Gold Rate Today In India: On January 31, 2024, diverse price shifts in gold were documented across various cities in India. The consistent rate for 10 grams maintained a level of approximately Rs 63,000. To delve into the details, the average price for 10 grams of 24-carat gold registered at Rs 63,270, while the corresponding figure for 22-carat gold was Rs 58,000.
Meanwhile, the silver market demonstrated a steady upward trajectory, reaching Rs 76,500 per kilogram.
Gold rate today in India: Retail gold price on January 31
Gold Price Today In Mumbai
In Mumbai, 10 grams of 22-carat gold is currently priced at Rs 58,000, whereas the same amount of 24-carat gold is valued at Rs 63,270.
Gold Rate Today In Delhi
In Delhi, people have to spend Rs 58,150 for 10 grams of 22-carat gold and Rs 63,420 for the same amount of 24-carat gold.
Gold Rate Today In Chennai
In Chennai, the price for 10 grams of 22-carat gold is Rs 58,500, and for the same amount of 24-carat gold, it’s Rs 63,820.
Check gold rates today in different cities on January 31, 2024; (In Rs/10 grams)
Multi Commodity Exchange
On January 31, 2024, the futures for gold set to expire on April 05 were actively traded at Rs 62,465 on the Multi Commodity Exchange. Furthermore, silver futures with a March 05, 2024, expiration date were quoted at Rs 72,287.
The retail cost of gold in the country is the amount customers pay for it. This price is influenced by various factors, including the global gold price, the value of the Rupee, and the costs associated with labour and materials used in the production of gold jewellery.
Gold is highly important in India because of its cultural significance, its value for investment, and its traditional role in weddings and festivals.
Here are several factors that can exert influence on the price of gold:
Market Forces and Gold Valuation: The valuation of gold is predominantly influenced by the dynamics of supply and demand. If there is a surge in public interest for gold, its price tends to rise. Conversely, an excess supply of gold in the market can lead to a decline in its price.
Global Economic Dynamics: The broader state of the global economy plays a significant role in determining gold prices. During periods of economic downturn or recession, investors often turn to gold as a secure investment, causing an uptick in its value.
Impact of Political Uncertainty: Political instability can also 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, thereby creating heightened demand and causing an increase in the price of gold.
2024 Outlook: Rs 70,000 Per 10 Grams Gold Price
The All India Gem and Jewellery Domestic Council (GJC) has recently said that the current 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 trend establishes gold as a reliable investment and a valuable safeguard against inflation.
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