Today’s latest gold price: Gold in India is not just a precious metal, but it is an integral part of our culture and traditions. From weddings to festivals, gold shines on every auspicious occasion. But recently there has been a decline in the price of gold, which has attracted the attention of investors and buyers.
Today we will talk about the current price of gold. We will also know what is the difference between the rates of 22 carat and 24 carat gold and what are the reasons for this decline. In this article we will discuss in detail about the Gold Rate and also understand how this fall can affect the common people and the economy.
Fall in gold prices: at a glance
To understand the fall in gold prices, let us take a look at the current situation:
| Description | price |
| Current price of 24 carat gold (10 grams) | ₹77,890 |
| Current price of 22 carat gold (10 grams) | ₹71,400 |
| change from last week | -1.35% |
| change from last month | -4.06% |
| Current price of silver (1 kg) | ₹95,500 |
| 24 carat gold price (10 grams) in Delhi | ₹78,053 |
| 24 carat gold price in mumbai (10 grams) | ₹77,890 |
Reasons for fall in gold rate
There are many reasons behind this fall in the price of gold:
- Impact of international market: Fluctuations in gold prices globally have a direct impact on the Indian market.
- Strengthening of the dollar: The strengthening of the US dollar increases pressure on gold prices.
- Economic Policies: Government and Reserve Bank policies also affect the price of gold.
- Balance of demand and supply: A decline in prices can also be seen due to decrease in demand after the festive season.
22 carat vs 24 carat gold: What is the difference?
The purity of gold is measured in carats. Let us understand what is the difference between 22 and 24 carat gold:
24 carat gold
- Purity: 99.9% pure
- Usage: Mainly for investment
- Current price: ₹77,890 per 10 grams
22 carat gold
- Purity: 91.7% pure
- Uses: More uses in jewelery making
- Current price: ₹71,400 per 10 grams
Effect of Gold Rate: On general public and economy
The fall in gold prices impacts various sectors:
- Investors: Opportunity to buy at low prices
- Jewelery Industry: Low costs, but potential increase in demand
- Banking Sector: Change in valuation of Gold Loan
- Import-Export: Impact on Trade Balance
Importance of gold in India
Gold has a special place in Indian culture:
- Marriage: as dowry and gifts
- Festivals: Shopping on festivals like Diwali, Akshaya Tritiya
- Investment: Safe investment option
- Financial Security: Saving for emergencies
Future prospects of Gold Rate
Experts believe that:
- Short-term fluctuations may continue
- Possibility of increase in gold prices in the long term
- Impact of global economic situation will be seen
Things to keep in mind while buying gold
- Certification: Check BIS Hallmark
- Purity: Prefer 22 or 24 carat
- Timings: Prices may be higher during festivals
- Market Study: Keep track of current prices
- Purpose of purchase: For investment or use
Historical Perspective of Gold Rate
The history of gold prices in India has been interesting:
- 1964: ₹63.25 per 10 grams
- 1980: ₹1,330 per 10 grams
- 2000: ₹4,400 per 10 grams
- 2010: ₹18,500 per 10 grams
- 2020: ₹48,651 per 10 grams
- 2024 (by October): ₹80,450 per 10 grams
Gold Alternatives: What are the other investment options?
Apart from gold, there are many investment options:
- mutual fund
- stock market
- fixed deposit
- real estate
- government bonds
Gold ETF: Gold investment in the digital age
Gold ETF (Exchange Traded Fund) is a modern investment option:
- Convenient: No security concerns like physical gold
- Low cost: Investment possible even in small amounts
- Liquidity: can be bought and sold easily
global outlook for gold
Importance of gold in countries other than India:
- China: second largest consumer
- America: Popular as an investment
- Switzerland: center of gold trade
- South Africa: major producing country
Government policies and gold
Some important policies of the Government of India:
- Gold Monetization Scheme: Plan to convert gold into financial asset
- Sovereign Gold Bond: Gold bonds issued by the government
- Import duty: To control the import of gold
Environment and gold mining
Impact of gold mining on the environment:
- Water Pollution: Use of chemicals in the mining process
- Deforestation: Due to expansion of mining areas
- Energy consumption: Mining and refining require more energy.
Disclaimer
This article is for informational purposes only. Fluctuations in the price of gold are natural and depend on many factors. Always consult a financial advisor before investing. The information provided in the article was correct at the time of writing, but may change over time.
