Gold and Silver Rate Today, August 8: The infatuation with gold has a long history. Wars have been fought and cities pillaged in an effort to obtain this priceless treasure. Gold has always been essential to establishing prosperity, especially in India, one of the oldest civilizations. Gold is not only seen to be lucky, but it is also a dependable investment that can ward off inflation. When things are uncertain, investors turn to gold, which is why prices increase whenever there are world wars.
On this website, you may check the gold prices for multiple Indian cities as well as for different gold purity levels, such as for 10 g of 24- or 22-karat gold.
The current price of gold in India is 5,515 per gramme for 22k gold and 6,016 per gramme for 24k gold, commonly known as 999 gold.
TODAY 24 CARAT GOLD PRICE/GM IN INDIA
- 1 gram: ₹6,016
- 10 gram: ₹60,160
- 100 gram: ₹6,01,600
Gold Prices Today In Major Cities
- Ahmedabad: ₹60,210
- Bangalore: ₹60,160
- Bhubaneswar: ₹60,160
- Chandigarh: ₹55,100
- Chennai: ₹60,310
- Delhi: ₹60,310
- Hyderabad: ₹60,160
- Jaipur: ₹60,130
What elements could influence gold prices in India?
In contrast to other precious metals, the price of gold is significantly more stable. Gold is expensive because it is rare and rather difficult to mine. Cryptocurrencies like Bitcoin have recently been compared to Gold because they are both rare resources.
Currency rates: The gold and silver rate today is significantly impacted by changes in global currency rates, notably those affecting the US dollar. Most countries hold their foreign exchange reserves in dollars. India exchanges its gold for US cash. If the rupee’s value drops in relation to the dollar, gold would become more expensive.
Prices of imported gold: Since imports make up a large portion of India’s gold supply, import prices also affect the retail price of gold. If there are more imports of gold and the currency is weaker, prices will rise.
Demand and supply: When there is global disturbance, like there was during the COVID pandemic, there is limited supply and high demand, which causes the price of gold to increase.
Economic stability: During periods of economic or geopolitical instability, gold prices frequently increase as investors park their money in safe-haven assets like gold, which are deemed to be less risky than, for instance, the stock market or mutual funds.
Product Expenses: Another factor that impacts the price of gold is production expenses. There aren’t many indigenous reserves in India, like the gold resources in Kolar, which are almost completely depleted. The difficulty of the mining process correlates with a rise in gold price.
Factors Affecting India’s Silver Price
The following is a list of significant variables affecting silver prices in India:
1. Silver prices in India are influenced by the demand and supply ratio.
2. The price of white metal in India is directly impacted by changes in import duties.
3. The price of gold has an impact on silver pricing as well.
4. Gold and Silver rate today in India are influenced by the price of oil internationally.
5. The dollar’s value fluctuation has a significant impact on the silver price in India.
6. The cost of mining silver has an impact on silver’s price as well.
Gold Rates Today in India (7August): Check the rates for your cities
Silver Prices Today in India
- 1 gram: ₹78
- 10 gram: ₹780
- 100 gram: ₹7800
Silver Rates Today/10 gram: Check for your cities
- Chennai: ₹ 783
- Mumbai: ₹ 783
- Delhi: ₹ 783
- Kolkata: ₹ 783
- Bangalore: ₹ 783
- Hyderabad: ₹ 783
- Kerala: ₹ 783
- Pune: ₹ 783
- Vadodara: ₹ 783
- Ahmedabad: ₹ 783
- Jaipur: ₹ 783
- Lucknow: ₹ 783
- Coimbatore: ₹ 783
- Madurai: ₹ 783
- Vijayawada: ₹ 783
- Patna: ₹ 783
- Chandigarh: ₹ 783
Future of Investment in Silver
Investing in silver futures, which carries a little bit more risk than purchasing silver in actual form, is possible in India. They are risky since they expose you to extra risk, and even a slight fluctuation in the price of silver in India could result in significant losses for investors. If you’re trying to invest in silver, buying real quantities and keeping them on hand would be the better option. Trading silver is important since it enables you to benefit from the metal. You can, however, hold the metal in your hands for a little while longer if you so choose. The more time you hold an investment, the more likely it is that you will make money.
Silver futures can be bought and sold in a manner akin to that of gold. Before you may purchase or trade metal, you must first register for an account with a broking firm. You can visit a broker and then make a transaction using the MCX, the country’s commodity exchange, if you so choose. However, you must first finish a few procedures before submitting the application. We urge you to use the country’s authorised brokers to buy and sell the same. It would be beneficial for you to make some money off of the same. Investors may decide to do this since silver is periodically less liquid than gold.
