Gold And Silver Prices Today On May 2: After investors gained enough confidence that price gains are cooling, domestic precious metal futures edged higher on Thursday.
On May 2nd, the price of 10 grams of gold remained steady at about Rs 71,000. Pure 24-carat gold was priced at Rs 71,500 per 10 grams, while 22-carat gold was valued at approximately Rs 65,540 per 10 grams.
In contrast, the silver market declined to Rs 82,900 per kilogram.
At the last check, MCX gold futures (Jun 5) rose 0.62 percent or Rs 440 to Rs 71,165 per 10 grams. Meanwhile, MCX silver futures (Jul 5) rose 0.21 percent or Rs 173 to Rs 81,400 per kilogram.
On the international market, COMEX gold fell 0.78 percent to $2,329.
The upside is expected to be limited as rate cuts are being pushed back amid contained geopolitical tensions.
Several factors influence the retail gold prices in India, which represent the ultimate cost per unit weight for gold buyers.
Market fluctuations are closely monitored by investors and traders, so stay tuned for more information.
Gold And Silver Prices Today On May 2, 2024:
| City | 22 Carat Gold Price | 24 Carat Gold Price |
| Delhi | 65,690 | 71,650 |
| Mumbai | 65,540 | 71,500 |
| Ahmedabad | 65,590 | 71,550 |
| Chennai | 66,340 | 72,370 |
| Kolkata | 65,540 | 71,500 |
| Gurugram | 65,690 | 71,650 |
| Lucknow | 65,690 | 71,650 |
| Bengaluru | 65,540 | 71,500 |
| Jaipur | 65,690 | 71,650 |
| Patna | 65,590 | 71,550 |
| Bhubaneshwar | 65,540 | 71,500 |
| Hyderabad | 65,540 | 71,500 |
Five factors influence India’s gold rate
Global market trends
The gold rate in India is influenced by the international supply and demand dynamic for gold.
Local market demand and supply
Gold is more than just a precious metal in India.
Gold prices can fluctuate due to disruptions in supply, changes in import duties, and high demand for gold jewelry during festivals and weddings.
In order to determine the gold rates in different cities, it is necessary to understand the dynamics of local demand and supply.
Government policies and regulations
India’s gold rate can be affected by taxes, duties, and restrictions on gold imports.
Exchange rate
In India, gold prices are affected by the exchange rate between the Indian Rupee (INR) and the US Dollar (USD).
The rupee’s strength or weakness can affect gold prices in India.
There is a great deal of significance attached to gold in India because of its cultural significance, its value as an investment, and its traditional association with weddings and festivals.
Also Read: Gold And Silver Prices Today On May 1, 2024: Check Rates In Your City
