Gold and silver prices in India witnessed notable changes on Wednesday, reflecting shifts in global and domestic market dynamics. As of today, the price of 24-carat gold is Rs. 7,878.3 per gram, marking an increase of Rs. 820.
The 22-carat gold rate also rose to Rs. 7,223.3 per gram, up by Rs. 750. Meanwhile, silver prices surged to Rs. 99,700 per kilogram, an increase of Rs. 4,700 from the previous day.
Weekly and Monthly Trends
Over the past week, the price of 24-carat gold recorded a modest fluctuation of 0.21%, while the monthly change stood at -0.41%. These figures highlight the consistent volatility in precious metal markets, driven by varying global demand and economic conditions.
Gold Rates Across Key South Indian Cities
Gold prices vary across regions, with South India being a significant market for precious metals. Here are today’s rates in top cities:
- Chennai: Rs. 78,631 per 10 grams (yesterday: Rs. 77,631; last week: Rs. 77,791).
- Bangalore: Rs. 78,625 per 10 grams (yesterday: Rs. 77,625; last week: Rs. 77,785).
- Hyderabad: Rs. 78,639 per 10 grams (yesterday: Rs. 77,639; last week: Rs. 77,799).
- Visakhapatnam: Rs. 78,647 per 10 grams (yesterday: Rs. 77,647; last week: Rs. 77,807).
- Vijayawada: Rs. 78,645 per 10 grams (yesterday: Rs. 77,645; last week: Rs. 77,805).
Silver Prices in Key Cities
Silver prices also showed significant variations across major cities:
- Chennai: Rs. 1,06,800 per kilogram (yesterday: Rs. 1,02,600; last week: Rs. 1,02,100).
- Bangalore: Rs. 98,700 per kilogram (yesterday: Rs. 94,000; last week: Rs. 93,000).
- Hyderabad: Rs. 1,07,400 per kilogram (yesterday: Rs. 1,03,200; last week: Rs. 1,02,700).
- Visakhapatnam: Rs. 1,05,800 per kilogram (yesterday: Rs. 1,01,600; last week: Rs. 1,01,100).
- Vijayawada: Rs. 1,08,200 per kilogram (yesterday: Rs. 1,04,000; last week: Rs. 1,03,500).
Factors Influencing Precious Metal Prices
The fluctuations in gold and silver prices can be attributed to several key factors:
- Global Demand: Changes in international markets heavily influence precious metal prices in India.
- Currency Fluctuations: The strength of the Indian rupee against the US dollar plays a significant role in determining rates.
- Interest Rates: Higher global interest rates often reduce the appeal of non-yielding assets like gold and silver.
- Government Policies: Regulations and import duties impact local price dynamics.
- Geopolitical Events: Economic uncertainties or global crises drive investors towards safe-haven assets.
Jewelers and market analysts emphasize the importance of understanding these dynamics when purchasing gold or silver. For individuals considering investments or special purchases, staying informed about market trends can provide better value and timing for transactions.
This comprehensive overview ensures readers remain updated and informed about the latest developments in the gold and silver markets, offering a valuable resource for making financial decisions.
Disclaimer – The gold and silver price information provided in this article is based on market trends as of December 11, 2024, and is subject to change. Prices mentioned may vary across regions and depend on local factors, including taxes, transportation, and jeweler-specific premiums. This article is intended for informational purposes only and should not be considered as financial or investment advice.
