Gold prices in India on February 4th, 2024, showed various fluctuations across different cities. The average price for 10 grams of 24-carat gold was recorded at Rs 63,380, while 22-carat gold stood at Rs 58,100. In addition, the silver market demonstrated a steady upward trajectory, reaching Rs 76,500 per kilogram.
In Mumbai, the price for 10 grams of 22-carat gold was Rs 58,100, and for 24-carat gold, it was Rs 63,380. In Delhi, the corresponding prices were Rs 58,250 for 22-carat and Rs 63,530 for 24-carat. In Chennai, the prices stood at Rs 58,700 for 22-carat and Rs 64,040 for 24-carat gold.
Furthermore, the table below provides a comprehensive overview of gold prices in various other cities in India on the same day.
City | 22 Carat Gold Price | 24 Carat Gold Price
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Ahmedabad | 58,150 | 63,430
Kolkata | 58,100 | 63,380
Gurugram | 58,150 | 63,420
Lucknow | 58,250 | 63,530
Bengaluru | 58,100 | 63,270
Jaipur | 58,150 | 63,420
Patna | 58,050 | 63,320
Bhubaneshwar | 58,000 | 63,270
Hyderabad | 58,000 | 63,270
On the Multicommodity Exchange, the futures for gold set to expire on April 5th, 2024, were actively traded at Rs 62,598, and silver futures with a March 5th, 2024, expiration date were quoted at Rs 71,294.
The retail cost of gold in India is influenced by various factors such as global gold prices, the value of the Rupee, and production costs. In India, gold holds cultural significance and is valued for its investment potential, as well as for its traditional role in weddings and festivals.
Several factors can influence the price of gold, including market forces, global economic dynamics, and political uncertainty. The projected gold price is expected to reach Rs 70,000 per 10 grams due to global economic uncertainties and geopolitical tensions, making gold a reliable investment and a valuable safeguard against inflation.
