Gold And Silver Prices Today On May 3: On Friday, the price of 24 carat gold decreased by Rs.109.0 to Rs.7368.1 per gram.
There is an Rs.99.0 reduction in the price of 22-carat gold per gram.
Within the last week, 24-carat gold’s price has changed by 1.23%, while in the last month it has changed by -4.02%.
Silver costs Rs.83600.0 per kg, an increase of Rs.700.0.
At the time of publication, gold June 2024 MCX futures were trading at Rs.70691.0 per 10gm down by 0.064%.
At the time of publication, the September 2024 silver MCX futures were trading at Rs.82751.0 per kg, down by 0.053%.
It is clear that fluctuations in Gold and Silver rates are affected by a variety of factors, including jewelers’ input.
These changes are influenced by factors such as the worldwide desire for gold, currency value variations among countries, current interest rates, and government regulations regarding gold trade.
Indian gold prices are also affected by global events, like the global economy and the US dollar’s strength.
Gold And Silver Prices Today On May 3:
| 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 |
India’s gold rate is influenced by five factors
Global market trends
The gold rate in India is influenced by a dynamic between gold supply and demand.
Local market demand and supply
Gold is more than just a precious metal in India.
Due to disruptions in supply, changes in import duties, and high demand during festivals and weddings, gold prices can fluctuate.
For determining gold rates in different cities, it is essential to understand the dynamics of local demand and supply.
Government policies and regulations
India’s gold rate can be affected by taxes, duties, and import restrictions.
Exchange rate
Indian 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.
A lot of significance is attached to gold in India due to its cultural significance, its value as an investment, and its association with weddings and festivals.
Also Read: Gold And Silver Prices Today On May 2, 2024: Check Rates In Your City
