Gold and Silver Prices Today: Gold and silver prices across the country rose by nearly ₹ 500, but have now come down sharply on Saturday. Gold prices in India fell significantly, while silver prices also declined marginally on December 30.
Gold prices in the national capital, Delhi, fell by more than ₹ 400 on December 30. Meanwhile, silver prices eased slightly on Saturday and were around ₹ 1.20 today, according to the Goodreturns website.
As per prices updated on December 30, 22K gold was priced at ₹ 58,700 per 10 gram in Delhi on Thursday, while 24K gold was priced at ₹ 63,970. The price of gold has risen steadily over the past month, but reached its highest level on Friday, a day after the market experienced a rally. On the other hand, buyers will have to pay ₹ 6,397 (one gram), ₹ 51,176 (eight grams), ₹ 63,970 (10 grams) and ₹ 6,39,700 (100 grams) for one gram of the 24K gold.
Gold and Silver Prices Today
Here are the city wise gold prices today
However, it should be noted that the above daily rates are exclusive of GST, TCS and other charges; that is, they are only indicative. Only a local jeweler can give you the exact daily price.
- Delhi: ₹ 58,700
- Mumbai: ₹ 58,550
- Ahmedabad: ₹ 58,600
- Bengaluru: ₹58,550
- Chennai: ₹ 59,100
Silver prices on December 30
While the price of gold fell sharply, silver rates in Delhi also showed a slight decline to over ₹ 1. Silver was priced at ₹ 78.30 per gram in Delhi today, down ₹ 1.20 from yesterday. Silver price (per 10 grams)
- Delhi: ₹783
- Mumbai: ₹783
- Ahmedabad: ₹783
- Bengaluru: ₹760
Before investing in gold, an investor must understand the various factors that affect the price of gold. Without these factors, their investments may not be as profitable as possible.
Gold and silver prices Today December 26, 2023: Check prices in your city
Factors Affecting the metals rate
Supply and Demand: Supply and demand is one of the biggest, if not the biggest, determinants of the price of any commodity. So it is with gold. It is a hard commodity, which means it has been mined. The gold mined every year is not enough. This means that an increase in demand for gold will inevitably lead to an increase in the price of gold.
Inflation: As already mentioned, gold is a popular and effective hedge against inflation. If the rate of inflation increases, even if the value of the currency decreases, gold will not be affected. Therefore, when the inflation rate increases, investors choose to invest in gold. Because of this, the demand for gold increases, which can affect the price of gold.
Interest rates: Interest rates affect the price of gold in interesting ways. When interest rates rise, investors sell their gold or gold funds and invest in deposits to enjoy the benefits of high interest rates. This means that the demand for gold decreases, which in turn means a decrease in the price of gold.
Conversely, when interest rates fall, investors tend to avoid deposits and prefer to invest in gold. In this scenario, the demand for gold increases, followed by an increase in the price of gold. Thus, it can be argued that the price of gold changes inversely with interest rates.
