Gold Rate Today: On January 08, gold futures expiring on February 05, 2024, were trading at Rs 62,321 on the Multi Commodity Exchange.
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Gold Rate Today In India: On January 8, 2024, gold prices fluctuated across various cities in India. The standard rate for 10 grams stood at approximately Rs 63,000. To delve into specifics, the average cost of 10 grams of 24-carat gold was Rs 63,050, while an equivalent amount of 22-carat gold was priced at Rs 57,800. Concurrently, the silver market experienced a continuous rise, reaching Rs 76,400 per kilogram.
Gold rate today in India: Retail gold price on January 08
Gold Rate Today In Mumbai
In Mumbai, the present price for 10 grams of 22-carat gold is Rs 57,800, while an equivalent quantity of 24-carat gold is valued at Rs 63,050.
Gold Rate Today In Delhi
In Delhi, people have to spend Rs 57,950 for 10 grams of 22-carat gold and Rs 63,200 for the same amount of 24-carat gold.
Gold Rate Today In Chennai
In Chennai, the price for 10 grams of 22-carat gold is Rs 58,300, and for the same amount of 24-carat gold, it’s Rs 63,600.
Check gold rates today in different cities on January 08, 2024; (In Rs/10 grams)
| CITY | 22 CARAT GOLD PRICE | 24 CARAT GOLD PRICE |
| Ahmedabad | 57,850 | 63,100 |
| Gurugram | 57,950 | 63,200 |
| Kolkata | 57,800 | 63,050 |
| Lucknow | 57,950 | 63,200 |
| Bengaluru | 57,800 | 63,050 |
| Jaipur | 57,950 | 63,200 |
| Patna | 57,850 | 63,100 |
| Bhubaneshwar | 57,800 | 63,050 |
| Hyderabad | 57,800 | 63,050 |
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Multi Commodity Exchange
On January 08, gold futures expiring on February 05, 2024, were trading at Rs 62,321 on the Multi Commodity Exchange. Silver futures expiring on March 05, 2024 were trading at Rs 72,251.
The retail price of gold is what customers pay for it in the country. This price is affected by different things, like the worldwide gold price, the value of the Rupee, and the expenses related to labour and materials used in crafting gold jewellery.
Gold is highly important in India because of its cultural significance, its value for investment, and its traditional role in weddings and festivals.
Here are several factors that can exert influence on the price of gold:
Market Forces and Gold Valuation: The valuation of gold is predominantly influenced by the dynamics of supply and demand. If there is a surge in public interest for gold, its price tends to rise. Conversely, an excess supply of gold in the market can lead to a decline in its price.
Global Economic Dynamics: The broader state of the global economy plays a significant role in determining gold prices. During periods of economic downturn or recession, investors often turn to gold as a secure investment, causing an uptick in its value.
Impact of Political Uncertainty: Political instability can also exert considerable influence on gold prices. Instances of uncertainty or crises in pivotal countries or regions may drive investors to safeguard their assets by investing in gold, thereby creating heightened demand and causing an increase in the price of gold.
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2024 Outlook: Rs 70,000 Per 10 Grams Gold Price
The All India Gem and Jewellery Domestic Council (GJC) stated on Tuesday that the prevailing global economic uncertainties and geopolitical tensions are expected to propel gold prices to a record high of Rs 70,000 per 10 grams this year. This development positions gold as a secure investment and an effective hedge against inflation.
