Gold Prices Today in India: What You Need to Know (October 9, 2024)
As of October 9, 2024, gold prices in India are experiencing a slight dip, reflecting mixed trends in the global and domestic markets. Here’s everything you need to know about the current gold rates and the factors influencing them.
Current Gold Prices
- Gold Futures: On the Multi Commodity Exchange (MCX), gold futures for December 2024 are trading at ₹75,143 per 10 grams, down by ₹18 or 0.02% from the previous close of ₹75,161.
- City-wise Prices:
| City | 22 Carat Gold (per gram) | 24 Carat Gold (per 10 grams) | Silver (per kg) |
|---|---|---|---|
| New Delhi | ₹7,114 | ₹71,140 | ₹95,900 |
| Mumbai | ₹7,099 | ₹70,990 | ₹95,900 |
| Kolkata | ₹7,099 | ₹70,990 | ₹95,900 |
| Chennai | ₹7,099 | ₹71,090 | ₹101,900 |
- Silver Prices: Silver futures have shown a positive trend, currently priced at ₹89,100 per kg, reflecting an increase of ₹371 or 0.42%.
Market Influences
- Global Trends: Internationally, gold prices have remained subdued as investors await insights from the U.S. Federal Reserve’s latest policy meeting. As of the latest reports, gold is holding steady at approximately $2,619.75 per ounce, while U.S. gold futures have seen a slight increase to around $2,638.20.
- Economic Factors: The fluctuations in gold prices are influenced by various factors including currency variations, interest rates, and overall economic conditions. The strength of the U.S. dollar against other currencies also plays a crucial role in determining gold rates in India.
- Local Demand: Seasonal demand for gold typically increases during festivals and wedding seasons in India. However, current market conditions and security concerns surrounding Hindu celebrations may impact consumer sentiment.
Historical Context
Over the past month, gold prices have experienced fluctuations:
- The price of 24-carat gold has decreased by approximately 5.63%, indicating a bearish trend compared to previous weeks.
- In contrast, silver prices have shown resilience with a month-on-month increase.
Conclusion
As of today, October 9, 2024, gold prices in India reflect a slight decline amidst broader market dynamics and global economic conditions. With ongoing festivities and potential changes in consumer behavior due to security concerns for Hindu celebrations like Durga Puja, market participants will be closely monitoring these developments.Investors and consumers alike should stay informed about market trends and consider these factors when making decisions regarding gold purchases or investments. For those looking to buy or invest in gold during this period, understanding both local and international influences will be key to navigating this precious metal’s market effectively.