Gold prices in India have been on the rise over the past few days, mirroring the trends in the international market. The increase comes as the global gold market reacts to a weaker US dollar and rising geopolitical tensions, particularly between Russia and Ukraine. These factors have increased demand for gold as a safe-haven investment.
On Wednesday, gold prices climbed to a one-week-high, marking the third consecutive session of gains, with spot gold prices reaching $2,636.59 per ounce, their highest level since 11 November. US gold futures also rose, trading at $2,639.80 per ounce.
GOLD AS A BUYING OPPORTUNITY
The rise in gold prices comes at a time when wedding season demand in India is typically high. Colin Shah, Managing Director of Kama Jewelry, said, "Gold prices are down over 6% from the peak in global markets and over 3.7% in domestic markets. This is a big buying opportunity, especially for jewellery buyers in India. We are amid a wedding season, and gold buying is central to wedding celebrations."
GOLD PRICES IN METRO CITIES
Gold prices vary across cities based on factors such as local taxes and transportation costs. Below is the breakdown of 24-carat and 22-carat gold prices in major Indian metros as of today:
DELHI
24-carat gold: Rs 7,566 per gram, Rs 75,660 for 10 grams, Rs 7,566,000 per kilogram
22-carat gold: Rs 6,936 per gram, Rs 69,355 for 10 grams, Rs 6,935,500 per kilogram
MUMBAI
24-carat gold: Rs 7,579 per gram, Rs 75,790 for 10 grams, Rs 7,579,000 per kilogram
22-carat gold: Rs 6,947 per gram, Rs 69,474 for 10 grams, Rs 6,947,417 per kilogram
KOLKATA
24-carat gold: Rs 7,569 per gram, Rs 75,690 for 10 grams, Rs 7,569,000 per kilogram
22-carat gold: Rs 6,938 per gram, Rs 69,383 for 10 grams, Rs 6,938,250 per kilogram
CHENNAI
24-carat gold: Rs 7,601 per gram, Rs 76,010 for 10 grams, Rs 7,601,000 per kilogram
22-carat gold: Rs 6,968 per gram, Rs 69,676 for 10 grams, Rs 6,967,583 per kilogram
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