Gold prices in India showed slight variations across major metropolitan hubs on Wednesday, with Chennai emerging as the most expensive market for the precious metal. Investors and jewellery buyers are closely monitoring these daily fluctuations, which are influenced by a combination of international spot prices, local demand, and currency exchange rates.
City-Wise Breakdown of Gold Prices
The data, sourced from GoodReturns, reveals a detailed snapshot of the bullion market. For the purest form, 24-carat gold was priced at ₹13,931 per gram in Chennai, making it the costliest among the listed cities. In contrast, financial capital Mumbai and several other major cities like Kolkata, Bangalore, Hyderabad, Kerala, and Pune reported a lower rate of ₹13,855 per gram for 24K gold. The national capital, Delhi, recorded a price of ₹13,870, while Vadodara and Ahmedabad saw rates of ₹13,860 per gram.
Understanding Different Karat Values
Gold purity, measured in karats, directly impacts its price. The rates for 22-carat and 18-carat gold followed a similar geographical pattern. In Chennai, 22K gold was available at ₹12,770 per gram, and 18K gold at ₹10,650. For most other cities, including Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune, the 22K gold rate stood at ₹12,700, and the 18K gold rate at ₹10,391 per gram. Delhi's prices were marginally higher at ₹12,715 for 22K and ₹10,406 for 18K. Vadodara and Ahmedabad reported 22K gold at ₹12,705 and 18K gold at ₹10,396.
This variance highlights how local taxes, transportation costs, and demand-supply dynamics can create price differences for gold even within the same country. Consumers in South India, particularly in Chennai, are currently paying a premium compared to their counterparts in Western and Northern India.
What This Means for Buyers and Investors
For individuals looking to purchase jewellery or invest in physical gold, these daily rates are crucial. The consistent premium in Chennai could be attributed to strong regional demand and higher state-level duties or making charges. Mumbai and Ahmedabad, being major trading hubs, often have competitive rates due to high market liquidity.
Analysts suggest that potential buyers should track these city-specific trends over a period before making significant purchases. The small differences per gram can translate into substantial amounts when buying heavier items like bars or elaborate jewellery. Furthermore, with the wedding season and festive periods approaching, demand is expected to influence these prices further.
Keeping an eye on the international bullion market and the rupee-dollar exchange rate remains essential for understanding the broader direction of domestic gold prices. Today's data provides a clear, factual basis for comparison, empowering consumers to make informed decisions based on their location and requirements.
