Gold rate today in India: The gold rate is largely determined by the demand and supply of gold in the market.
Gold Price Today In India: Gold prices in India remained above Rs 60,000 in many cities on June 20. At around 9.30 am, 10 grams of 24-carat gold was priced at Rs 60,070. The same quantity of 22-carat variety cost Rs 55,070. On the other hand, silver was priced at Rs 73,500 per kilo. This article will be updated if price is changed during the day.
Retail Gold Price On June 20 In Delhi, Mumbai And Other Cities Of India (See table below)
As far as retail prices in different cities are concerned, Ahmedabad has a retail gold price of Rs 55,150 (22 carat). Rs 60,140 per 10 grams is the retail price of 24 carat gold in the city.
22 carat gold was Rs 55,450/10 grams in Chennai. Similarly, Tamil Nadu’s capital city has Rs 60,490 per 10 grams retail price of 24 carat gold. Coimbatore also has similar prices for both categories of golds.
In Noida, 22 carat gold was priced at Rs 55,250/10 gram. For 24 carat, customers have to pay Rs 60,240/10 grams.
Check gold rates in different cities on June 19, 2023; (In Rs/10 grams)
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| CITY | 22 CARAT GOLD PRICE | 24 CARAT GOLD PRICE |
| Delhi | 55,260 | 60,260 |
| Mumbai | 55,100 | 60,110 |
| Kolkata | 55,100 | 60,110 |
| Lucknow | 55,260 | 60,260 |
| Bengaluru | 55,150 | 60,160 |
| Jaipur | 55,260 | 60,260 |
| Patna | 55,150 | 60,160 |
| Bhubaneshwar | 55,100 | 60,110 |
| Hyderabad | 55,100 | 60,110 |
On June 20, on Multi Commodity Exchange, gold futures maturing on August 04, 2023 were trading at Rs, 59,350. On the other hand, Silver, maturing on July 05, was at Rs 72,884.
Here are some factors that can affect the gold rate:
Demand and supply: The gold rate is largely determined by the demand and supply of gold in the market. If demand for gold increases, the rate will also increase. Conversely, if supply of gold increases, the rate will decrease.
Global economic conditions: The gold rate is also affected by global economic conditions. For example, if the global economy is doing poorly, investors may flock to gold as a safe haven, which will drive up the gold rate.
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Political instability: Political instability can also affect the gold rate. For example, if there is a political crisis in a major country, investors may buy gold as a hedge against uncertainty, which will drive up the gold rate.
Moreover, the retail gold price in India is the price at which gold is sold to consumers in India. It is determined by a number of factors, including the global gold price, the Indian rupee, and the cost of labor and materials involved in manufacturing gold jewellery. The retail gold price in India is typically higher than the global gold price, as it includes a margin for the jeweller and other costs.
Gold is considered as an important part in India due to cultural significance, investment value, and its traditional role in weddings and festivals.
Gold prices in India are generally influenced by a variety of factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.
Meanwhile, according a recent govt data, India’s gold imports, which have a bearing on the current account deficit, dipped 24.15 per cent to USD 35 billion in 2022-23 due to global economic uncertainties.
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Imports of the yellow metal stood at USD 46.2 billion in 2021-22.
Silver imports, however, rose 6.12 per cent to USD 5.29 billion during the last fiscal.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.
