Gold prices on Friday remained largely flat in India in the spot market. In Delhi, the price of 22-carat gold stayed at Rs 54,150 per 10 grams and that of 24-carat at Rs 59,060 per 10 grams. In Mumbai, prices of 22-carat and 24-carat gold were at Rs 54,000 and Rs 58,910 per 10 grams. Silver prices also stayed unchanged at Rs 72,600 per kg.
In Kolkata and Hyderabad, the gold prices stood at Rs 54,000 and Rs 58,910 per 10 grams for 22-carats and 24-carats, respectively, according to Goodreturns.in. In Chennai, gold of 22-carat was selling at Rs 54,100 per 10 grams and that of 24-carats at Rs 59,000 per 10 grams.
In Bhopal, the prices were Rs 54,050 and Rs 58,960 per 10 grams for 22-carats and 24-carats, respectively. In Thiruvananthapuram, 10-carat gold prices stood at Rs 54,000 and Rs 58,910 per 10 grams, respectively.
In the futures market, gold contracts expiring on December 05, 2023, were being traded higher at Rs 58,045 on the Multi Commodity Exchange. Conversely, silver futures with the same maturity date were priced up at Rs 69,496.
The retail price of gold represents the sum at which it is sold to consumers within the country. This pricing is influenced by various factors, including the global gold price, the value of the Rupee, and the expenses associated with labour and materials used in crafting gold jewelry.
Here are several factors that can exert influence on the price of gold:
Supply and Demand: The gold price is primarily determined by the dynamic interplay of supply and demand in the market. An increase in demand typically leads to a rise in price, while a surplus in the supply of gold can drive prices down.
Global Economic Conditions: The broader global economic landscape also exerts a substantial impact on gold prices. During periods of global economic instability or recession, investors often turn to gold as a safe haven, causing its price to increase.
Political Instability: Furthermore, political instability can have a notable effect on gold prices. When there is political turmoil or crisis in a significant nation or region, investors may opt to secure their assets by investing in gold as a hedge against uncertainty. This heightened demand can result in an uptick in the price of gold.
Gold carries immense significance in India owing to its cultural importance, investment value, and traditional role in weddings and festivals.
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