Gold opened on Monday, March 14th, at Rs. 6,060 per gram.
The rate for the yellow metal in India keeps changing as per state and day but inflation is not a main determinant of it in the country today. While people do argue that with the rise of inflation, you can also see gold prices moving up it is not true. The only time one sees gold going lower is when inflation moves up. As the inflation goes up in the United States of America, the gold prices fall because the US Federal Reserve hikes the interest rates in the country. This creates a phenomenon of selling the yellow metal because then people rush to sell their gold and buy other instruments of higher interest rates.
The current gold price in India is Rs. 6,611 per gram for 24 carats of gold, and 22-carat gold is at Rs. 6,060 per 1 gram as of March 14th, 2024. All rates were revised and updated on March 14th.
Gold Prices For 10 Grams In India as of March 14, 2024
City | Standard Gold Rate (22K) | Pure Gold Rate (24K) |
Ahmedabad | ₹ 60,650 | ₹ 66,160 |
Bangalore | ₹ 60,600 | ₹ 66,110 |
Chennai | ₹ 61,350 | ₹ 66,930 |
Delhi | ₹ 60,750 | ₹ 66,260 |
Hyderabad | ₹ 60,600 | ₹ 66,110 |
Kolkata | ₹ 60,600 | ₹ 66,110 |
Mumbai | ₹ 60,600 | ₹ 66,110 |
Pune | ₹ 60,600 | ₹ 66,110 |
It is clear that gold and inflation have an indirect relation as does the yellow metal and US Bond yields. Hence, gold is secure in regards to inflation and also offers a regular interest to people making them a great bet and attracting people to invest in the long term. Hence, yellow metal prices do not have a direct relation with inflation. When talking about the pricing of the yellow metal do know that the prices of gold are settled upon by some institutions in the country after following certain factors like the currency value, import prices, govt. Schemes and such. While the prices of the yellow metal differ from state to state in India, the difference is not a lot and can be accounted for.
22 Carat Gold Price in India Today
Gram | Gold Price |
1 gram | ₹ 6,060 |
8 grams | ₹ 48,480 |
10 grams | ₹ 60,600 |
100 grams | ₹ 6,06,000 |
24 Carat Gold Price in India Today
Gram | 24K Gold Price |
1 gram | ₹ 6,611 |
8 grams | ₹ 52,888 |
10 grams | ₹ 66,110 |
100 grams | ₹ 6,61,100 |