On Friday, gold prices in India witnessed a decline, with 24-carat gold, known for its highest level of purity, dropping to Rs 78,700 per 10 grams. This decrease continued a downward trend observed throughout the week. For those looking to purchase gold jewelry, the price of 22-carat gold, which is alloyed to enhance durability, stood at Rs 72,140 per 10 grams.
Silver Prices Also Down
Silver prices also reflected a decline, with rates dipping by Rs 100, bringing the cost to Rs 95,800 per kilogram.
Gold Prices Across Major Indian Cities (November 8, 2024)
Below is a snapshot of gold prices in various Indian cities for November 8, expressed in rupees per 10 grams:
Understanding Gold Pricing in India
The price of gold per gram represents the cost of a single gram of the metal and is typically quoted in local currency, such as Indian Rupees. This rate is subject to daily fluctuations influenced by a mix of economic conditions, geopolitical events, and shifts in supply and demand.
Factors Impacting Retail Gold Prices
In India, the retail price of gold goes beyond just its base market value. Key influencing factors include import duties, taxes, and foreign exchange rates. These added costs contribute to the final retail price consumers pay. Gold holds significant cultural and economic importance in India, being a favored investment and a staple in celebrations, weddings, and religious events.
As the market landscape continues to change, investors and buyers remain vigilant, tracking price movements closely. Stay updated for further developments.
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