Gold prices in India saw an increase on February 24, 2024, with the average rate for 10 grams of gold hovering around Rs 62,950. The price for 24-carat gold was approximately Rs 62,950, while 22-carat gold stood at Rs 57,700. At the same time, the silver market experienced a downward trend, with prices reaching Rs 74,900 per kilogram.
In Delhi, the price for 10 grams of 22-carat gold was Rs 57,850, while 24-carat gold was priced at Rs 63,100. In Mumbai, 22-carat gold cost Rs 57,700 for 10 grams, and 24-carat gold was valued at Rs 62,950. Similarly, in Chennai, 10 grams of 22-carat gold was priced at Rs 58,200, and the same amount of 24-carat gold was Rs 63,490.
Across different cities in India, the prices for 10 grams of gold varied, with Ahmedabad, Kolkata, Gurugram, Lucknow, Bengaluru, Jaipur, Patna, Bhubaneshwar, and Hyderabad all showing different rates for both 22-carat and 24-carat gold.
The retail cost of gold in India is influenced by global gold prices, the value of the Rupee, and production costs. India has a deep cultural connection to gold, using it for investment, weddings, and festivals. The All India Gem and Jewellery Domestic Council predicts that gold prices could rise to Rs 70,000 per 10 grams in 2024 due to global economic uncertainties and geopolitical tensions, highlighting gold’s status as a reliable investment and hedge against inflation.
