The price of gold, a cornerstone of Indian investment and culture, showed a stable yet varied pattern across the nation today. While most major metropolitan hubs recorded nearly uniform rates, cities in South India, particularly Chennai, Coimbatore, and Madurai, commanded a slight premium. This daily fluctuation is crucial for millions of Indians looking to buy jewellery, invest, or trade in the precious metal.
City-Wise Breakdown of Gold Prices
Data sourced from GoodReturns reveals a detailed snapshot of the gold market. The highest price for 24-karat gold was observed in Chennai, Coimbatore, and Madurai, where it was quoted at ₹14,204 per gram. This was closely followed by Delhi, Jaipur, Lucknow, Gurgaon, Ghaziabad, Noida, and Chandigarh, where 24K gold traded at ₹14,186 per gram.
In a significant cluster of financial and commercial centres, the rate for 24K gold stood at ₹14,171 per gram. This group includes Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, Pune, Vijayawada, Nagpur, and Bhubaneswar. Meanwhile, Vadodara, Ahmedabad, Surat, and Patna reported a middle-ground price of ₹14,176 per gram for the purest form of gold.
Understanding Different Karats: 22K and 18K Rates
The pricing trend for 22-karat gold, commonly used in jewellery, mirrored that of 24K. The top rate of ₹13,020 per gram was seen in Chennai, Coimbatore, and Madurai. Delhi and other northern cities listed it at ₹13,005, while the major metro cluster priced it at ₹12,990. Vadodara, Ahmedabad, Surat, and Patna again held the middle position at ₹12,995 per gram.
For 18-karat gold, the disparity was more pronounced. The southern trio of Chennai, Coimbatore, and Madurai reported a significantly higher rate of ₹10,865 per gram. In contrast, almost all other cities, including Mumbai, Delhi, and Bangalore, had prices clustered around ₹10,628 to ₹10,633 per gram.
What This Means for Buyers and Investors
The consistent premium in certain southern cities can be attributed to factors like local demand, transportation costs, and state-level taxes. For buyers, this highlights the importance of checking hyper-local rates before making a purchase, as prices can vary by over ₹30 per gram for 24K gold between different cities. Investors tracking the bullion market should note these regional variations, which reflect localized market dynamics beyond the international spot price.
Gold remains a primary asset for Indian households, serving as a hedge against inflation and a staple for auspicious occasions. Today's price list provides a clear benchmark for anyone entering the market. With festivals and wedding seasons often driving demand, staying updated with these daily rates is key to making financially sound decisions regarding this timeless asset.
