Spot gold prices hit a one-week high on Wednesday, marking the third consecutive session of gains, with spot gold prices hitting $2,636.59 an ounce, the highest since Nov. 11. US gold futures were also trading higher at $ 2,639.80 an ounce.
As an opportunity to buy gold
The rise in gold prices comes at a time when demand is usually high during the wedding season in India. Colin Shah, Managing Director, Cama Jewellery, said, “Gold prices are down more than 6% from the peak in global markets and more than 3.7% in domestic markets. This is a big shopping opportunity especially for jewelery buyers in India. We are in the wedding season, and gold purchasing is the center of wedding celebrations.
Gold prices in metro cities
Gold prices vary in different cities depending on factors such as local taxes and transportation costs. Details of 24 carat and 22 carat gold prices in major Indian metros today are given below:
Delhi
- 24 carat gold: Rs 7,566 per gram, Rs 75,660 per 10 grams, Rs 7,566,000 per kilogram
- 22 carat gold: Rs 6,936 per gram, Rs 69,355 per 10 grams, Rs 6,935,500 per kilogram
Mumbai
- 24 carat gold: Rs 7,579 per gram, Rs 75,790 per 10 grams, Rs 7,579,000 per kilogram
- 22 carat gold: Rs 6,947 per gram, Rs 69,474 per 10 grams, Rs 6,947,417 per kilogram
Kolkata
- 24 carat gold: Rs 7,569 per gram, Rs 75,690 per 10 grams, Rs 7,569,000 per kilogram
- 22 carat gold: Rs 6,938 per gram, Rs 69,383 per 10 grams, Rs 6,938,250 per kilogram
Chennai
- 24 carat gold: Rs 7,601 per gram, Rs 76,010 per 10 grams, Rs 7,601,000 per kilogram
- 22 carat gold: Rs 6,968 per gram, Rs 69,676 per 10 grams, Rs 6,967,583 per kilogram
Why are gold prices increasing?
The rise in gold prices is influenced by a mix of global and domestic factors:
weak dollar: The soft US dollar has made gold cheaper for holders of other currencies, increasing its demand.
geopolitical tensions: Ongoing issues such as the Russia-Ukraine conflict have led investors to look for safer investment options, including gold.
seasonal demand: In India, the demand for gold increases during the wedding season, especially in the form of jewellery.
(Disclaimer: The views, opinions, recommendations and suggestions expressed by the experts/brokerages in this article are their own and do not reflect the views of India Today Group. It is advisable to consult a qualified broker or financial advisor before taking any actual decision.) Investment or trading options.