Gold Prices Today in India: Latest Updates for October 4, 2024

As of October 4, 2024, gold prices in India have shown some fluctuations, reflecting ongoing market dynamics and global economic conditions. Here’s a detailed overview of the current gold rates across major cities in India and the factors influencing these prices.

Current Gold Prices

• 24 Carat Gold: ₹76,970 per 10 grams
• 22 Carat Gold: ₹70,505 per 10 grams

City-wise Gold Rates

Price Trends

• The price of 24-carat gold has decreased by approximately ₹320 per 10 grams compared to the previous day.
• The price of 22-carat gold has also seen a decline, reflecting similar trends in the market.

Factors Influencing Gold Prices

1. Global Economic Conditions: Fluctuations in the international gold market significantly impact local prices. Recent geopolitical tensions and economic data releases have caused volatility in gold prices globally.
2. Currency Fluctuations: The strength of the Indian Rupee against the US Dollar plays a crucial role in determining gold prices. A weaker rupee typically leads to higher gold prices.
3. Demand and Supply Dynamics: Seasonal demand for gold, particularly during festivals and wedding seasons in India, influences local prices. Increased demand can lead to price hikes.
4. Interest Rates and Inflation: Higher interest rates can reduce the appeal of non-yielding assets like gold. Conversely, rising inflation often drives investors toward gold as a hedge.

Conclusion

As of today, with 24-carat gold priced at ₹76,970 and 22-carat gold at ₹70,505, potential buyers should keep an eye on market trends and consider these factors when making purchasing decisions. Understanding the dynamics behind gold pricing can help investors navigate this precious metal’s market effectively. Stay updated with reliable sources for real-time information to ensure informed investment choices.