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Home » India » Gold Rate in India, June 7, 2023: Real-Time Gold Rate Updates for Major Cities

Gold Rate in India, June 7, 2023: Real-Time Gold Rate Updates for Major Cities

This article will be revised if the price changes throughout the day. At approximately 9.30 a.m., 10 grammes of 24-karat gold cost Rs 60,650.

By Agency News
Updated on :
Gold & Silver price February 5, 2021: Yellow metal price plunged, falls below Rs 50k after 65 days

Gold Rate in India On June 2023: Price of Gold in India The price of gold in India remained above Rs 60,000 on June 7. This article will be revised if the price changes throughout the day. At approximately 9.30 a.m., 10 grammes of 24-karat gold cost Rs 60,650. The same amount of the 22-karat variant was priced at Rs 55,600. However, silver was priced at Rs 73,500 per kilogramme.

Gold Rate in India On June 2023

In terms of retail prices in various cities, the price of 22-carat gold in the western city of Ahmedabad is Rs 55,650. The 10-gramme retail price of 24-karat gold in the city is Rs 60,700.

Due to its cultural significance, investment value, and traditional function in weddings and festivals, gold is regarded as a significant component in India.

10 grammes of 22-karat gold cost Rs 56,000 in Chennai. The retail price of 10 grammes of 24-karat gold in the capital city of Tamil Nadu is Rs 61,100. Coimbatore has comparable prices for both types of gold.

10 grammes of 22-karat gold cost Rs 55,750 in Noida. Customers must pay Rs 60,800/10 grammes for 24 carat.

On the Multi Commodity Exchange on June 7, gold futures with an expiration date of August 4, 2023 were trading at Rs 59,940. In contrast, Silver maturing on July 5 was priced at Rs 71,831.

Gold prices in India are typically affected by a number of variables, such as global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.

In 2022-23, India’s gold imports, which impact the current account deficit, fell 24.15 percent to USD 35 billion due to global economic uncertainty, according to recent government data.

In 2021-22, imports of the yellow metal totalled 46,2 billion USD.

Nonetheless, silver imports increased 6.12% to $5.29 billion during the previous fiscal year.

India is the world’s greatest importer of gold, which primarily serves the jewellery industry. The country imports between 800 and 900 kilogrammes of gold annually.

Delhi 55,750 60,800
Mumbai 55,600 60,650
Kolkata 55,600 60,650
Lucknow 55,750 60,800
Bengaluru 55,650 60,700
Jaipur 55,750 60,800
Patna 55,650 60,700
Bhubaneshwar 55,600 60,650
Hyderabad 55,600 60,650

Rate of Gold in Major Cities

Gold prices may vary from city to city based on factors such as demand, interest rates, octroi fees, state taxes, gold merchants, bullion associations, transportation costs, manufacturing fees, and other factors.

Aspects Influencing the Gold Price in India

Gold is one of the most popular investment instruments in the globe, particularly in India. Similar to other financial assets, the price of gold fluctuates frequently. While gold’s market price is largely determined by its demand, a variety of other factors also play a role. Listed below are some of the variables that affect daily gold prices.

1. Demand

As with any other commodity, the fundamentals of demand and supply have a significant impact on gold prices. Increased demand coupled with a limited or limited supply typically results in a price increase. Similarly, a surplus of gold coupled with stagnant or feeble demand can lead to a decline in price. In India, the demand for gold typically increases during wedding and holiday seasons.

2. The inflation rate

During an inflationary period, the value of the currency declines. In such a situation, it may be preferable to hold cash in the form of gold. This causes a rise in gold prices, which in a sense serves as a hedge against inflationary conditions.

3. Rates of interest

Gold and interest rates are typically inversely related. As interest rates rise, individuals tend to sell their gold in order to earn high interest. Similarly, when interest rates fall, individuals incline to purchase more gold, thereby increasing demand.

4. Monsoon

The majority of India’s gold demand originates from rural areas. This demand typically increases after a successful monsoon, harvest, and resulting profits.

5. Government Reserves

India is among the many governments whose financial reserves are composed predominantly of gold. Nonetheless, if this reserve exceeds the amount of gold sold by the government, gold prices will rise due to a lack of supply. The Reserve Bank Of India maintains this reserve in India.

6. Currency volatility

On the international market, gold transactions are conducted in U.S. dollars. When US dollars are converted to Indian rupees during import, the price of gold fluctuates. Typically, when the Indian rupee depreciates, gold imports become more expensive.

7. Relationship with additional assets

Gold’s correlation with the main asset classes ranges from low to negative, making it a highly effective portfolio diversifier. According to experts, gold safeguards a portfolio from volatility because the factors that influence the returns of the majority of asset classes have little effect on the price of gold. Some believe that an inverse correlation may develop between gold and equities as stock prices decline.

8. Geopolitical influences

During geopolitical unrest, such as a war, the demand for gold as a secure haven for storing funds tends to increase. Thus, while geopolitical turmoil has a negative effect on the prices of the majority of asset classes, it has a positive effect on the price of gold.

9. Expenses for Octroi and Entry tax

Octroi charge and entry tax are municipal taxes imposed by tax authorities on goods entering their jurisdiction (state/city). Octroi is assessed when goods enter a city, while Entry tax is assessed when goods enter a state. In addition, if your gold is worth more than Rs. 30 lakhs, it is subject to a wealth tax.

10. levying fees

Generally, gold jewellery is subject to making fees that can vary from piece to piece, based on its design, and from jeweller to jeweller.