Introduction:
Gold, often regarded as a symbol of prosperity and a valuable investment, Gold Price in India. As of February 9, 2024, the gold market in India has experienced varied fluctuations. Reflecting the dynamic nature of this precious metal. This article aims to delve into the intricacies of the gold market, focusing on the rates observed on February 9, 2024. And exploring the factors influencing these prices.
Current Gold Prices:
On February 9, 2024, the gold prices in India showcased notable variations across different cities. The steady rate for 10 grams remained above Rs 63,000. For a more detailed perspective, the average cost of 10 grams of 24-carat gold was recorded at Rs 63,160, while the corresponding value for 22-carat gold stood at Rs 57,900. Simultaneously, the silver market demonstrated a steady upward trajectory, reaching Rs 75,000 per kilogram.
City-wise Breakdown:
- Gold Price Today in Mumbai: In Mumbai, the financial capital of India, 10 grams of 22-carat gold is currently priced at Rs 58,900, whereas the same amount of 24-carat gold is valued at Rs 63,160.
- Gold Rate Today in Delhi: In the capital city, Delhi, people have to spend Rs 58,050 for 10 grams of 22-carat gold and Rs 63,310 for the same amount of 24-carat gold.
- Gold Rate Today in Chennai: Chennai witnesses a price of Rs 58,390 for 10 grams of 22-carat gold, and for the same amount of 24-carat gold, it’s Rs 63,710.
Check gold rates today in different cities on February 09, 2024; (In Rs/10 grams)
| CITY | 22 CARAT GOLD PRICE | 24 CARAT GOLD PRICE |
| Ahmedabad | 57,950 | 63,210 |
| Kolkata | 57,900 | 63,160 |
| Gurugram | 58,050 | 63,310 |
| Lucknow | 58,050 | 63,310 |
| Bengaluru | 57,900 | 63,160 |
| Jaipur | 58,050 | 63,310 |
| Patna | 57,950 | 63,210 |
| Bhubaneshwar | 57,900 | 63,160 |
| Hyderabad | 57,900 | 63,160 |
Futures Trading on Multi Commodity Exchange:
On February 9, 2024, the futures for gold set to expire on April 05 were actively traded at Rs 62,404 on the Multi Commodity Exchange. Additionally, silver futures with a March 05, 2024, expiration date were quoted at Rs 70,859.
Factors Influencing Gold Prices in India:
- Market Forces and Gold Valuation: The valuation of gold is intricately tied to the dynamics of supply and demand. A surge in public interest for gold tends to drive its price up, while excess supply can lead to a decline. The delicate balance between these factors plays a crucial role in determining gold prices.
- Global Economic Dynamics: The broader state of the global economy significantly impacts gold prices. During economic downturns or recessions, investors often turn to gold as a secure investment, leading to an increase in its value. Conversely, periods of economic stability might see a moderation in gold prices.
- Political Uncertainty: Political instability can exert considerable influence on gold prices. Instances of uncertainty or crises in pivotal countries or regions may drive investors to safeguard their assets by investing in gold, leading to heightened demand and an increase in gold prices.
2024 Outlook: Rs 70,000 Per 10 Grams Gold Price:
The All India Gem and Jewellery Domestic Council (GJC) has recently projected. That global economic uncertainties and geopolitical tensions are anticipated to drive gold prices. To a historic peak of Rs 70,000 per 10 grams in the coming year. This projection underscores gold’s reputation as a reliable investment and a valuable safeguard against inflation.
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Conclusion:
As we navigate the complex landscape of gold prices in India, it’s clear that various factors. From market forces and economic dynamics to political uncertainty, contribute to the fluctuations observed. The information provided on February 9, 2024. Serves as a snapshot of a market influenced by both domestic and global variables. The outlook for 2024, with a projected peak of Rs 70,000 per 10 grams. Further solidifies gold’s role as a significant player in the investment landscape. Offering both tradition and stability in a constantly evolving financial world. Keeping a keen eye on these factors can empower individuals to make informed decisions. In their engagement with the gold market in India.
