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News Topical, Digital Desk : Gold Price Today: Amid the relaxation in the US monetary policy and the inflation figures there, the price of gold has seen a tremendous rise in the last few days. Gold has reached an all-time high amid the weak condition of the labor market and the highest rate of unemployment in the last four weeks. Gold has climbed 0.48 percent on MCX to Rs 1,09,500 per 10 grams. Whereas, the price of silver has also jumped 1.14 percent to Rs 1,28,383 per kg.

Latest rates in your city

 It is believed that the US central bank Federal Reserve may cut interest rates on September 17. Due to this, positive sentiment is being seen in the market. But, due to geopolitical tensions and high US tariffs on India-China due to the purchase of oil from Russia, gold has attracted investors.

While 24 carat gold is being sold at the rate of Rs 1,11,430 per 10 grams in the national capital Delhi, the price of 22 carat gold is Rs 1,02,150. Whereas in the financial capital Mumbai, Hyderabad, Chennai, Bengaluru and Kolkata, 24 carat gold is trading at the rate of Rs 1,11,280. Similarly, 22 carat gold is being sold at the rate of Rs 1,02,000 at these places. 24 carat gold is purchased only for investment purposes while people buy 22 carat and 18 carat gold to make jewellery.

How is the rate decided?

Gold and silver prices are determined on a daily basis and many factors are responsible for this. These mainly include fluctuations in exchange rates and dollar prices, customs duties and taxes, international market conditions, social and cultural significance of gold in India and inflation and investment outlook.

Since the prices of gold and silver in the international market are fixed in US dollars, changes in the dollar-rupee exchange rate have a direct impact on the price of these metals. If the price of the dollar rises or the rupee weakens, the price of gold in India increases.

Most of the gold in India is imported. In such a situation, customs duty, GST and other local taxes affect the price of gold. Turmoil in the global market (such as war, economic recession or changes in interest rates) has a direct impact on the price of gold . When uncertainty increases in the global market, investors choose safe options like gold instead of stocks or other volatile assets.

In India, gold is not only an investment, but is also associated with tradition and cultural beliefs. Buying gold on weddings, festivals and auspicious occasions is considered auspicious. Therefore, the demand is high, which affects the prices. Gold has long been an option that gives better returns than inflation. When inflation rises or there is risk in the stock market, people prefer to invest in gold. This is the reason why its demand and price always remain the same.


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