Daily Gold Rate On July 2 2023: Gold Rate Today In India The retail price of gold in India is approximately Rs 59,000 on July 2 in a number of cities. The cost of 10 grammes of 24-karat gold was Rs 59,040. The same quantity of 22-karat gold was priced at Rs 54,150. However, silver was priced at Rs 71,900 per kilogramme. This article will be updated throughout the day if the price changes.
Gold Retail Price in Delhi, Mumbai, and Other Indian Cities on July 2 (See table below)
10 grammes of 22-karat gold cost Rs 54,440 in Chennai. The retail price of 10 grammes of 24-karat gold in the capital of Tamil Nadu is Rs 59,350.
10 grammes of 22-karat gold cost Rs 54,300 in Noida. Customers must pay Rs 59,220/10 grammes for 24 carat.
In terms of retail prices in various cities, the retail price of 22-carat gold in Ahmedabad is Rs 54,200. The 10 gramme retail price of 24 karat gold in the city is Rs 59,120.On June 30, Multi Commodity Exchange was trading gold futures with an expiration date of August 4, 2023 at Rs 58,190. In contrast, Silver maturing on July 5 was priced at Rs 70,010.
Daily Gold Rate On July 2 2023: Updated Gold Prices In Major Cities
| State | 22 Carat Price | 24 Carat Price |
| Delhi | 54,300 | 59,220 |
| Mumbai | 54,150 | 59,070 |
| Kolkata | 54,150 | 59,070 |
| Lucknow | 54,300 | 59,220 |
| Bengaluru | 54,150 | 59,070 |
| Jaipur | 54,300 | 59,220 |
| Patna | 54,200 | 59,120 |
| Bhubaneshwar | 54,150 | 59,070 |
| Hyderabad | 54,150 | 59,070 |
Senco Gold IPO: Opening on July 4 with Price Band Set at ₹301-317 per Share
The following variables can influence the gold price:
Demand and supply: The gold price is heavily influenced by the market’s demand and supply of gold. If the demand for gold increases, so will the price. In contrast, if the supply of gold increases, the price will fall.
Global economic conditions have an impact on the gold price as well. For instance, if the global economy is performing poorly, investors may flock to gold as a secure haven, causing the gold price to rise.
Political instability can also have an effect on the gold price. For instance, if a significant country experiences a political crisis, investors may purchase gold as a hedge against uncertainty, driving up the gold price.
In addition, the retail gold price in India is the price at which gold is sold to Indian consumers. It is determined by a number of factors, including the global gold price, the Indian rupee, and the labour and material costs associated with the production of gold jewellery. Typically, the retail gold price in India is greater than the global gold price because it includes a margin for the jeweller and other costs.
Due to its cultural significance, investment value, and traditional function in weddings and festivals, gold is regarded as a significant component in India.
Gold prices in India are typically affected by a number of variables, such as global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.
In 2022-23, India’s gold imports, which impact the current account deficit, fell 24.15 percent to USD 35 billion due to global economic uncertainty, according to recent government data.
In 2021-22, imports of the yellow metal totaled 46,2 billion USD.
Nonetheless, silver imports increased 6.12% to $5.29 billion during the previous fiscal year.
India is the world’s greatest importer of gold, which primarily serves the jewellery industry. The country imports between 800 and 900 kilogrammes of gold annually.
