Gold Rate Today In India: As of October 18, there are noticeable fluctuations in the retail rates of 10 grams of gold across various cities, averaging around Rs 60,000. To delve into specifics, 10 grams of 24-carat gold is listed at approximately Rs 60,490, while an equivalent quantity of 22-carat gold is priced at Rs 55,450. Furthermore, the current price of silver is Rs 73,600 per kilogram.
October 18 retail gold rate in India
Delhi Gold Rate
In Delhi, customers need to pay Rs 55,600 for 10 grams of 22-carat gold and Rs 60,640 for the same quantity of 24-carat gold.
Ahmedabad Gold Rate
In Ahmedabad, the current retail price for 10 grams of 22-carat gold is Rs 55,500, and the corresponding amount of 24-carat gold is available at Rs 60,540.
Chennai Gold Rate
In Chennai, the retail price for 10 grams of 22-carat gold is Rs 55,650, and for the same quantity of 24-carat gold, it is Rs 60,710.
Check gold rates today in different cities on October 18, 2023; (In Rs/10 grams)
Multi Commodity Exchange
As of October 18, gold futures expiring on December 05, 2023, were being traded at Rs 59,655 on the Multi Commodity Exchange. Conversely, silver futures with the same maturity date were priced at Rs 72,223.
The retail price of gold represents the sum at which it is sold to consumers within the country. This pricing is influenced by various factors, including the global gold price, the value of the Rupee, and the expenses associated with labour and materials used in crafting gold jewelry.
Here are several factors that can exert influence on the price of gold:
Supply and Demand: The gold price is primarily determined by the dynamic interplay of supply and demand in the market. An increase in demand typically leads to a rise in price, while a surplus in the supply of gold can drive prices down.
Global Economic Conditions: The broader global economic landscape also exerts a substantial impact on gold prices. During periods of global economic instability or recession, investors often turn to gold as a safe haven, causing its price to increase.
Political Instability: Furthermore, political instability can have a notable effect on gold prices. When there is political turmoil or crisis in a significant nation or region, investors may opt to secure their assets by investing in gold as a hedge against uncertainty. This heightened demand can result in an uptick in the price of gold.
Gold carries immense significance in India owing to its cultural importance, investment value, and traditional role in weddings and festivals.
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