Gold, Silver Prices in India Today, September 16: Gold prices in India on Saturday remained on the positive side. In Delhi, the price of 22-carat gold was up by Rs 200 to Rs 54,900 per 10 grams and that of 24-carat was at Rs 59,890 per 10 grams. Silver was flat at Rs 74,000 per kg.
In Mumbai, Hyderabad and Kolkata, the prices of 22-carat and 24-carat gold stood at Rs 54,900 and Rs 59,890, respectively. In Chennai, the gold prices stood at Rs 55,200 per 10 grams and Rs 60,220 per 10 grams, respectively.
Among other cities, in Bhopal and Patna, gold prices stood at Rs 54,950 per 10 grams and Rs 59,940 per 10 grams for 22-carat and 24-carats, respectively. In Thiruvananthapuram, 22-carat gold price was at Rs 54,900 and 24-carat at Rs 59,890 per 10 grams.
In futures trading, gold on Friday closed 0.70 per cent higher to Rs 58,999 per 10 grams and silver was also higher 1.67 per cent at Rs 72,165 per kg on the MCX during the trade in the morning.
Here are several factors that can influence the price of gold:
Supply and Demand: The gold price is primarily shaped by the interplay of supply and demand in the market. When demand for gold increases, the price tends to go up. Conversely, a surge in the supply of gold can lead to a decrease in the price.
Global Economic Conditions: Global economic conditions also wield a significant influence on the price of gold. During periods of global economic downturns, investors often turn to gold as a safe haven, causing the price to rise.
Political Instability: Additionally, political instability can impact the price of gold. When there is political turmoil or crisis in a major country, investors may seek to safeguard their assets by investing in gold as a hedge against uncertainty, resulting in a higher gold price.
Moreover, the retail price of gold in India represents the cost at which gold is sold to consumers within the country. This price is affected by various factors, including the global gold price, the value of the Rupee, and the expenses associated with labour and materials used in crafting gold jewellery.
Gold holds great significance in India due to its cultural importance, investment value, and traditional role in weddings and festivals.