Gold and Silver Prices Today: Gold rates may vary from city to city based on various factors including demand, interests levied, octroi charges, state taxes, gold merchants, bullion associations, transportation costs, making charges and other such.
Factors Influencing Gold and Silver Prices Today
Gold is one of the most popular investment instruments in the globe, particularly in India. Like other financial assets, the price of gold also continues fluctuating. While demand for gold is one of the main factors that determines its market price, a gamut of other factors have a role too. Find below some of the factors affecting daily gold rates.
As with any other commodity, the fundamentals of demand and supply have a significant impact on gold prices. Increased demand coupled with a limited or limited supply typically results in a price increase. Similarly, a surplus of gold coupled with stagnant or feeble demand can lead to a decline in price. In general, the demand for gold surges in India during the wedding and festive seasons.
During inflation, the value of the currency moves down. In such a scenario, may prefer to hold onto money in the form of gold. This causes a rise in gold prices, which in a sense serves as a hedge against inflationary conditions.
Gold and interest rates are typically inversely related. As the interest rates increase, people tend to sell off their gold to earn high interest. Similarly, when interest rates fall, individuals incline to purchase more gold, thereby increasing demand.
The majority of India’s gold demand originates from rural areas. This demand tends to increase after a successful monsoon, harvest, and resulting food shortage.
Gold’s correlation with the main asset classes ranges from low to negative, making it a highly effective portfolio diversifier. As per the experts, gold protects one’s portfolio from volatility because the factors that affect the returns from most asset classes do not influence the price of gold much. Some even believe that as the shares of a company fall, an inverse correlation might evolve between gold and equities.
Gold and Silver Prices Today
- 1 gramme: 5, 737
- 8 gramme: 45, 896
- 10 gramme: 57, 370
- 100 gramme: 5, 73, 700
Gold Prices in Major Cities
Silver is considerably less expensive than gold and is regarded as a relatively good investment option in addition to being an ideal gift for special occasions. It is versatile and readily available in the form of 10g to 1kg coins and ingots. Additionally, it is extensively employed in the production of electronic and scientific equipment. Ordinary domestic items may also be made of silver or a silver alloy such as Sterling silver. Moreover, silver antique items might have much higher value than that of just the weight of the metal.
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 cost of silver per gramme will fluctuate daily dependent on market conditions, supply and demand. It is not possible to predict every change in the value but you can study market trends using reputable websites and consulting jewellers or merchants.