Gold And Silver Prices Today On May 9: 10 grams of pure 24-carat gold were valued at Rs 72,390 per 10 grams, while 22-carat gold was valued at about Rs 66,360 per 10 grams.
Silver, on the other hand, increased to Rs 85,100 per kilogram.
The Multi Commodity Exchange (MCX) saw active trading in gold futures contracts expiring on June 5, 2024 on May 09, 2024.
MCX silver futures expiring on July 05, 2024, were quoted at Rs 82,962.
Gold And Silver Prices Today On May 9
| CITY | 22 CARAT GOLD PRICE | 24-CARAT GOLD PRICE |
| Delhi | 66,510 | 72,540 |
| Mumbai | 66,360 | 72,390 |
| Ahmedabad | 66,410 | 72,440 |
| Chennai | 66,410 | 72,440 |
| Kolkata | 66,360 | 72,390 |
| Gurugram | 66,510 | 72,540 |
| Lucknow | 66,510 | 72,540 |
| Bengaluru | 66,360 | 72,390 |
| Jaipur | 66,510 | 72,540 |
| Patna | 66,410 | 72,440 |
| Bhubaneshwar | 66,360 | 72,390 |
| Hyderabad | 66,360 | 72,390 |
The retail gold price in India is affected by a lot of things besides the metal’s intrinsic value.
As a valuable investment and a symbol of traditional weddings and festivals, gold holds immense cultural significance in India.
Stay tuned for further updates on this evolving story as investors and traders closely monitor these dynamics.
Five factors influence India’s gold rate
Trends in the global market
Gold supply and demand influence the gold rate in India.
Demand and supply on the local market
India sees gold as more than just a precious metal.
The price of gold can fluctuate due to disruptions in supply, changes in import duties, and high demand during festivals and weddings.
When determining gold rates in different cities, it’s important to understand local demand and supply.
Regulations and policies of the government
Import restrictions, taxes, and duties can affect India’s gold rate.
The exchange rate
Gold prices in India 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.
Due to its cultural significance, its value as an investment, and its association with weddings and festivals, gold is highly valued in India.
Also Read: Gold And Silver Prices Today On May 8, 2024: Check Rates In Your City
