Gold prices in India fluctuated across different cities on February 7, 2024 as follows:
Average Gold Prices:
- 10 grams of 24-carat gold: Rs 63,230
- 10 grams of 22-carat gold: Rs 58,000
City-wise Gold Prices:
- Mumbai Gold Price:
- 10 grams of 24-carat gold: Rs 63,230
- 10 grams of 22-carat gold: Rs 58,000
- Delhi Gold Price:
- 10 grams of 24-carat gold: Rs 63,330
- 10 grams of 22-carat gold: Rs 58,150
- Chennai Gold Price:
- 10 grams of 24-carat gold: Rs 63,820
- 10 grams of 22-carat gold: Rs 58,500
Silver Prices:
- Silver: Rs 74,500 per kilogram
MCX Futures Prices (as of February 7, 2024):
- Gold futures (expiring on April 05, 2024): Rs 62,470
- Silver futures (expiring on March 05, 2024): Rs 70,310
Factors Influencing Gold Prices:
- Market Forces and Gold Valuation:
- Gold prices are influenced by the dynamics of supply and demand. Increased public interest tends to raise prices, while excess supply can lead to a decline.
- Global Economic Dynamics:
- The state of the global economy plays a significant role in determining gold prices. Economic downturns or recessions often prompt investors to turn to gold as a secure investment, leading to an increase in its value.
- Political Uncertainty:
- Political instability can impact gold prices. Uncertainty or crises in pivotal countries or regions may drive investors to invest in gold as a safe asset, creating heightened demand and increasing the price of gold.
2024 Outlook: Rs 70,000 Per 10 Grams Gold Price:
- The All India Gem and Jewellery Domestic Council (GJC) anticipates that global economic uncertainties and geopolitical tensions will drive gold prices to a historic peak of Rs 70,000 per 10 grams in the coming year.
This outlook underscores the perception of gold as a reliable investment and a valuable safeguard against inflation during times of economic uncertainty.
Please note that gold and silver prices can fluctuate based on various factors, including market demand, global economic conditions, and geopolitical events. It’s always a good idea to check with reliable sources for the most up-to-
date information i.e. MCX and IBJA.
References: https://www.mcxindia.com/products/index/MCXBULLDEX