[LIVE] Gold Price Today in India 2024, 22K and 24K Gold Price Rate Per 10g

[LIVE] Gold Price Today in India, 22K and 24K Gold Price Rate Per 10g: If you are looking to invest in gold or buy gold jewelry for personal use, here is some important information you may need to know before going ahead with your purchase. Find here the latest 24K gold and 22K gold price in India and also compare them to make an informed decision. The gold rate in India today is Rs 56,430 per 10 grams for 24 carats and Rs 51,690 per 10 grams for 22 carats. All prices are updated today and are in line with industry standards. Gold has been an ideal hedge against inflation over the years. Investors are increasingly viewing gold as an important investment.

Gold Price Today in India

Good Returns provides gold prices in India only for the informational purposes of our readers. These gold rates are updated today and sourced from reputed jewelers in the country. Gold, the precious metal is one of the most sought-after assets during turbulent times. Investment in precious metals has increased year after year across the globe. Since 2001, metal has seen an increase of about 15% every year. Since the financial crisis in 2008-2009, the unique asset of safe haven jewelry metals has brought renewed focus on effective risk management.

Precious metal is one of the major liquid assets and comes in handy in turbulent times. The yellow metal acts as a hedge against inflation and currency depreciation. Also, when equity and debt stocks fall in the stock market, the metal tends to shine. India, a gold-loving nation, holds a high fascination for metal and ranks second in terms of consumption globally. It has a dual nature as an investment option and a luxury item. The value of metals has increased phenomenally over the years and hence metals are the safest bet to invest in as an asset.

Factors Affecting Gold Price in India

1. Demand

Like any other commodity, the economics of supply and demand have a huge impact on gold prices. Increased demand with limited or reduced supply usually results in an increase in prices. Similarly, an excess supply of gold coupled with stable or weak demand can push the prices down. In general, the demand for gold increases during the wedding and festival seasons in India.

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2. Inflation

During inflation, the value of the currency goes down. In such a situation, it may be that you prefer to keep the money with you in the form of gold. This leads to an uptick in gold prices, which in a way acts as a hedging tool against inflationary conditions.

3. Interest Rates

Gold and interest rates have an inverse relationship. As interest rates rise, people sell their gold to earn higher interest. Similarly, when interest rates fall, people buy more gold, which increases demand.

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4. Monsoon

A major part of the gold demand in India comes from rural areas. This demand usually increases after a good monsoon, harvest, and consequent profits.

5. Government stores

Many governments hold financial reserves that are primarily made up of gold, and India is no exception. However, if this reserve is more than the gold sold by the government, then gold prices go up due to insufficient supply. In India, this reserve is maintained by the Reserve Bank of India.

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6. Currency Fluctuations

In the international market, gold is traded in US dollars. The price of gold fluctuates when US dollars are converted into Indian rupees during imports. Generally, if the Indian rupee depreciates, gold imports become costlier.

7. Relationship with other properties

Gold has a low to negative correlation with all major asset classes and thus, makes for a highly effective portfolio diversifier. According to experts, gold insulates one’s portfolio from volatility as factors that affect returns from most asset classes do not affect the price of gold much. Some also believe that as soon as the shares of a company decline, an inverse correlation may develop between gold and equities.

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8. Geopolitical factors

During geopolitical upheavals, such as war, the demand for gold increases as a safe haven for parking funds. Thus, while a geopolitical upheaval has a negative effect on the prices of most asset classes, it has a positive effect on gold prices.

9. Octroi Duty and Entry Tax

Octroi duty and entry tax are local taxes levied by tax authorities when goods enter their jurisdiction (state/city). An octroi is levied when goods enter a city, while an entry tax is levied when goods enter a state. Also, if the value of your gold exceeds Rs. 30 lakhs, a wealth tax is levied on this.

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10. Fee Making

The making charge is generally levied on gold jewelry and can vary depending on the individual design as well as from jeweler to jeweler.

Gold Cost Per Gram in India

Although it is not possible to accurately predict the rise or fall in gold prices, you can get in touch with jewelers to get an estimate. Also, make sure the gold is weighed separately if you plan to set it with other precious stones to ensure accuracy in pricing. The price of gold keeps fluctuating depending on the current market conditions. Make sure you keep checking gold prices regularly from reliable websites.

While some jewelers have a fixed making charge which usually ranges between 8-16%, others may charge it based on a fixed percentage of the total jewelry weight. These fees vary depending on the design and whether the piece is man-made or machine-made.

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Gold Price Today in Major Cities of India