Gold Prices in India

In the Indian market, gold rates surged across major cities. As of this morning, the price of 24-carat gold climbed to ₹6,350 per gram, while 22-carat gold was trading around ₹5,820 per gram. The hike in rates reflects both global influences and strong domestic demand ahead of upcoming festivals and wedding season.

City-wise, here's a quick look at gold prices (per 10 grams):

  • Delhi: ₹63,500 (24-carat)

  • Mumbai: ₹63,450 (24-carat)

  • Chennai: ₹63,720 (24-carat)

  • Kolkata: ₹63,480 (24-carat)

Global Gold Market Trends

Globally, gold prices also moved higher, with spot gold trading near $2,390 per ounce, up nearly 1.2% from the previous close. This increase is largely attributed to:

  • Geopolitical tensions in Eastern Europe and the Middle East

  • Weakening of the US dollar

  • Market anticipation of potential interest rate cuts by the Federal Reserve later this year

Investors are increasingly turning to gold as a safe-haven asset, especially amid concerns about inflation and global financial market volatility.

Why Gold Prices Are Rising

Several factors are contributing to the surge in gold prices:

  1. Safe-Haven Demand: Investors tend to buy gold during times of uncertainty, which pushes prices up.

  2. Weaker Dollar: A drop in the US dollar makes gold cheaper for holders of other currencies, boosting demand.

  3. Central Bank Buying: Many central banks have increased their gold reserves, supporting overall demand.

  4. Inflation Concerns: Persistent inflation in various parts of the world makes gold a preferred hedge.

What It Means for Buyers

With prices reaching new highs, many consumers may consider delaying large purchases, especially for weddings or investments. However, experts suggest that gold continues to be a reliable long-term asset, especially in a volatile economic environment.

The gold rate jump today reflects a mix of global uncertainty and strong domestic buying trends. While this may impact short-term consumer behavior, gold remains a solid choice for long-term investors looking to preserve wealth in an unpredictable market.