24 karat gold price today in India: Check latest price in your city on 16 January

Gold rate in India today: As of January 16, 2024, gold prices were seen fluctuating across various Indian cities. The standardized cost of 10 grams was around Rs 63,000. To provide more detailed information, the average price of 10 grams 24 karat gold was Rs 63,440, while the equivalent amount 22 carat gold Was available for Rs 58,150. With this, a continuous upward trend was seen in the silver market and silver reached Rs 76,500 per kg.

Also read: Budget 2024 and financial inclusion: Will gold loans come under priority sector lending?

Gold rate in India today: Retail gold price on 16 January

gold price today in delhi

In Delhi, people will have to spend Rs 58,300 for 10 grams of 22 carat gold and Rs 63,590 for the same amount of 24 carat gold.

Gold price in Mumbai today

The current price of 10 grams of 22 carat gold in Mumbai is Rs 58,150, while the price of an equivalent quantity of 24 carat gold is Rs 63,440.

Today’s gold price in Chennai

In Chennai, the price of 10 grams of 22 carat gold is Rs 58,700 and the price of the same quantity of 24 carat gold is Rs 64,040.

Check gold rates today in various cities on January 16, 2024; (in Rs./10 grams)

Multi Commodity Exchange

As of January 16, 2024, gold futures expiring on February 05 were trading at Rs 62,489 on the Multi Commodity Exchange. Besides, silver futures with expiry date March 05, 2024 were trading at Rs 72,508.

The retail price of gold in the country is the amount that customers pay for it. This price is influenced by various factors, including the global gold price, the value of the rupee and the costs associated with labor and materials used in the production of gold jewellery.

Gold is highly important in India because of its cultural significance, investment value and its traditional role in weddings and festivals.

Here are several factors that can impact the price of gold:

Market Forces and Gold Valuation: Gold valuation is primarily influenced by supply and demand dynamics. If people’s interest in gold increases, its price increases. On the contrary, excess supply of gold in the market can lead to a fall in its price.

Global Economic Dynamics: The macroeconomic condition of the global economy plays an important role in determining gold prices. During periods of economic decline or recession, investors often turn to gold as a safe-haven investment, causing its value to increase.

Impact of Political Uncertainty: Political instability can also have a significant impact on gold prices. Instances of uncertainty or crisis in major countries or regions may prompt investors to protect their assets by investing in gold, leading to increased demand and a rise in the price of gold.

2024 Outlook: Gold price at Rs 70,000 per 10 grams

The All India Gem and Jewelery Domestic Council (GJC) recently said that gold prices are expected to reach a record high of Rs 70,000 per 10 grams this year on the back of ongoing global economic uncertainties and geopolitical tensions. This development establishes gold as a safe investment and an effective hedge against inflation.