As of November 12, 2024, the price of 24-karat gold in India is ₹77,290 per 10 grams, while 22-karat gold is priced at ₹70,850 per 10 grams. Over the past week, the price of 24-karat gold has increased by 1.24%, and it has risen by 2.14% over the past month. In major cities, the prices vary slightly; for instance, in Delhi, 24-karat gold is priced at ₹77,744, and 22-karat gold at ₹71,000. In Mumbai, Chennai, Hyderabad, and Bangalore, the prices are ₹77,729 for 24-karat and ₹71,085 for 22-karat. Ahmedabad and Patna report 24-karat gold at ₹77,734 and 22-karat at ₹71,090. [ea60e9cb]
The MCX gold futures for February 2025 delivery have seen a slight decline of 0.021%, currently trading at ₹76,025 per 10 grams. This fluctuation in gold prices is influenced by ongoing geopolitical tensions and market speculation regarding the Federal Reserve's monetary policy. As reported earlier, gold prices had surged to ₹78,260 per 10 grams in October, nearing the record high of ₹80,000, driven by increased demand for safe-haven assets amid global uncertainties. [5f2f1c56]
In the context of investment strategies, Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, noted the growing interest in MCX Futures and Gold ETFs as alternatives to Sovereign Gold Bonds, especially as their maturities approach. The recent cuts in customs duties on gold have made it more appealing to retail consumers, contributing to the price increases observed throughout the year. [0698eab9]
As the market continues to react to economic indicators, investors are closely monitoring U.S. GDP and inflation data, which could further impact gold and silver prices. Historically, gold has performed well during inflationary periods, although the potential for rate hikes remains a concern for investors. [52916a24]
Overall, the current trends in gold prices reflect a complex interplay of local demand, international market conditions, and economic forecasts, making it a crucial area for investors to watch as 2024 progresses. [637ec47d]