The gold rate struggles as the Rupees fall more against Dollar. The current currency exchange rate of Rupees against 1 dollar is 79.73.
Gold prices struggled today to stay above two-year lows due to the strong US currency and the likelihood of swift US rate increases. Bond rates increased and bullion lost its lustre due to expectations of ad hoc rate increases by the US Federal Reserve. Markets have already factored in a rate increase of 75 basis points by the US central bank.
Indian gold prices stayed close to 6-month lows as MCX futures plunged dramatically to a day’s low of Rs 48,951 per 10 gm. Futures for silver fell 0.4% to Rs 56,194 per kg. The value of the rupee compared to the dollar determines the price of gold and silver in our nation, and changes in the price of precious metals and other commodities are heavily influenced by worldwide demand.
Due to Global inflation, the price of Gold could dip further. The rate hikes and prices of commodities will take some months to get stabilised. Purchasing Gold during this period can become a huge asset.
GOLD RATE TODAY IN MAJOR CITIES
| City | 22 Carat (Per 10 GM) | 24 Carat (Per 10 GM) |
|
Ahmedabad |
Rs 45,850 |
Rs 50,020 |
|
Bangalore |
Rs 45,850 |
Rs 50,020 |
|
Bhubaneswar |
Rs 45,800 |
Rs 49,960 |
|
Chandigarh |
Rs 45,950 |
Rs 50,120 |
|
Chennai |
Rs 46,260 |
Rs 50,460 |
|
Coimbatore |
Rs 46,260 |
Rs 50,460 |
|
Delhi |
Rs 45,950 |
Rs 50,120 |
|
Hyderabad |
Rs 45,800 |
Rs 49,960 |
|
Jaipur |
Rs 45,950 |
Rs 50,120 |
|
Kerala |
Rs 45,800 |
Rs 49,960 |
|
Kolkata |
Rs 45,800 |
Rs 49,960 |
|
Lucknow |
Rs 45,950 |
Rs 50,120 |
|
Madurai |
Rs 46,260 |
Rs 50,460 |
|
Mangalore |
Rs 45,850 |
Rs 50,020 |
|
Mumbai |
Rs 45,800 |
Rs 49,960 |
|
Mysore |
Rs 45,850 |
Rs 50,020 |
|
Nagpur |
Rs 45,830 |
Rs 49,980 |
|
Nashik |
Rs 45,830 |
Rs 49,980 |
|
Patna |
Rs 45,830 |
Rs 49,980 |
|
Pune |
Rs 45,830 |
Rs 49,980 |
|
Surat |
Rs 45,750 |
Rs 50,020 |
|
Vadodara |
Rs 45,830 |
Rs 49,980 |
|
Vijayawada |
Rs 45,800 |
Rs 49,960 |
|
Visakhapatnam |
Rs 45,800 |
Rs 49,960 |
How is the Gold rate determined?
The price of Gold depends on the following 6 fundamentals:
- The Central Bank’s activities, including the purchase and selling of gold.
- Inflation in the US and throughout the world is being brought on by the growing money supply.
- US real interest rates in relation to costs and wages. As a result, financial repression takes place.
- Dual deficits resulting from trade imbalances with the US and growth. A fear component is the outcome.
- The demand for certain products and variations in the cost of other commodities. indirect pricing based on manufacturing costs.
- Using the supply and demand equation to determine production, demand, or inventories
Gold prices are fixed internationally in US dollars, euros or in pounds sterling. The major gold exchange in India is regulated by Multi Commodity Exchange (MCX), Mumbai. Over the years, gold has proven to be the ideal inflation hedge. More and more investors are considering gold to be a great option for investment.
Should you invest in Gold?
Gold can help you diversify your investment. As gold has high liquidity, you can exchange it for cash at any time. Or you can even get a loan against Gold. Gold can be volatile if you are investing it for a short time. But in the longer-term gold can give you more return. Also, the gold price will never deteriorate with time and will always have some value. Investing in Gold is worth it.
