Gold and Silver Prices Today: The prices of gold can differ across different cities due to a range of factors, such as variations in demand, interest rates, octroi charges, state taxes, gold traders, bullion associations, transit expenses, making charges, and similar considerations.
Factors Influencing Gold and Silver Prices Today in India
Gold is widely regarded as a prominent investment instrument on a global scale, with particular popularity shown in the Indian market. Similar to other financial assets, the value of gold exhibits periodic fluctuations. The market price of gold is influenced by various elements, with demand being a significant determinant among them.
However, it is important to acknowledge that there are additional factors that also play a role in shaping the price of gold. Outlined below are some elements that influence the daily fluctuations in gold prices.
Similar to other commodities, the principles of demand and supply in economics exert a significant influence on the fluctuations of gold prices. A rise in demand coupled with limited or insufficient supply typically leads to an increase in prices. Likewise, an excessive abundance of gold coupled with sluggish or feeble demand has the potential to exert downward pressure on prices. Typically, there is an increase in the demand for gold in India around periods associated with weddings and holiday celebrations.
There exists an inverse link between gold and interest rates. As interest rates rise, individuals seek to divest their gold holdings in order to capitalise on higher interest rates. Likewise, a fall in interest rates prompts individuals to have a greater propensity for purchasing gold, so resulting in an augmented demand.
A significant portion of gold demand in India originates from rural regions. This demand typically exhibits an upward trend following a favourable monsoon, bountiful harvest, and subsequent outcomes.
Like numerous other governments, India also maintains financial reserves that consist predominantly of gold. Nevertheless, in the event that this reserve surpasses the quantity of gold sold by the government, there is a resultant increase in gold prices attributable to an inadequate supply. The maintenance of this reserve in India is overseen by the Reserve Bank of India.
Gold exhibits a low to negative correlation with the various major asset classes, hence rendering it a very efficacious instrument for diversifying one’s investment portfolio. According to experts, gold serves as a safeguard for one’s investment portfolio against volatility due to its limited susceptibility to the factors that often impact the returns of various asset classes. There is a belief held by certain individuals that a negative relationship could potentially emerge between gold and equities as the stock prices of a company decline.
Gold and Silver Prices Today
- 1 gram: 5, 737
- 8 gram: 45, 896
- 10 gram: 57, 370
- 100 gram: 5, 73, 700
Gold Prices in Major Cities
Silver is considered to be a more cost-effective alternative to gold and is widely seen as a relatively favourable investment choice. Additionally, it is often perceived as an ideal option for presenting as a gift during significant events or celebrations. Gold is a highly adaptable and conveniently accessible precious metal, commonly found in the form of coins and bars, with weights ranging from 10 grammes to 1 kilogramme. Moreover, it is extensively employed in the production of electronics and scientific apparatus. Common household objects can also be composed of silver or a silver alloy, such as Sterling silver. Furthermore, it is worth noting that silver antique objects may possess a significantly greater worth compared to their mere metal weight.
Gold and Silver Prices Today, 17th October: Check metals price here
Silver Prices Today
- 1 gram: 67.4
- 8 grams: 539.2
- 10 grams: 674
- 100 grams: 6740
Silver Prices in Major Cities
- Chennai: 731
- Delhi: 707
- Mumbai: 707
- Kolkata: 707
- Bangalore: 707
The price of silver per gramme is subject to daily fluctuations influenced by market dynamics, including supply and demand factors. The ability to accurately forecast fluctuations in value is inherently limited; nonetheless, one can analyse market trends through reliable online sources and seek guidance from renowned jewellers or merchants.
