact is not seen immediately.
How to decide the price of holiday day
When the market is closed for two or three days, traders and investors accept Friday’s final price for the next day. The reason for this is that the transparency and stability of emotions remain. During this time there is a stir in the international market many times, but its effect is seen in the Indian market when it opens again.
So before buying gold during the holidays, always check on which day that rate is, so that you do not have confusion. If you are shopping online, the same valid rate is shown on the websites.
The main factors affecting gold prices in India
Now let’s talk about that aspect which is most important – why do gold prices rise? Why do the prices ever fall? Many domestic and global factors are responsible for this. Let’s understand them in turn.
Role of international market
Most of the gold sold in India is imported, and its price is directly connected to the international market. When gold prices go up in the global market, the prices in India also increase. For example, if inflation increases in the US or the dollar is weak, investors start investing money in gold, which increases its global price.
The effect of this is seen in the Indian market because we buy gold from abroad. This means straightforward – if the Global Rate increases, gold is expensive in India too.
Dollar and rupee exchange rate
The gold deal usually occurs in dollars. If the rupee is weak against the dollar, then we have to buy gold at expensive prices. For example, if it turns 1 dollar = ₹ 83, then the same gold that used to come for ₹ 80 will now come for ₹ 83.
When the rupee falls, imports become expensive and that is why gold also becomes expensive. So whenever you see a boom in the price of gold, it will be beneficial to check the dollar rate once.
Impact of import duty and tax
The government imposes duty on gold imports. When this fee increases, it is natural that gold will become expensive. In recent years, the government has imposed taxes like custom duty and GST on gold, which has affected its prices.
If the government reduces tax, then gold can be cheaper. But since there is a lot of gold consumption in India, the government wants to regulate it so that more dollars do not go out. That is why taxes are imposed.
Impact of demand and supply game
When the wedding season comes or a big festival like Diwali, Akshaya Tritiya or Dhanteras comes near, the demand for gold increases. Excess demand means more sales, and higher sales means the rise in prices.
On the other hand, if there is less supply in the market and more demand, then the price increases. Its opposite is also the opposite – when the demand decreases and the supply becomes more, the prices fall.
Therefore, to understand the price of gold, it is necessary to see how the equations of demand and supply are going on.
Importance of gold as cultural and investment in India
Gold in India is not just a metal of jewelry, but is a symbol of culture, tradition and emotions. Buying gold here is not just a transaction, but a religious and family event.
Importance of sleeping in marriage and festivals
Be it marriage or engagement, Diwali or Karva Chauth – Gold shopping has become a tradition on every special occasion. It is considered auspicious in India. Especially for women, jewelry is not just decoration items, but also considered security and investment for the future.
In such a situation, whenever the festival comes, the demand for gold in the market increases and prices rise. This is the reason why jewelery showrooms are filled with huge crowds these days and special offers are also offered.
Gold role as investment
Gold has always been a means of ‘safe haven’ investment. When the stock market declines or there is uncertainty in the economy, people turn to gold. The reason for this is that gold prices rise over time and also provide protection from inflation.
Nowadays new methods like Digital Gold, Gold ETFS and Sovereign Gold Bond have also come, due to which the youth are also investing in it. For all these reasons, gold prices in India are affected not only by market trends but also by our culture and habits.
