Gold prices in India witnessed a downward adjustment on Friday, January 12, 2024, offering a slight respite to buyers ahead of the weekend. The precious metal's value declined across major Indian cities, tracking global cues and currency fluctuations.
Current Gold Rates Across Major Indian Hubs
As of today, the price for 24-carat gold is set at ₹64,300 per 10 grams. For those preferring the more traditional option, 22-carat gold is trading at ₹58,950 per 10 grams. It is crucial to note that these rates are exclusive of making charges, which vary significantly from jeweller to jeweller and based on the design of the ornament.
The day's trading reflected a mixed yet generally softer trend in key markets. In the financial capital, Mumbai, 22-carat gold was priced at ₹58,900 per 10 grams, while 24-carat gold was available for ₹64,250. Delhi's bullion market saw 22-carat gold at ₹59,000 and 24-carat at ₹64,350.
City-Wise Breakdown of Gold Prices
Here is a snapshot of gold prices in other major cities as reported on January 12:
- Chennai: 22-carat gold was priced at ₹59,550 per 10 grams, with 24-carat gold at ₹64,950.
- Kolkata: The rates stood at ₹58,900 for 22-carat and ₹64,250 for 24-carat gold.
- Bangalore: Prices were reported at ₹58,900 for 22-carat and ₹64,250 for 24-carat gold.
- Hyderabad: The city's markets listed 22-carat gold at ₹58,900 and 24-carat at ₹64,250.
- Ahmedabad: Rates here mirrored several other cities at ₹58,900 for 22-carat and ₹64,250 for 24-carat gold.
These prices are highly dynamic and can change multiple times throughout the trading day based on live international spot prices, the value of the Indian Rupee against the US Dollar, and local demand-supply factors.
Factors Influencing Today's Gold Market
The primary driver for the day's price movement is the international spot gold price. On Friday, global gold prices edged lower as traders adjusted their positions ahead of key US economic data, which could influence the Federal Reserve's future interest rate decisions. Since gold is priced in US dollars internationally, any strength or weakness in the Indian Rupee (INR) against the dollar directly impacts the landed cost of the metal in India.
Domestic factors, including local demand during the wedding season and festive periods, also play a significant role in determining the final retail price. However, the overarching trend is typically set by the combined effect of global benchmarks and forex rates.
What This Means for Buyers and Investors
The slight dip in prices presents a potential window for buyers looking to make purchases for upcoming weddings or festivals. For investors, monitoring these daily fluctuations is key to understanding market volatility. Experts consistently advise that gold should be viewed as a long-term hedge against inflation and economic uncertainty, rather than a vehicle for short-term gains.
Prospective buyers are encouraged to:
- Check the daily carat rate from reliable sources before visiting a jeweller.
- Always inquire about the making charges and hallmarking charges separately, as they are not included in the per-gram rate.
- Ensure they are buying BIS-hallmarked gold jewellery to guarantee purity.
With market conditions remaining sensitive to global economic indicators, gold prices in India are expected to stay volatile in the near term. Consumers should stay informed with the latest updates to make financially sound decisions regarding their gold purchases.
