Current Gold Price in India: 8th October 2024
Current Gold Price in India: 8th October 2024
Wearing gold is much more for purposes of adornment and safe investment or other cultural importance for millions of people across the globe. As of today, that is the current price of gold as on 8th October 2024, the value of gold remains stable in India due to various global events and the nature of demand within the country.
Gold Rate Today: Market Trends
Present Price of Gold in India for today:
– 22 Carat Gold: ₹7,100 per gram
– 24 Carat Gold (999): ₹7,745 per gram
– 18 Carat Gold: ₹5,809 per gram
Current prices of Gold in major cities of India like Chennai, Mumbai, Delhi, Kolkata, and Bangalore. Reflect:
– For 22K gold in Mumbai, Chennai, and Kolkata, the quoted value is ₹7,100 per gram.
– The cost of 24K gold is going to be somewhere around ₹7,745 per gram.
– The cost of 22K gold in Delhi will be something like ₹7,115/gram.
– For 24K gold, you are going to get ₹7,760/gram in Delhi.
Understanding Gold Price Trends
A wide range of factors influence both global and domestic prices of gold. Internationally, gold is seen as a hedge against inflation and a safe haven when the uncertainty factor dominates economic performance. Over the past decade or so, investors have flocked to the yellow metal in search of refuge due to deteriorating global economic conditions and geopolitical factors which have driven the price upwards.
The price of gold involves charges such as the domestic exchange rate between the Indian rupee and US dollar, importation duty, and local demand during the festive season in India.
Comparison with Gold Prices Around the World and Gold Price in India
Though gold in India is priced a bit more expensive by virtue of import duties and taxes, the international market also bears an influence on gold prices in the country. For that, here’s a short comparison of 22K and 24K gold prices in other countries today:
– Bahrain: ₹6,888 (22K) | ₹7,356 (24K)
– United Arab Emirates (UAE): ₹6,777 (22K) | ₹7,315 (24K)
– United States: ₹6,757 (22K) | ₹7,177 (24K)
– Saudi Arabia: ₹6,816 (22K) | ₹7,352 (24K)
Well, you will notice that the prices vary differently from country to country mainly due to various values of currencies, local taxes and market demand.
Why Does the Gold Price in India change?
The price of gold changes for various reasons:
1. Global Economic Conditions: If there is instability in the global economy – a rising inflation or recession – investors go for gold since it is a relatively safe investment. This increases demand and rises the price of gold.
2. Strength of the US Dollar: The price of gold has an inversely proportional relationship to the strength of the US dollar. The higher the dollar’s weakness, the more expensive it becomes for buyers who hold other currencies, thus causing the price of gold to rise.
3. Interest Rates: Generally speaking, low interest rates make gold more appealing to invest in because the metal does not pay interest or dividends like a financial asset. Conversely, higher interest rates may reduce the allure of gold.
4. Domestic Demand: India is a place where during festivals like Diwali and particularly the marriage season, demand for gold goes up, which elevates the prices temporarily in the country itself.
Gold Price Trend (Last 4 Days)
To understand the gold price trend a little better, here’s some bit of a snapshot of how the price has actually moved over the last 10 days:
– 8th October 2024: ₹7,100 (22K) | ₹7,745 (24K)
– 7th October 2024: ₹7,100 (22K) | ₹7,745 (24K)
– 6th October 2024: ₹7,120 (22K) | ₹7,767 (24K)
– 5th October 2024: ₹7,120 (22K) | ₹7,767 (24K)
Overall, the prices are pretty stable throughout the last few days with minor fluctuations of early October.
Conclusion: Should You Buy Gold Today considering Gold Price in India?
Gold continues to be one of the safest investments one can make, and this portfolio does indeed hold stable hedge against inflation. For an investor looking for diversification, today’s stable prices do make it a viable option. However, as usual, interested buyers would want to monitor both global and domestic economic indicators that might affect future prices.
These could well be stable times for individuals who are on the lookout to buy gold for self-consumption, so it might be a good time to invest before the festival season when demand shoots up and prices move northwards. You can buy it for consumption, to gift someone, or even just to invest your money, but understanding what drives gold prices can be a savior.
The prices mentioned exclude an extra amount of GST or TCS. For the exact quotation, you should consult your local jeweller.
