The price of gold, a key indicator of economic sentiment and a preferred investment asset, showed a varied landscape across major Indian cities on the current trading day. While most metropolitan hubs witnessed similar rates, Chennai emerged as the city with the highest price for pure gold.
City-Wise Breakdown of Gold Prices
According to the latest data sourced from GoodReturns, the financial data platform, the 24-carat gold price in Chennai stood at ₹13,691 per gram. This was notably higher than in other major cities. In contrast, the financial capital, Mumbai, recorded a rate of ₹13,588 per gram for 24K gold. The national capital, Delhi, saw its price at ₹13,603 per gram.
Other major cities including Kolkata, Bangalore, Hyderabad, Kerala, and Pune all reported an identical 24K gold rate of ₹13,588 per gram. In Gujarat, both Vadodara and Ahmedabad had a slightly higher rate compared to the western and southern clusters, with their 24K gold priced at ₹13,593 per gram.
Understanding the Rates for 22K and 18K Gold
The price variation follows a similar pattern for 22-carat and 18-carat gold, which are popular for jewellery due to their durability. In Chennai, the 22K gold was quoted at ₹12,550 per gram, while the 18K variant was available for ₹10,470 per gram.
For cities like Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune, the 22K gold rate was uniform at ₹12,455 per gram. The 18K gold price in these cities was ₹10,191 per gram. Delhi's prices were marginally higher at ₹12,470 for 22K and ₹10,206 for 18K gold per gram. Vadodara and Ahmedabad reported rates of ₹12,460 for 22K and ₹10,196 for 18K gold.
What Influences the Daily Gold Rate?
The daily gold rate in India is primarily influenced by international benchmark prices, the value of the Indian Rupee against the US Dollar, and local demand-supply dynamics. Additionally, factors like import duties and taxes contribute to the final price paid by consumers. The slight premium in Chennai could be attributed to local demand, logistics, and state-level taxes.
For investors and buyers, tracking these daily rates is crucial for making informed decisions, whether for jewellery purchase, investment in coins and bars, or through sovereign gold bonds. The data provides a clear snapshot of the precious metal's standing in the Indian market on this day.
