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The price of gold is declining in India. On February 5, get the 24 carat rate in your city

As of February 5, 2024, diverse fluctuations in the price of gold were discerned in various cities across India. The constant rate for 10 grams lingered at approximately Rs 63,000. To offer deeper insights, the mean expense of 10 grams of 24-carat gold was documented at Rs 63,380, while the corresponding value for 22-carat gold was established at Rs 58,100.

Concurrently, the silver market portrayed a consistent upward trajectory, reaching Rs 76,500 per kilogram.

Present Gold Price in India: Retail gold prices on February 05

Gold Price Today In Mumbai

In Mumbai, 10 grams of 22-carat gold is currently assessed at Rs 58,100, while an equivalent quantity of 24-carat gold is appraised at Rs 63,380.

Current Gold Rate In Delhi

In Delhi, individuals need to expend Rs 58,250 for 10 grams of 22-carat gold and Rs 63,530 for an equivalent amount of 24-carat gold.

Gold Price Today In Chennai

In Chennai, the cost for 10 grams of 22-carat gold is Rs 58,700, and for an equivalent quantity of 24-carat gold, it stands at Rs 64,040.

Examine contemporary gold rates in different cities on February 05, 2024; (In Rs/10 grams)

CITY 22 CARAT GOLD PRICE   24 CARAT GOLD PRICE

Ahmedabad 58,150- 63,430

Kolkata 58,100- 63,380

Gurugram 58,150- 63,420

Lucknow 58,250- 63,530

Bengaluru 58,100- 63,270

Jaipur 58,150- 63,420

Patna 58,050- 63,320

Bhubaneshwar 58,000- 63,270

Hyderabad 58,000- 63,270

Multi Commodity Exchange

On February 05, 2024, the futures for gold scheduled to expire on April 05 were actively traded at Rs 62,598 on the Multi Commodity Exchange. Furthermore, silver futures with a March 05, 2024, expiration date were quoted at Rs 71,294.

The retail price of gold in the nation represents the amount consumers pay for it. This cost is influenced by various factors, including the global gold price, the value of the Rupee, and the expenses associated with labor and materials utilized in the production of gold jewelry.

Gold holds great significance in India due to its cultural importance, its investment value, and its traditional role in weddings and festivals.

Several factors can exert influence on the gold price:

Market Forces and Gold Valuation: The valuation of gold is predominantly influenced by the dynamics of supply and demand. If there is a surge in public interest for gold, its price tends to rise. Conversely, an excess supply of gold in the market can lead to a decline in its price.

Global Economic Dynamics: The broader state of the global economy plays a significant role in determining gold prices. During periods of economic downturn or recession, 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 in pivotal countries or regions may drive investors to safeguard their assets by investing in gold, thereby creating heightened demand and causing an increase in the price of gold.

2024 Outlook: Rs 70,000 Per 10 Grams Gold Price

The All India Gem and Jewellery Domestic Council (GJC) has recently stated that the current global economic uncertainties and geopolitical tensions are anticipated to propel gold prices to a historic peak of Rs 70,000 per 10 grams in the forthcoming year. This trend establishes gold as a reliable investment and a valuable safeguard against inflation.

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