India is the largest importer of gold in the world, with the majority of the gold being utilized for the country’s jewelry industry. On February 18, 2024, the gold prices in India remained stable. The average rate for 10 grams of 24-carat gold was about Rs 62,400, while the same amount for 22-carat gold was roughly Rs 57,200. In addition, the silver market also remained constant, reaching Rs 76,500 per kilogram.
In Delhi, the average cost for 10 grams of 22-carat gold was Rs 57,350, while the price for 24-carat gold was Rs 62,550. Meanwhile, in Mumbai, the price for 10 grams of 22-carat gold stood at Rs 57,200, and for the same amount of 24-carat gold, it was Rs 62,400. Additionally, in Chennai, the price for 10 grams of 22-carat gold was Rs 57,800, and for 24-carat gold, it was Rs 63,050.
The retail cost of gold in the country is determined by factors such as the global gold price, the value of the Rupee, and the costs related to labor and materials used in gold jewelry production. Gold holds significant cultural, investment, and traditional value in India, particularly for weddings and festivals.
Looking ahead to 2024, the All India Gem and Jewellery Domestic Council (GJC) anticipates that prevailing global economic uncertainties and geopolitical tensions will drive gold prices to a historic high of Rs 70,000 per 10 grams in the coming year. This forecast underscores gold’s status as a reliable investment and a valuable hedge against inflation.
Insight:
The stability of gold prices in India on February 18, 2024, reflects the continued demand for gold as a precious metal in the country, driven by its cultural, investment, and traditional significance. Amidst global economic uncertainties and geopolitical tensions, the forecasted increase in gold prices highlights the metal’s role as a safe haven for investors and its enduring appeal in the Indian market.
