The gold market is agog, to say the least, as this week, prices have stratospherically soared. If you have been on top of the gold rate, you will know that this time the precious commodity has seen an unprecedented surge, crossing the ₹1,000 limit in just a week.
It’s for everybody: Investors, jewelry lovers, or anyone who intends to get their hands on it for an upcoming occasion is beyond missing. Time to get down to business and check out why the price of gold is going up as well as those updated rates on 22 and 24-karat gold across the major Indian cities.
Rising Gold Prices
Gold has always reflected wealth and security, and while the demand for it grows increasingly due to market fluctuations, here are some of the few reasons that have instigated the recent rise in gold rates:
- Global Economic Uncertainty: Shifts in US tax policies and other critical economic data that include employment rates have left a great deal of instability in the market. Hence, investors are looking for a safe haven asset to them in the form of gold.
- Rising Demand: The demand for gold still stays strong even after the wedding and festival seasons. With Holi approaching, the demand for gold jewelry and coins has increased.
- International Influence: The rise in international prices was the effect of domestication for the gold. The more the international demand increases, the more the prices will go up in India.
Gold Rates This Week: The Record-Breaking Rise
This week, the most visible change in the Indian market occurred in the gold price, with one of the tallest leaps for 2023. Here are the states of increase:
- 24-carat gold: Increased by ₹1,090 per 10 grams.
- 22-carat gold: Rose by ₹1,000 per 10 grams.
Experts predict that the upward trend will continue throughout March, with prices potentially touching ₹90,000 per 10 grams for 24-carat gold.
Gold Rates in Major Indian Cities
Here’s a city-wise update on the latest gold rates for both 22-carat and 24-carat gold:
New Delhi and Mumbai
- 24-carat gold: ₹87,860 per 10 grams (Delhi) | ₹87,710 per 10 grams (Mumbai)
- 22-carat gold: ₹80,550 per 10 grams (Delhi) | ₹80,400 per 10 grams (Mumbai)
Kolkata and Chennai
- 24-carat gold: ₹87,710 per 10 grams
- 22-carat gold: ₹80,400 per 10 grams
Jaipur, Lucknow, and Chandigarh
- 24-carat gold: ₹87,860 per 10 grams
- 22-carat gold: ₹80,550 per 10 grams
Hyderabad
- 24-carat gold: ₹87,710 per 10 grams
- 22-carat gold: ₹80,400 per 10 grams
Bhopal and Ahmedabad
- 24-carat gold: ₹87,760 per 10 grams
- 22-carat gold: ₹80,450 per 10 grams