Gold prices in India are falling today; on November 8, get the price of 22 carats in your city

As of November 8, 2023, the retail price of 10 grams of gold varies depending on the city, with an average of around Rs 61,000. In instance, ten kilos of 24-carat gold costs around Rs 61,200, but the same amount of 22-carat gold sells for Rs 56,100. In addition, the current price per kilogram of silver is Rs 73,500.

India’s retail gold rate as of November 8

Delhi Gold Rate

Ten grams of 22-carat gold costs Rs 56,250 in Delhi, whereas the same amount of 24-carat gold costs Rs 61,350.

Ahmedabad Gold Rate

Ten grams of 22-carat gold now sell for Rs 56,150 in Ahmedabad, while the same quantity of 24-carat gold is available for Rs 61,250.

Chennai Gold Rate

Ten kilos of 22-carat gold costs Rs 56,600 at retail in Chennai, whereas the same amount of 24-carat gold costs Rs 61,750.

Check gold rates today in different cities on November 08, 2023; (In Rs/10 grams)

Mumbai 56,100 61,200
Gurugram 56,250 61,350
Kolkata 56,100 61,200
Lucknow 56,250 61,350
Bengaluru 56,100 61,200
Jaipur 56,250 61,350
Patna 56,150 61,250
Bhubaneshwar 56,100 61,200
Hyderabad 56,100 61,200

Trade in Multiple Commodities

Gold futures with an expiration date of December 5, 2023 were trading on the Multi Commodity Exchange on November 8th, 2023, for Rs 60,365. On the other hand, the price of silver futures with the same maturity date was Rs 70,569.

The price at which gold is sold to domestic customers is known as its retail cost. A number of factors influence this pricing, including the value of the Rupee, the global gold price, and the labor and material expenses associated with making gold jewelry.

The following are a few variables that might affect the price of gold:

Supply and Demand: The market’s dynamic interaction between supply and demand largely determines the price of gold. Prices usually rise in response to an increase in demand, but they may also fall in response to an excess supply of gold.

Global Economic Conditions: Gold prices are significantly influenced by the state of the world economy as a whole. Gold’s price rises because investors generally gravitate to it as a safe haven during times of recession or unrest in the world economy.

Political Instability: Moreover, gold prices may be significantly impacted by political instability. In times of political unrest or disaster in a major country or area, investors may choose to protect their wealth by using gold as a hedge against risk. The price of gold may rise as a consequence of this increased demand.

Due to its historical significance in Indian culture, financial potential, and marriage and festival customs, gold is highly valued.