Gold Prices Today In India: Have a look through this article to discover Gold Prices Today In India (6 August): Check for your cities!
The history of the fascination of gold is well known. Cities have been pillaged and wars have been waged in the pursuit of this priceless resource. And given that India is one of the oldest civilizations, gold has always been crucial to building prosperity. In addition to being regarded as lucky, gold is a reliable investment that can fend off inflation. Investors put their trust in gold during uncertain times, which is why prices rise anytime there are global conflicts.
You can check the prices of gold on this website for several cities in India as well as for various gold purities, such as for 10 g of 24- or 22-karat gold.
Gold Prices Today In India on 5 August: Check the rates in your city
24 CARAT Gold Prices In India Today
• 1 gram: ₹5,995
• 10 gram: ₹59,950
• 100 gram: ₹5,99,500
Gold Prices Today In Major Cities
• Ahmedabad: ₹55,000
• Bangalore: ₹54,950
• Bhubaneswar: ₹54,950
• Chandigarh: ₹55,100
• Chennai: ₹55,350
• Delhi: ₹55,100
• Hyderabad: ₹54,950
• Jaipur: ₹55,100
• Kerala: ₹54,950
What factors might affect Indian gold prices?
Comparatively speaking, the price of gold is far more constant than the price of other precious metals. Due to its scarcity and relative mining difficulty, gold has a high price. Because they are both scarce resources, cryptocurrencies like Bitcoin have recently been compared to Gold.
Exchange rates: Changes in international exchange rates, particularly those involving the US dollar, have a significant impact on gold prices. The majority of nations keep dollars as their foreign exchange reserves. India uses US dollars to exchange its gold. The cost of gold would increase if the value of the rupee declines versus the dollar.
Prices of imported gold: Given that India imports the majority of its gold, import prices also have an impact on gold’s retail price. Prices will increase if there are more imports of gold and the currency is weaker.
Demand and supply: When there is international unrest, like there was during the COVID pandemic, supply is constrained and demand is elevated, which drives up the price of gold.
Economic stability: Gold prices tend to climb during times of economic or geopolitical unrest as investors place their money in safe haven investments like gold, which are thought to be less hazardous than, example, the stock market or mutual funds.
Production costs: It is the another element that affects the price of gold. There are very few indigenous reserves in India, such as the nearly depleted Kolar Gold deposits. The cost of gold increases with the difficulty of the mining process.
