Today’s Gold Prices in India
₹73180 (-72.00) 24 Carat Gold Rate (10 grams)
₹67034 (-66.00) 22 Carat Gold Rate (10 grams)
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India, a significant player in the global gold market, stands as the world’s second-largest consumer of gold, trailing only behind China. This substantial demand is met through a combination of imports and local recycling. Consequently, the domestic gold prices are not solely influenced by international prices, which are set in dollars, but also by import duties and other taxes. The value of gold, often seen as a hedge against inflation, is further influenced by bond yields and the dollar rate.
Gold, a versatile and highly valued asset, is considered a solid investment in India. Its prices, which fluctuate with the market, are closely monitored during trading. In the Indian market, we witness the diversity of gold types being traded, with 24K and 22K being the most common. 24K gold, the purest form at 99.99% purity, is too soft for making jewelry but finds its use in other industries. On the other hand, 22K gold, a blend of 22 parts gold and 2 parts other metals like copper and zinc, is the preferred choice for jewelry making, reflecting the cultural significance of gold in India.
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India, as the largest importer of gold, plays a pivotal role in the global gold trade. The primary driver of this import is the demand from India’s robust jewelry industry, leading to an annual import of between 800 and 900 tonnes of gold.