Gold, Silver Prices Today, September 15: Check Latest Bullion Rates In Your City
Gold, Silver Prices in India Today, September 15: Gold prices in India on Friday were on the positive side. In Delhi, the price of 22-carat gold was up by Rs 200 to Rs 54,700 per 10 grams and that of 24-carat was Rs 59,670 per 10 grams. Silver was also up by Rs 500 to Rs 74,000 per kg.
In Mumbai, Hyderabad and Kolkata, the prices of 22-carat and 24-carat gold stood at Rs 54,700 and Rs 59,670, respectively. In Chennai, the gold prices stood at Rs 55,000 per 10 grams and Rs 60,000 per 10 grams, respectively.
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Among other cities, in Bhopal and Patna, gold prices stood at Rs 54,750 per 10 grams and Rs 59,720 per 10 grams for 22-carat and 24-carats, respectively. In Thiruvananthapuram, 22-carat gold price was at Rs 54,700 and 24-carat at Rs 59,670 per 10 grams.
In futures trading, gold was trading up by 0.2 per cent to Rs 58,706 per 10 grams and silver was also higher 0.90 per cent at Rs 71,622 per kg on the MCX during the trade in the morning.
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd, said, “We expect gold to trade higher towards Rs 58,680 levels, a break of which could prompt the price to move higher to Rs 58,760 levels.”
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Here are several factors that can influence the price of gold:
Supply and Demand: The gold price is primarily shaped by the interplay of supply and demand in the market. When demand for gold increases, the price tends to go up. Conversely, a surge in the supply of gold can lead to a decrease in the price.
Global Economic Conditions: Global economic conditions also wield a significant influence on the price of gold. During periods of global economic downturns, investors often turn to gold as a safe haven, causing the price to rise.
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Political Instability: Additionally, political instability can impact the price of gold. When there is political turmoil or crisis in a major country, investors may seek to safeguard their assets by investing in gold as a hedge against uncertainty, resulting in a higher gold price.
Moreover, the retail price of gold in India represents the cost at which gold is sold to consumers within the country. This price is affected by various factors, including the global gold price, the value of the Rupee, and the expenses associated with labour and materials used in crafting gold jewellery.
Gold holds great significance in India due to its cultural importance, investment value, and traditional role in weddings and festivals.
