Gold Rates in India – September 17, 2023
Gold Prices in Different Indian Cities (per 10 grams)
| CITY | 22K GOLD PRICE (Rs/10 GMS) | 24K GOLD PRICE (Rs/10 GMS) |
|---|---|---|
| Delhi | 55,050 | 60,040 |
| Mumbai | 54,900 | 59,890 |
| Kolkata | 54,900 | 59,890 |
| Chennai | 55,300 | 60,320 |
| Bengaluru | 54,900 | 59,890 |
| Hyderabad | 54,900 | 59,890 |
Gold Prices on September 17, 2023
Gold rates in India saw a modest increase on Sunday, with one gram of 22K gold being sold at ₹5,490, and one gram of 24K gold at ₹5,989, according to Goodreturns, a trusted website that tracks daily gold prices.
Factors Affecting Gold Prices
Gold prices in India are influenced by various factors, including:
- Currency Fluctuations: The value of the Indian rupee in relation to the US dollar plays a significant role in determining gold prices. If the rupee weakens against the dollar, gold tends to become more expensive for Indian buyers.
- Global Demand: International factors such as global economic growth, the strength of the US dollar against other currencies, and geopolitical events can impact gold prices.
- Domestic Demand: The demand for gold within India is a crucial factor. If demand is robust, prices tend to rise, and vice versa.
- Interest Rates: Gold prices often move inversely to interest rates. When interest rates rise, gold prices tend to fall, and when interest rates decline, gold prices may increase.
Silver Prices Remain Stable
On the same day, the price of silver in India remained unchanged, with one gram of silver costing ₹74.70. In major cities like Mumbai, Delhi, and Kolkata, 10 grams of silver were priced at ₹747.
In conclusion, while gold prices in India experienced a slight increase on September 17, 2023, several factors continue to influence these rates, including currency fluctuations, global demand, domestic demand, and interest rates. Investors and consumers alike should stay informed about these factors to make informed decisions regarding their gold investments or purchases. Additionally, the stability of silver prices provides an alternative option for those interested in precious metals.
Please note that gold and silver prices can fluctuate frequently, so it’s advisable to check for the latest rates regularly.
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