It should be noted that gold prices in India are determined by several factors including currency, global demand, interest rates and government policies.
New Delhi: Gold prices on Tuesday decreased by Re 1 and According to the website Goodreturns, the price of 22K gold stood at Rs 5,634 per gram. Whereas the price of 24K gold was at Rs 6,146 per gram.
For general information, ‘K’ or carat is used to measure the purity of gold. 24K gold is known as pure gold as it has a purity of 99.9 per cent. However, 22K gold comprises traces of other metals like copper and zinc.
It should be noted that gold prices in India are determined by several factors including currency, global demand, interest rates and government policies.
Check retail gold rate in India
Delhi: In Delhi, gold rate is Rs 56,490 for 10 grams of 22-carat gold and Rs 61,610 for the same quantity of 24-carat gold.
Ahmedabad: In Ahmedabad, the retail price of gold for 10 grams of 22-carat gold is Rs 56,390, and the corresponding amount of 24-carat gold is available at Rs 61,510.
Chennai: In Chennai, the retail price of gold for 10 grams of 22-carat gold is Rs 57,990, and for the same quantity of 24-carat gold, it is Rs 62,180.
Why Gold Prices Change: Check Various Factors
Supply and Demand: The gold price vary in the country because of the dynamic interplay of supply and demand in the market. As increase in demand leads to a rise in price, while a surplus in the supply of gold can drive prices down.
Global Economy: The global economic condition also determined the prices of the yellow metal. During global economic instability, investors often turn to gold as a safe haven, causing its price to increase.
Political Instability: Apart from this, the political instability also has a notable effect on gold prices. When there is political crisis, investors likely to opt to secure their assets by investing in gold as a hedge against uncertainty.
