Gold and Silver Prices Today: The measurement units would range from milligrammes to grammes, kilogrammes, and tonnes. There are also non-metric units, such as the sovereign, the tola, and the troy ounce (1 troy ounce equals 31.1034768 grammes).
What influences the Gold Price in India?
Gold prices are significantly more stable than those of other precious metals. Gold’s price is determined by its scarcity and the relative difficulty of its extraction. In recent years, cryptocurrencies such as Bitcoin have been compared to gold due to the fact that both are finite resources.
Gold prices are sensitive to fluctuations in foreign currency exchange rates, particularly the U.S. dollar. The majority of foreign exchange reserves are held in dollars. India’s gold transactions are conducted in US dollars. If the rupee depreciates against the dollar, gold prices will rise.
Imports also affect the price of gold at the retail level, as India imports the majority of its gold. When the quantity of gold imports increases and the lira weakens, prices will increase.
Whenever there is global uncertainty, such as during the COVID pandemic, supply decreases and demand rises, causing the price of gold to increase considerably.
When there is economic or geopolitical instability, gold prices tend to rise as investors seek a secure haven investment, such as gold, which is considered a less risky asset than the stock market or mutual funds.
Another factor that affects the price of gold is the cost of production. India has very few natural resources, such as the Kolar Gold Fields, which are nearly depleted. The greater the difficulty of gold mining, the higher the commodity’s price.
Gold and Silver Prices Today
- 1 gram: 5,902
- 10 grams: 59,020
- 100 grams: 5,90,200
Gold and Silver Prices Today in Major Cities
Silver Prices Today
- 1 gram: 60.96
- 10 grams: 609.62
- 100 grams: 6096.23
Silver Prices in Major Cities
- Chennai: 697
- Delhi: 666
- Mumbai: 666
- Kolkata: 666
- Chandigarh: 666
Silver is one of the most widely traded commodities worldwide. India is not an exception, as silver and gold account for approximately 10% of the country’s total imports of commodities.Today’s silver prices are directly influenced by the commodity’s global demand and supply.
Aspects Influencing the Price of Silver in India
Here is a compilation of important factors that affect silver prices in India:
The ratio of demand to supply influences silver prices in India
A change in the import tax has a direct effect on the price of white metal in India.
The price of silver is also affected by the price of gold.
The global price of energy influences silver prices in India
The fluctuation of the dollar’s value has a significant impact on the silver price in India.
The mining cost of silver also affects the price of silver.