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Gold And Silver Prices Today On May 1, 2024: Check Rates In Your City

There is an international supply and demand dynamic for gold that influences the gold rate in India.

By Newsd
Published on :
2024 Gold Forecast

Gold And Silver Prices Today On May 1: The price of 10 grams of gold hovered around Rs 72,000 on May 1.

Pure 24-carat gold was priced at Rs 72,590 per 10 grams, while 22-carat gold was priced at Rs 66,540. Meanwhile, silver prices dropped to Rs 83,900 per kilogram.

Retail gold prices in India, which represent the ultimate cost per unit weight for consumers purchasing gold, are affected by numerous factors beyond the metal’s intrinsic value.

Gold holds great cultural significance in India as a valuable investment and an integral part of weddings and festivals.

Stay tuned for further updates on this evolving story as investors and traders closely monitor ongoing market fluctuations.

Gold And Silver Prices Today On May 1

City 22 Carat Gold Price 24-Carat Gold Price
Delhi 66,690 72,740
Mumbai 66,540 72,590
Ahmedabad 66,590 72,640
Chennai 67,390 73,520
Kolkata 66,540 72,590
Gurugram 66,690 72,740
Lucknow 66,690 72,740
Bengaluru 66,540 72,590
Jaipur 66,690 72,740
Patna 66,590 72,640
Bhubaneshwar 66,540 72,590
Hyderabad 66,540 72,590

Five factors influence India’s gold rate

Global market trends

There is an international supply and demand dynamic for gold that influences the gold rate in India.

Local market demand and supply

There is more to gold than just its precious metal status in India.

Due to supply disruptions, changes in import duties, and high demand for gold jewelry during festivals and weddings, gold prices can fluctuate.

Different cities’ gold rates can be determined by understanding local demand and supply dynamics.

Government policies and regulations

Taxes, duties, and restrictions on gold imports can affect India’s gold rate.

Exchange rate

Gold prices in India can be affected by the exchange rate between the Indian Rupee (INR) and the US Dollar (USD).

Gold prices in India are affected by currency movements, as the rupee’s strength or weakness can affect them.

India attaches great significance to gold because of its cultural importance, its value as an investment, and its traditional association with weddings and festivals.

Investors and traders were kept on their toes by the market fluctuation. Stay tuned for more updates.

Also Read: Global gold demand stays strong, supporting record-high prices

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