Gold prices in India showed a mixed trend across major metropolitan hubs on Wednesday, with Chennai emerging as the most expensive city for buyers of the precious yellow metal. The daily rates for 24-carat, 22-carat, and 18-carat gold have been updated, providing crucial information for investors and jewellery shoppers alike.
City-Wise Breakdown of Gold Prices
The data, sourced from GoodReturns, reveals a clear price hierarchy among India's key urban centres. Chennai recorded the highest price for 24K gold at ₹14,203 per gram. This was notably higher than in other major cities. Following Chennai, the national capital Delhi quoted a rate of ₹13,939 per gram for 24K gold.
Most other major cities, including the financial hub Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune, reported an identical rate of ₹13,924 per gram for 24-carat gold. The western cities of Vadodara and Ahmedabad were pegged slightly higher at ₹13,929 per gram.
Understanding the Purity and Price Correlation
The price of gold is directly proportional to its purity. As expected, the rates for 22-carat and 18-carat gold were lower across all cities. In Chennai, where 24K gold is the costliest, the 22K variant was priced at ₹13,019 per gram, and the 18K variant at ₹10,864 per gram.
For the cluster of cities including Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune, the 22K gold rate stood at ₹12,764 per gram. The 18K gold rate in these cities was ₹10,443 per gram. In Vadodara and Ahmedabad, 22K gold was available for ₹12,769 per gram and 18K for ₹10,448 per gram.
Here is a quick summary of the rates in key cities:
- Chennai: 24K: ₹14,203 | 22K: ₹13,019 | 18K: ₹10,864
- Mumbai/Delhi/Kolkata/Bangalore: 24K: ₹13,924-13,939 | 22K: ₹12,764-12,779 | 18K: ₹10,443-10,458
- Vadodara/Ahmedabad: 24K: ₹13,929 | 22K: ₹12,769 | 18K: ₹10,448
What This Means for Buyers and Investors
The regional variation in gold price today highlights the impact of local factors such as demand, state-level taxes, and transportation costs. For potential buyers, this data is essential for making informed decisions, whether for investment in coins and bars or for purchasing jewellery.
Investors tracking the gold rate in India should note these daily fluctuations, which are influenced by both international spot prices and the strength of the Indian Rupee against the US Dollar. The per-gram price provides a clear, standardized metric for comparison across different markets and purities.
As always, consumers are advised to check the latest rates and making charges with their local jewellers before finalizing any purchase, as these quoted rates are for the raw gold value and do not include additional costs.
