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Gold Rate Today in India (Friday, Apr 5, 2024)
Apr 5, 2024
GOLD Rate in Mumbai₹6,387.3 / gm22 CaratGOLD Rate in Mumbai₹6,968 / gm24 Carat
gold Price/gm Today in India 22 Carat (INR)
GM | Today's Price | Yesterday's Price | Price Change |
|---|---|---|---|
1 | ₹6,387.3 | ₹6,387.3 | ₹0 |
10 | ₹63,873 | ₹63,873 | ₹0 |
100 | ₹6,38,730 | ₹6,38,730 | ₹0 |
gold Price/gm Today in India 24 Carat (INR)
GM | Today's Price | Yesterday's Price | Price Change |
|---|---|---|---|
1 | ₹6,968 | ₹6,968 | ₹0 |
10 | ₹69,680 | ₹69,680 | ₹0 |
100 | ₹6,96,800 | ₹6,96,800 | ₹0 |
Major Cities gold Rate Today (10 GM)
City | 22 Carat | 24 Carat |
|---|---|---|
₹63,956 | ₹69,770 | |
₹63,919 | ₹69,730 | |
₹63,892 | ₹69,700 | |
₹63,873 | ₹69,680 | |
₹64,057 | ₹69,880 | |
₹64,057 | ₹69,880 | |
₹63,763 | ₹69,560 | |
₹63,974 | ₹69,790 | |
₹63,864 | ₹69,670 | |
₹64,066 | ₹69,890 | |
₹63,791 | ₹69,590 | |
₹63,892 | ₹69,700 | |
₹64,057 | ₹69,880 | |
₹63,919 | ₹69,730 | |
₹63,873 | ₹69,680 | |
₹63,919 | ₹69,730 | |
₹63,873 | ₹69,680 | |
₹63,873 | ₹69,680 | |
₹63,837 | ₹69,640 | |
₹63,873 | ₹69,680 | |
₹63,956 | ₹69,770 | |
₹63,956 | ₹69,770 | |
₹63,974 | ₹69,790 | |
₹63,974 | ₹69,790 | |
View More Cities | ||
gold Rate in India for Last 10 Days (10 GM)
Date | 22 Carat | 24 Carat |
|---|---|---|
2024-04-04 | ₹63,873 (92) | ₹69,680 (100) |
2024-04-03 | ₹63,965 (807) | ₹69,780 (880) |
2024-04-02 | ₹63,158 (110) | ₹68,900 (120) |
2024-04-01 | ₹63,048 (0) | ₹68,780 (760) |
2024-03-31 | ₹62,352 (0) | ₹68,020 (0) |
2024-03-30 | ₹62,352 (0) | ₹68,020 (0) |
2024-03-29 | ₹62,352 (0) | ₹68,020 (0) |
2024-03-28 | ₹62,352 (1293) | ₹68,020 (1410) |
2024-03-27 | ₹61,059 (256) | ₹66,610 (280) |
2024-03-26 | ₹60,803 (239) | ₹66,330 (260) |
Business News
Facts about Gold
Gold, a precious metal revered for its beauty and cultural significance, also holds a unique position in the Indian economy. Understanding the factors behind its fluctuating price can help unravel this captivating enigma:
Price Structure of Gold in India:
- Purity: Gold prices are quoted for different purities, commonly 22 karat and 24 karat.
- Making Charges: Jewellers charge a fee for crafting gold ornaments, adding to the final price.
- Taxes: Goods and Services Tax (GST) is levied on the gold price and making charges.
How is gold price today in India per gram arrived at?
- Global Gold Market: Global gold prices, influenced by factors like economic uncertainty, inflation, and central bank policies, set the base for Indian prices.
- Rupee Strength: A stronger rupee makes gold imports cheaper, potentially leading to lower prices. Conversely, a weaker rupee pushes prices up.
- Domestic Demand: High demand during festive seasons or periods of economic instability can drive prices higher.
- Import Duties: Government policies like import duties can impact the final price.
How is 22 carat gold price in India determined?
While India possesses some gold reserves, it still relies heavily on imports to meet its demand. These imports are handled by a variety of players, including:
- Government Banks: State Bank of India, Bank of Baroda, Union Bank of India, etc., play a significant role in importing gold.
- Private Banks: Leading private banks like HDFC Bank, ICICI Bank, etc., are also involved in gold imports.
- Private Companies: Several private companies have licenses to import gold, increasing diversity in the market.
Price Determination of Gold in India:
The price of 22-carat gold in India is set through a combination of global and domestic factors:
- Global Gold Price: International benchmarks like London Bullion Market Association (LBMA) price for 24 carat gold determine the base price.
- Import Costs: Shipping, insurance, and other logistics costs add to the base price.
- Exchange Rate: A weaker rupee makes importing gold more expensive, pushing the final price up.
- Local Gold Associations: Associations like Indian Bullion & Jewellers Association (IBJA) play a role in setting regional rates based on daily negotiations between gold traders. These rates consider:
Making Charges: Jewellers charge a fee for crafting gold ornaments, impacting the final price.
GST: Goods and Services Tax (GST) applies to both the gold price and making charges.
Local Variations: Prices may vary slightly between different cities and jewellers due to local taxes and competition.
Reasons for Current High Prices of Gold in India:
- Global Economic Uncertainty: The ongoing war in Ukraine, along with concerns about global recession, have increased demand for gold as a safe haven asset, pushing prices up.
- Weaker Rupee: The depreciation of the rupee against the US dollar has made gold imports costlier, contributing to higher prices.
- Increased Domestic Demand: High demand due to the upcoming wedding season and ongoing festive period also plays a role.
Why is Gold Expensive in India?
- High Import Dependence: India relies heavily on gold imports, making it vulnerable to fluctuations in global prices and currency exchange rates.
- Taxes: Compared to some other countries, India has relatively high import duties and GST on gold, adding to the final cost.
- Limited Investment Options: Lack of diverse and accessible investment avenues can make gold a more attractive option for some, increasing demand and potentially pushing prices higher.
Gold prices in India are a complex interplay of global and domestic factors. Understanding these influences can provide valuable insights into the dynamics of this precious metal in the Indian market. While global trends and rupee fluctuations play a significant role, domestic factors like taxes and demand also contribute to its relative expensiveness.
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