Today’s gold price in India: On January 31, 2024, the gold price in various cities in India showed different changes. The consensus price for 10 grams remained at around Rs 63,000.Learn more about the average price of 10 grams 24 karat gold The registration price is Rs 63,270 while the corresponding figures are 22 carat gold It is Rs 58,000.

Meanwhile, the silver market showed a steady upward trend and reached Rs 76,500 per kg.

Today’s gold price in India: Retail gold price on January 31

Today’s gold price in Mumbai

In Mumbai, 10 grams of 22-karat gold is currently priced at Rs 58,000, while the same amount of 24-karat gold is priced at Rs 63,270.

Today gold price in delhi

In Delhi, one has to spend Rs 58,150 to buy 10 grams of 22-karat gold and Rs 63,420 for the same amount of 24-karat gold.

Today gold price in chennai

In Chennai, the price of 10 grams of 22-karat gold is Rs 58,500 and the same amount of 24-karat gold is Rs 63,820.

Check the gold price in various cities today, January 31, 2024; (in rupees/10 grams)

multi-commodity exchange

On January 31, 2024, gold futures expiring on April 5 were actively traded on the Multi Commodity Exchange at Rs 62,465. Additionally, silver futures with expiration date of March 5, 2024, were quoted at Rs 72,287.

The retail cost of gold in the country is the amount paid by customers. The price is influenced by several factors, including global gold prices, the value of the rupee and the costs associated with labor and materials used in the production of gold jewellery.

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

Here are several factors that may affect gold prices:

Market Forces and Gold Valuation: Gold’s valuation is primarily influenced by supply and demand dynamics. If public interest in gold surges, its price tends to rise. Conversely, an excess supply of gold in the market could cause its price to fall.

Global economic dynamics: The overall state of the global economy plays an important role in determining gold prices. During economic downturns or recessions, investors often turn to gold as a safe investment, causing its value to rise.

Impact of political uncertainty: Political instability can also have a considerable impact on gold prices. Uncertainty or crisis in key countries or regions may prompt investors to protect their assets by investing in gold, thereby generating increased demand and causing gold prices to rise.

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

The All India Gem and Jewelery Domestic Council (GJC) recently said that the current global economic uncertainty and geopolitical tensions are expected to drive gold prices to an all-time peak of Rs 70,000 per 10 grams in the coming year. This trend makes gold a reliable investment and a valuable safeguard against inflation.