The prices of gold in India saw a modest rise today as well, reflecting the positive worldwide trend and paying no mind to fears regarding potential domestic obstacles. This steady pattern can be attributed to market stability and the strength of the rupee, but as per analysts it could shift towards range bounded price slowly there is a potential upward movement during the festival season.
A Quick Overview of the Gold Prices in India Today
| Karat | Gram | Yesterday’s Price (INR) | Today’s Price (INR) | Change (INR) |
| 22K | 1 | ₹5,770 | ₹5,770 | ₹0 |
| 8 | ₹46,160 | ₹46,160 | ₹0 | |
| 10 | ₹57,700 | ₹57,700 | ₹0 | |
| 100 | ₹577,000 | ₹577,000 | ₹0 | |
| 24K | 1 | ₹6,295 | ₹6,295 | ₹0 |
| 8 | ₹50,360 | ₹50,360 | ₹0 | |
| 10 | ₹62,950 | ₹62,950 | ₹0 | |
| 100 | ₹629,500 | ₹629,500 | ₹0 | |
| 18K | 1 | ₹4,721 | ₹4,721 | ₹0 |
| 8 | ₹37,768 | ₹37,768 | ₹0 | |
| 10 | ₹47,210 | ₹47,210 | ₹0 | |
| 100 | ₹472,100 | ₹472,100 | ₹0 |
Read Here: Rates Of Gold Prices Today In India
24k and 22k Hold Firm
24-karat gold, the purest form of it all saw only minor fluctuations across the nation. Mumbai and Delhi decreased a little by ₹5 per gram, while Chennai and Bengaluru shone with a rise of 3 dollars for each one. 24-carat stayed around ₹62,950 per 10 grams overall.
22k, the Jewel of Choice, Maintains Shine
22-karat gold which was the most popular choice for refined jewellery, imitated its 24-karat analogue’s stability. It witnessed a mild decline of Rs 2 per gram in Kolkata and Hyderabad but saw an increase as small as the rise by Rs 1 on each gram to sit up ground while Jaipur ends in Ahmedabad. 22-carat price, on average, was alluring at around ₹57,700 per ten grams.
18k Offers Affordability with a Hint of Luxury
18-carat gold showed fine golden gleams for those who want to be treated by the elegance of gold but at a slightly lower cost. Prices were stable throughout the country with an average 18-carat gram remaining steady at around ?/gram. This makes it an attractive choice for anyone wanting to introduce some gold touch into their jewellery collection or mark special occasions.
Also Read: Find Today’s Gold Prices And Understand What Factors Affect The Gold Prices In India
Global factors Affecting the Rise
Different factors are playing out across the world which have led to a rise in gold prices in India. The ongoing war in Ukraine coupled with increasing tensions between the US and China have driven investors towards gold because it is a traditional safe-haven asset. Moreover, the US dollar has been relatively weak against major currencies and this gave gold even more attraction.
Domestic Market Remains Cautiously Optimistic
The domestic gold market shows a cautious attitude even with the positive global cues. In addition, increasing inflation and interest rates in India might reduce the demand for gold over the next few months. However, gold prices are likely to see some support from the sustained wedding season and upcoming festivals.
Key Takeaways
- On January 10, 2024, Indian gold prices were steady in major cities.
- 24-carat and 22-carat gold prices also hardly changed.
- The stable trend is based on international market stability and rupee strength.
- Analysts have forecasted that in the short run, prices are likely to remain range-bound with some likely upward movements during festival seasons.
What to Watch Out For
It is therefore important for investors to keep a keen eye on what transpires in the rest of the world economy and geopolitical developments, which will significantly shape gold prices. Domestic macroeconomic factors, including inflation and interest rates, will also play an important role in deciding where the Indian gold prices may head in future.
In all, the future outlook for gold in India seems cautiously optimistic. Though short-term tailwinds persist, the long-term potential of gold as an investment vehicle for Indian investors remains robust.
Read More: Gold Price Gleams, Silver Shines: Prices Change in India