Gold prices have shown a remarkable recovery, bouncing back from recent lows as international spot gold trades at approximately $4,489.70 per ounce, marking a notable increase of 2.59% during the latest session. This uptick is primarily attributed to a weaker US dollar and a resurgence in safe-haven buying, influenced by recent market corrections.
In India, domestic gold prices have mirrored this global trend, with an increase of about ₹2,510 per 10 grams. As of today, the price for 24K gold averages around ₹1.48 lakh per 10 grams, reflecting the upward movement seen on international markets.
Breaking down the international gold rates, spot gold opened at $4,403.90, reaching a high of $4,585.30 and touching a low of $4,400.60 throughout the trading session. The previous close was reported at $4,409.00, with a trading volume of 203,551 and open interest of 242,136.
In the Indian market, gold prices today are categorized as follows:
- 24K Gold (99.9%): ₹14,809 per gram; ₹1,48,090 per 10 grams
- 22K Gold (91.6%): ₹13,575 per gram; ₹1,35,750 per 10 grams
- 18K Gold: ₹11,107 per gram; ₹1,11,070 per 10 grams
It is important to note that these rates may vary at retail outlets, where additional costs like a 3% GST and making charges (ranging from 5% to 35%) typically apply.
When examining gold prices across major Indian cities, the rates per 10 grams stand as follows:
- Delhi: ₹1,48,220 for 24K; ₹1,35,900 for 22K
- Mumbai: ₹1,48,090 for 24K; ₹1,35,750 for 22K
- Chennai: ₹1,49,020 for 24K; ₹1,36,600 for 22K
- Bangalore and Hyderabad: ₹1,48,090 for 24K; ₹1,35,750 for 22K
- Kolkata: ₹1,48,090 for 24K; ₹1,35,750 for 22K
Over the last ten days, the price of 24K gold has seen fluctuations, starting from ₹17,309 at the beginning of March and dropping to the current rate of ₹14,809. Notably, the lowest price observed was ₹14,291 on March 24, while the price peaked at ₹17,309 on March 1.
Looking ahead, several factors could influence gold prices in the near term. Analysts suggest that if the US dollar continues to weaken, gold could test resistance levels around $4,600 per ounce. In addition, ongoing geopolitical tensions in West Asia are likely to maintain demand for gold as a safe-haven asset. The movement of the Indian rupee and the upcoming wedding season are additional domestic factors that could impact local gold pricing, potentially creating increased demand.
For consumers considering gold purchases, it is advisable to keep in mind the applicable GST of 3% and the potential for making charges depending on the intricacy of the jewelry piece. Alternative investment options such as Gold ETFs or digital gold can also provide avenues for investing in gold without the associated making charges.
This detailed breakdown of gold prices reflects current trends and the underlying factors shaping the market, making it essential for both buyers and investors to stay informed.
