As of August 29, 2024, gold prices in India have seen a notable increase, driven by various market factors. Here is a detailed look at the latest gold prices, city-wise rates, and market trends.
Current Gold Prices
- MCX Futures:
- Gold futures maturing on October 4, 2024, stood at Rs 71,970 per 10 grams on the Multi Commodity Exchange (MCX), recording a jump of Rs 227 or 0.32% from the previous close of Rs 71,743.
- Silver futures maturing on September 5, 2024, witnessed a marginal hike of Rs 513 or 0.61% and were retailing at Rs 84,490 per kg on the MCX.
- Spot Prices:
- The spot price for 24-carat gold is Rs 7,160 per gram, while 22-carat gold is priced at Rs 6,716 per gram.
- In different cities, the prices vary slightly:
- New Delhi: Rs 6,731 per gram for 22-carat gold and Rs 7,326 per gram for 24-carat gold.
- Mumbai: Rs 6,716 per gram for 22-carat gold and Rs 7,326 per gram for 24-carat gold.
- Kolkata: Rs 6,716 per gram for 22-carat gold and Rs 7,326 per gram for 24-carat gold.
- Chennai: Rs 6,716 per gram for 22-carat gold and Rs 7,326 per gram for 24-carat gold.
City-Wise Prices
| City | 22-Carat Gold (per gram) | 24-Carat Gold (per gram) |
| New Delhi | ₹6,731 | ₹7,326 |
| Mumbai | ₹6,716 | ₹7,326 |
| Kolkata | ₹6,716 | ₹7,326 |
| Chennai | ₹6,716 | ₹7,326 |
| Ahmedabad | ₹6,721 | ₹7,341 |
| Bengaluru | ₹6,716 | ₹7,326 |
| Hyderabad | ₹6,716 | ₹7,326 |
| Gurugram | ₹6,731 | ₹7,341 |
| Lucknow | ₹6,731 | ₹7,341 |
Market Trends
- Global Demand:
- Gold prices are influenced by global demand and the value of the rupee against the dollar. The recent rise in gold prices can be attributed to increased global demand and a slight depreciation of the rupee.
- MCX Futures:
- The gold MCX futures contracts with the October 2024 expiry were trading at Rs 71,935 per 10 grams, up by 0.27%. Silver futures contracts for September 2024 expiry on MCX were trading at Rs 84,410 per kg, an increase of 0.52%.
- Weekly Performance:
- The 24-carat gold rate has risen by 0.5% in the last one week, and by 0.02% in the last ten days.
Conclusion
The gold price in India today reflects a combination of global market dynamics and local demand. As prices continue to fluctuate, investors should stay informed about market trends and consider gold as part of their investment portfolio. Whether investing in physical gold or exploring financial instruments like ETFs and bonds, understanding the current market landscape is crucial for making informed decisions. This article provides a detailed look at the latest gold prices, city-wise rates, and market trends, making it a valuable resource for investors and gold enthusiasts.