On June 16, you may see the most recent jewelry prices in your city as gold prices rise beyond Rs 60,000
On Friday, gold prices in numerous Indian cities surpassed Rs 60,000. 10 grams of 24-carat gold in Delhi increased by 440 rupees to Rs 60,260. A same amount of 22-carat gold cost Rs 54,850. Silver, on the other hand, held steady at Rs 73,100 per kilogram. Due to its cultural importance, financial potential, and customary use in weddings and celebrations, gold is regarded as a significant component in India.
Prices for 10 grams of 24- and 22-carat gold in Bengaluru were respectively Rs 59,720 and Rs 54,750. 22-carat gold cost Rs 55,420 in Chennai while 24-carat gold cost Rs 60,460. Gold in Hyderabad was sold for Rs 60,110 for 24 carats and Rs 55,100 for 22 carats. In Mumbai, the price per 10 grams of 24- and 22-carat gold was respectively Rs 60,110 and Rs 55,100.
Gold futures with an expiration date of August 4, 2023, were slightly higher on June 16 on the Multi Commodity Exchange, trading at Rs 59,401. At Rs 72,350, silver with a maturity date of July 5 was also somewhat higher.
Global economic circumstances, inflation rates, currency movements, as well as regional demand and supply dynamics, all have an impact on gold prices in India.
A Crisil analysis claims that organized gold jewelry dealers’ sales would likely increase by 16–18% this fiscal year as a result of continuing high gold prices. However, since prices are so high this fiscal, volume growth will continue to be moderate.
This follows spectacular compound annual growth rates (CAGR) of 35% achieved in FY22 and FY23, mostly as a result of robust volume growth fueled by pent-up demand and higher consumer spending. According to Crisil Ratings’ study, average realisations climbed at a CAGR of 5% during the preceding two fiscal years.
“Given the high gold prices, we anticipate a low single-digit volume increase for the organized players during FY24. However, relative to unorganized firms, organized players will continue to see a moderate increase in market share. While revenue will increase by 16–18% as long as gold prices remain strong, according to Crisil Ratings Senior Director Anuj Sethi.
A little over a third of the market is made up by the organized sector, with the other two-thirds being made up by the unorganized sector.
