Gold prices in India showed minor variations across major metropolitan hubs on Wednesday, with Chennai maintaining a slight premium over other cities. Investors and jewellery buyers are closely monitoring these daily fluctuations, which are influenced by a combination of international spot prices, local demand, and currency exchange rates.
City-Wise Breakdown of Gold Rates
The data, sourced from GoodReturns, provides a clear snapshot of the precious metal's value in different purity formats. The most-traded 24-carat gold was priced highest in Chennai at ₹13,909 per gram. Other major financial centres like Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune reported a uniform rate of ₹13,800 per gram for 24K gold.
Delhi's rate was marginally higher at ₹13,815, while Vadodara and Ahmedabad recorded prices of ₹13,805 per gram. This geographical price disparity is typical and often accounts for local taxes, transportation, and market-specific demand.
Understanding Different Karat Values
For buyers interested in jewellery, the rates for lower purities are equally crucial. The 22-carat gold, widely used in traditional jewellery, followed a similar pattern. Chennai again led with a price of ₹12,750 per gram. The cluster of cities including Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune saw rates of ₹12,650.
Delhi's 22K gold was at ₹12,665, with Vadodara and Ahmedabad at ₹12,655. The 18-carat gold, used in contemporary and lightweight jewellery designs, was priced at ₹10,640 per gram in Chennai. Most other cities listed the 18K variety between ₹10,350 and ₹10,365.
What This Means for Buyers and Investors
The current price matrix indicates a stable but firm market for gold across India. The consistent pricing in a majority of cities suggests a balanced supply and demand dynamic at the national level. However, Chennai's persistently higher rate could point to stronger regional demand or specific state-level duties.
For retail buyers, these daily rates form the baseline for jewellery making charges. For investors, tracking these city-wise trends alongside international movements can help in timing their purchases in physical gold or sovereign gold bonds. Experts often recommend monitoring such data over a period rather than reacting to single-day changes.
As global economic uncertainties persist, gold continues to hold its ground as a preferred safe-haven asset for Indian households. Today's rates reinforce its steady value in the portfolio of the average Indian saver and the large-scale investor alike.
