Gold prices on September 22 saw a fall in the spot market due to a lacklustre demand. In Delhi, 22-carat gold prices were down by Rs 200 to Rs 55,000 per 10 grams and 24-carat gold was lower by Rs 260 to Rs 59,940 per 10 grams. Silver price was, however, up by Rs 1,000 to Rs 75,500 per kg.
In Mumbai, gold prices stood at Rs 54,850 per 10 grams and Rs 59,840 per 10 grams for 22-carats and 24-carats, respectively. In Kolkata, the gold price was at Rs 54,850 and Rs 59,840 per 10 grams for 22-carats and 24-carats, respectively. In Chennai, the price of 22-carat gold stood at Rs 55,100 and that of 24-carats at Rs 60,110 per 10 grams. In Hyderabad, gold prices were at Rs 54,850 per 10 grams and 59,840 per 10 grams, according to Goodreturns.in.
Among other cities, in Agra, gold stood at Rs 55,000 and Rs 59,940 per 10 grams for 22-carat and 24-carat respectively. In Jaipur also, the prices were same. In Thiruvananthapuram, 22-carat gold was at Rs 54,850 per 10 grams and 24-carat was at Rs 59,840.
On September 22, on Multi Commodity Exchange, gold futures maturing on October 05, 2023 were trading at Rs 58,840. On the other hand, Silver, maturing on December 05, was at Rs 73,402.
Gold prices in India are generally influenced by a variety of factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.
Here are several factors that can influence the price of gold:
Supply and Demand: The gold price is primarily shaped by the interplay of supply and demand in the market. When demand for gold increases, the price tends to go up. Conversely, a surge in the supply of gold can lead to a decrease in the price.
Global Economic Conditions: Global economic conditions also wield a significant influence on the price of gold. During periods of global economic downturns, investors often turn to gold as a safe haven, causing the price to rise.
Political Instability: Additionally, political instability can impact the price of gold. When there is political turmoil or crisis in a major country, investors may seek to safeguard their assets by investing in gold as a hedge against uncertainty, resulting in a higher gold price.
Moreover, the retail price of gold in India represents the cost at which gold is sold to consumers within the country. This price is affected by various factors, including the global gold price, the value of the Rupee, and the expenses associated with labor and materials used in crafting gold jewelry.
Gold holds great significance in India due to its cultural importance, investment value, and traditional role in weddings and festivals.
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