[ad_1]
Gold price today in India on October 31: India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. (Representative image)
Gold rate today: In Chennai, the retail price for 10 grams of 22-carat gold is Rs 57,340
Gold Rate Today In India: As of October 31th, variations in the retail prices of 10 grams of gold can be observed across different cities, averaging around Rs 62,000. Specifically, 10 grams of 24-carat gold is priced at approximately Rs 62,390, while an equivalent quantity of 22-carat gold is valued at Rs 57,190. Furthermore, the current rate for silver is Rs 75,600 per kilogram.
Retail gold rate in India: October 31
Delhi Gold Rate
In Delhi, customers need to pay Rs 57,350 for 10 grams of 22-carat gold and Rs 62,550 for the same quantity of 24-carat gold.
Ahmedabad Gold Rate
In Ahmedabad, the current retail price for 10 grams of 22-carat gold is Rs 57,240, and the corresponding amount of 24-carat gold is available at Rs 62,430.
Chennai Gold Rate
In Chennai, the retail price for 10 grams of 22-carat gold is Rs 57,340, and for the same quantity of 24-carat gold, it is Rs 62,550.
Check gold rates today in different cities on October 31, 2023; (In Rs/10 grams)
| City | 22 Carat Gold Price | 24 Carat Gold Price |
| Mumbai | 57,190 | 62,390 |
| Gurugram | 57,350 | 62,540 |
| Kolkata | 57,190 | 62,390 |
| Lucknow | 57,350 | 62,540 |
| Bengaluru | 57,190 | 62,390 |
| Jaipur | 57,350 | 62,540 |
| Patna | 57,240 | 62,430 |
| Bhubaneshwar | 57,190 | 62,390 |
| Hyderabad | 57,190 | 62,390 |
Multi Commodity Exchange
As of October 31, gold futures expiring on December 05, 2023, were being traded at Rs 61,156 on the Multi Commodity Exchange. Conversely, silver futures with the same maturity date were priced at Rs 72,450.
The retail cost of gold is the amount at which it is vended to consumers within the country. This pricing is shaped by diverse elements, encompassing the worldwide gold price, the Rupee’s value, and the costs linked to labour and materials employed in the production of gold jewellery.
Here are several factors that can exert influence on the price of gold:
Supply and Demand: The gold price is primarily determined by the dynamic interplay of supply and demand in the market. An increase in demand typically leads to a rise in price, while a surplus in the supply of gold can drive prices down.
Global Economic Conditions: The broader global economic landscape also exerts a substantial impact on gold prices. During periods of global economic instability or recession, investors often turn to gold as a safe haven, causing its price to increase.
Political Instability: Furthermore, political instability can have a notable effect on gold prices. When there is political turmoil or crisis in a significant nation or region, investors may opt to secure their assets by investing in gold as a hedge against uncertainty. This heightened demand can result in an uptick in the price of gold.
Gold carries immense significance in India owing to its cultural importance, investment value, and traditional role in weddings and festivals.
[ad_2]
Source link
