Gold prices drop below ₹80,000/10g: Check rates in your city
What's the story
Gold prices in India have witnessed a minor dip today, slipping below the ₹80,000 mark for 10g of 22K gold. The precious metal is currently trading at ₹79,590 per 10g for 22K and ₹86,830 per 10g for 24K in Mumbai. The dip comes after the yellow metal recently hit record high levels.
Market overview
Gold prices across major Indian cities
In Delhi and Jaipur, 10g of 22K gold costs ₹79,740 and 24K gold is priced at ₹86,980. In Ahmedabad and Patna, the rates are slightly lower with 22K gold trading at ₹79,640/10g and 24K gold at ₹86,880. Hyderabad, Chennai, as well as Kolkata match Mumbai's rates for both types of gold.
Silver slump
Silver prices also witness a downturn
Along with gold, silver prices have also witnessed a decline. The white metal is now trading below the ₹97,000 mark at ₹96,900 per kg in the spot market across major Indian cities. This weak momentum is similar to the gold market, indicating a larger slowdown in precious metal trading.
Price determinants
Factors influencing gold prices in India
Gold prices in India are mainly determined by global market rates, import duties, taxes, and changes in exchange rates. These factors together determine the daily gold rates across the country. Considering its cultural and financial significance, fluctuations in gold prices are closely watched by investors and traders to stay ahead of dynamic market trends.