Gold Prices Today in India: What You Need to Know (October 10, 2024)
As of October 10, 2024, gold prices in India have experienced a notable decline, reflecting both local demand dynamics and global market trends. Here’s everything you need to know about the current gold rates across major cities in India.
Current Gold Rates
In early trading on October 10, gold prices dropped significantly due to weak local demand and unfavorable global cues. Here are the latest rates for 22K and 24K gold:
| City | 22K Gold (per 10g) | 24K Gold (per 10g) |
|---|---|---|
| Delhi | ₹70,450 | ₹76,840 |
| Mumbai | ₹70,300 | ₹76,690 |
| Chennai | ₹70,300 | ₹76,690 |
| Kolkata | ₹70,300 | ₹76,690 |
Notably, the price of 24K gold has declined by ₹750 per 10 grams in Delhi, bringing it down to ₹76,840, while 22K gold saw a decrease of ₹690, now priced at ₹70,450 per 10 grams. This marks a continued downward trend for the fourth consecutive day .
Factors Influencing Gold Prices
- Weak Local Demand: The decline in gold prices is primarily attributed to weak local demand. As consumers hold back on purchases amid fluctuating prices, this has led to a decrease in market activity.
- Global Market Trends: Internationally, gold prices are trading near three-week lows. In early Asian trading on October 10, gold was priced at approximately $2,615 per ounce, down slightly from previous highs. The ongoing concerns regarding inflation and currency fluctuations have also contributed to the downward pressure on gold prices .
- Economic Indicators: The Reserve Bank of India (RBI) has projected inflation to remain elevated, which has impacted the Indian rupee’s value against the US dollar. As the rupee hovers around 84 against the dollar, this economic backdrop affects how gold is priced domestically.
Silver Prices
Alongside gold, silver prices have also seen a significant drop. As of today, silver is trading at ₹94,000 per kg, down by ₹1,900 from previous levels. This decline reflects broader concerns about industrial demand and economic growth prospects in China, which is a major consumer of silver .
Conclusion: Navigating Gold Investments
As investors and consumers navigate the current landscape of gold prices in India, it’s essential to stay informed about market trends and economic indicators that influence these rates. While today’s prices reflect a downturn due to weak demand and global cues, many still view gold as a reliable hedge against inflation and economic uncertainty.For those considering purchasing gold or investing in precious metals, understanding these dynamics can help make informed decisions. Keep an eye on market trends and consult reliable sources for real-time updates as you plan your investments in this valuable asset.