India’s gold price is rising today; on January 30, get the 24-carat rate in your city
India’s Current Gold Rate: As of January 30, 2024, there were differences in the cost of gold in a number of Indian towns. For 10 grams, the typical pricing remained at Rs 63,000. To further investigate, 10 grams of 24-carat gold cost an average of Rs 63,270, while 22-carat gold cost an average of Rs 58,000.
The price of silver, however, continued to rise steadily and reached Rs 76,500 per kilogram.
Indian gold rate as of right now: January 30 retail gold price
Delhi’s Current Gold Rate
Ten grams of 22-carat gold costs Rs 58,150 in Delhi, whereas the same quantity of 24-carat gold costs Rs 63,420.
Mumbai’s current gold price
Ten grams of 22-carat gold are presently for Rs 58,000 in Mumbai, whereas the same weight in 24-carat gold is worth Rs 63,270.
Chennai’s current gold rate
Ten kilos of 22-carat gold costs Rs 58,600 in Chennai, whereas the same quantity of 24-carat gold costs Rs 63,930.
Examine current gold prices in several cities on January 30, 2024. (In grams/Rs)
22-carat gold price in the city; 24-carat gold price
Ahmedabad 63,320- 58,050
Kolkata 63,270- 58,800
Delhi: 58,150–63,420
Lucknow 63,420- 58,150
Bengaluru 63,270- 58,000
Jaipur 63,420- 58,150
Patna 58,050- 63,320
Bhubaneshwar 63,270- 58,000
Hyderabad 63,270- 58,800
Exchange of Multiple Commodities
The gold futures that were scheduled to expire on April 5, 2024, were aggressively traded on the Multi Commodity Exchange for Rs 62,462. Moreover, silver futures with an expiry date of March 5, 2024, were quoted at Rs 72,352.
The price that consumers pay for gold in the nation is known as its retail cost. The value of the Rupee, the cost of labor and materials needed in the creation of gold jewelry, and the price of gold globally all have an impact on this pricing.
Because of its cultural importance, financial potential, and customary usage in festivals and weddings, gold has great significance in India.
The following are a few variables that might affect the price of gold:
Market Forces and Gold Value: Supply and demand dynamics have a major impact on gold value. The price of gold usually rises when there is a spike in public demand for it. On the other hand, if there is an abundance of gold on the market, its value may drop.
Global Economic Dynamics: The overall health of the world economy has a big impact on gold prices. Gold gains in value because investors flock to it as a safe haven during recessions and downturns in the economy.
Impact of Political Uncertainty: The price of gold may be significantly impacted by political unrest. Situations of unpredictability or crises in crucial nations or areas may prompt investors to buy in gold as a means of protecting their wealth, hence increasing demand and driving up the price of gold.
Forecast for 2024: Rs 70,000 for 10 grams of gold
According to a recent statement by the All India Gem and Jewellery Domestic Council (GJC), geopolitical tensions and present global economic uncertainty are expected to push gold prices to a record high of Rs 70,000 per 10 grams in the next year. This pattern validates gold as a dependable investment and an important inflation hedge.
