Increases in Gold Prices in India: Find Out the 24 Carat Rate in Your City on February 7th
On February 7, 2024, India witnessed diverse undulations in the prices of gold. The constancy of the rate for 10 grams hovered around Rs 63,000. For a more nuanced perspective, the mean expense for 10 grams of 24-carat gold tallied Rs 63,230, whereas the corresponding figure for 22-carat gold stood at Rs 58,000.
Simultaneously, the silver market exhibited a steadfast upward trajectory, culminating at Rs 74,500 per kilogram.
Current Gold Price in India: Retail gold prices on February 7
Gold Price Today in Mumbai
In Mumbai, 10 grams of 22-carat gold presently commands a price of Rs 58,000, while the equivalent quantity of 24-carat gold is appraised at Rs 63,230.
Gold Rate Today in Delhi
In Delhi, individuals must allocate Rs 58,150 for 10 grams of 22-carat gold and Rs 63,330 for an equal amount of 24-carat gold.
Gold Rate Today in Chennai
In Chennai, the cost for 10 grams of 22-carat gold stands at Rs 58,500, and for the corresponding amount of 24-carat gold, it is Rs 63,820.
Examine the gold rates today in various cities on February 7, 2024; (In Rs/10 grams)
CITY | 22 CARAT GOLD PRICE | 24 CARAT GOLD PRICE
Ahmedabad | 58,050 | 63,330
Kolkata | 58,000 | 63,230
Gurugram | 58,150 | 63,330
Lucknow | 58,150 | 63,330
Bengaluru | 58,000 | 63,230
Jaipur | 58,150 | 63,330
Patna | 58,050 | 63,280
Bhubaneshwar | 58,000 | 63,230
Hyderabad | 58,000 | 63,230
Multi Commodity Exchange
On February 7, 2024, the futures for gold set to expire on April 5 were actively traded at Rs 62,470 on the Multi Commodity Exchange. Additionally, silver futures with a March 5, 2024, expiration date were quoted at Rs 70,310.
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 profound significance in India due to its cultural import, its appeal as an investment, and its traditional role in weddings and festivals.
Several factors can wield influence on the price of gold:
Market Forces and Gold Valuation: The valuation of gold is primarily swayed by the dynamics of supply and demand. A surge in public interest for gold tends to elevate its price, while an oversupply can lead to a decline.
Global Economic Dynamics: The broader state of the global economy significantly determines gold prices. During economic downturns, investors often turn to gold as a secure investment, causing an uptick in its value.
Impact of Political Uncertainty: Political instability can also exert considerable influence on gold prices. Instances of uncertainty or crises may drive investors to safeguard their assets by investing in gold, thereby heightening demand and increasing its price.
2024 Outlook: Gold Price of Rs 70,000 Per 10 Grams
The All India Gem and Jewellery Domestic Council (GJC) recently predicted that current 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 coming year. This trend solidifies gold as a reliable investment and a valuable hedge against inflation.
