Check the 24 carat rate in your city on February 9th as the price of gold rises in India
On February 09, 2024, diverse oscillations in the price of gold were discernible across various cities in India. The consistent valuation for 10 grams remained above Rs 63,000. To provide additional elucidation, the mean cost of 10 grams of 24-carat gold was documented at Rs 63,160, while the corresponding value for 22-carat gold was positioned at Rs 57,900.
Simultaneously, the silver market manifested a steadfast upward trajectory, reaching Rs 75,000 per kilogram.
Current Gold Price in India: Retail gold prices on February 09
Gold Price Today In Mumbai
In Mumbai, 10 grams of 22-carat gold are currently tagged at Rs 58,900, whereas the equivalent amount of 24-carat gold is esteemed at Rs 63,160.
Current Gold Rate In Delhi
In Delhi, patrons are required to disburse Rs 58,050 for 10 grams of 22-carat gold and Rs 63,310 for an identical amount of 24-carat gold.
Current Gold Rate In Chennai
In Chennai, the cost for 10 grams of 22-carat gold is Rs 58,390, and for an equivalent amount of 24-carat gold, it stands at Rs 63,710.
Verify contemporary gold rates in different cities on February 09, 2024; (In Rs/10 grams)
CITY 22-CARAT GOLD PRICE 24-CARAT GOLD PRICE
Ahmedabad 57,950 63,210
Kolkata 57,900 63,160
Gurugram 58,050 63,310
Lucknow 58,050 63,310
Bengaluru 57,900 63,160
Jaipur 58,050 63,310
Patna 57,950 63,210
Bhubaneshwar 57,900 63,160
Hyderabad 57,900 63,160
Multi Commodity Exchange
On February 09, 2024, the futures for gold set to expire on April 05 were actively traded at Rs 62,404 on the Multi Commodity Exchange. Furthermore, silver futures with a March 05, 2024, expiration date were quoted at Rs 70,859.
The retail cost of gold in the country is the amount customers pay for it. This price is influenced by various factors, including the global gold price, the value of the Rupee, and the costs associated with labor and materials used in the production of gold jewelry.
Gold holds paramount significance in India due to its cultural import, its investment value, and its traditional role in weddings and festivals.
Several factors can wield influence on the price of gold:
Market Forces and Gold Valuation: The assessment of gold is chiefly impacted by the dynamics of supply and demand. A surge in public interest for gold tends to elevate its price, while an excess supply can precipitate a decline.
Global Economic Dynamics: The broader state of the global economy plays a pivotal role in determining gold prices. During economic downturns, investors often turn to gold as a secure investment, leading to an increase in its value.
Impact of Political Uncertainty: Political instability can significantly affect gold prices. Instances of uncertainty or crises may prompt investors to safeguard their assets by investing in gold, creating heightened demand and causing an increase in price.
Outlook for 2024: Gold Price at Rs 70,000 Per 10 Grams
The All India Gem and Jewellery Domestic Council (GJC) recently asserted that ongoing global economic uncertainties and geopolitical tensions are expected to propel gold prices to a historic peak of Rs 70,000 per 10 grams in the upcoming year. This trend establishes gold as a dependable investment and a valuable hedge against inflation.
