Gold rates today in various Indian cities

Gold price

 Gold prices in India remained steady on Monday as investors awaited the outcome of the US Federal Reserve’s policy meeting later this week. The Fed is expected to provide clues on its tapering plans and interest rate outlook, which could impact the demand for gold as a safe haven.

According to Goodreturns.in, the price of 24-carat gold was INR 60,550 per 10 grams in Mumbai, Delhi, Pune and Vadodara, while it was INR 61,000 per 10 grams in Chennai and Coimbatore. The price of 22-carat gold was INR 55,500 per 10 grams in most cities, except Chennai and Coimbatore, where it was INR 55,900 per 10 grams.

Factors influencing gold prices in India

Various factors, such as international gold prices, currency exchange rates, import duties, local demand and supply, and geopolitical tensions, influence gold prices in India. Some of the key factors that affect gold prices in India are:

  • International gold prices: Gold prices in India are largely determined by international gold prices denominated in US dollars. Global economic growth, inflation expectations, central bank actions, market sentiment, and geopolitical events influence international gold prices.
  • Currency exchange rates: Gold prices in India are also affected by currency exchange rates, especially the US dollar-INR rate. A stronger rupee makes gold cheaper for Indian buyers, while a weaker one makes gold more expensive.
  • Import duties: India is one of the largest importers of gold in the world, as most of its domestic demand is met through imports. The government imposes import duties on gold to curb its current account deficit and discourage excessive gold consumption. The import duties on gold are currently at 12.5%, which adds to the cost of gold for Indian buyers.
  • Local demand and supply: The local demand and supply dynamics also influence gold prices in India. The demand for gold in India is mainly driven by jewellery consumption, investment demand, and festive and wedding seasons. The supply of gold in India depends on the availability of imported gold, domestic recycled gold, and smuggled gold.
  • Geopolitical tensions: Gold prices in India are also sensitive to geopolitical tensions, both at home and abroad. Gold is considered a safe-haven asset that investors flock to during times of uncertainty and risk aversion. Any escalation of conflicts or instability in regions such as the Middle East, Asia-Pacific, or Europe could boost the demand for gold and push its prices higher.
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Gold rates today in major Indian cities

The following table shows today’s gold rates (June 12, 2023) in major Indian cities for 24-carat and 22-carat gold per 10 grams.

City 24-carat 22-carat
Mumbai INR 60,550 INR 55,500
Delhi INR 60,550 INR 55,500
Pune INR 60,550 INR 55,500
Vadodara INR 60,550 INR 55,500
Chennai INR 61,000 INR 55,900
Coimbatore INR 61,000 INR 55,900
Bangalore INR 60,730 INR 55,650
Hyderabad INR 60,550 INR 55,500
Kolkata INR 60,680 INR 55,500
Ahmedabad INR 60,730 INR 55,650
Jaipur INR 60,700 INR 55,650
Lucknow INR 60,700 INR 55,650
Nagpur INR 60,550 INR 55,500
Bhubaneswar INR 60,550 INR 55,500
Mangalore INR 60,600 INR 55,550
Noida INR 60,700 INR 55,650
Gurgaon INR 60,700 INR 55,650
Ghaziabad INR 60,700 INR 55,650</
Average INR 60,660.67 INR 55,583.33
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The gold rates may vary slightly depending on the jeweller and the quality of gold. It is advisable to check the gold rates with your local jeweller before buying or selling gold.

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