Gold price dips in India as year-end approaches; Check city-wise rates & what it means

Gold Prices witness a dip with 24- carat gold at ₹7751.3/gm and silver at ₹94000/kg. Explore city-specific trends and key influencing factors.

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Gold and silver rates on Tuesday showcased noticeable changes, reflecting the ongoing shifts in the globe and domestic markets. In the case of Delhi, the 24-carat gold price stands at Rs 77513 per 10 grams, a decrease of Rs 650 from yesterday (December 2). Similarly, 22-carat gold is now at Rs 71063 per 10 grams, down by Rs 600. Meanwhile, the silver rates had dropped to Rs 94000 per kilogram, a Rs 500 decline.

City- Specific Trends 

  • Delhi: 24-carat gold is priced at ₹77513/10 grams, and silver at ₹94000/kg.
  • Mumbai: Gold costs ₹77367/10 grams, with silver at ₹93300/kg.
  • Chennai: Gold is at ₹77361/10 grams, and silver at ₹102100/kg.
  • Kolkata: Gold stands at ₹77365/10 grams, and silver at ₹94800/kg. 

Weekly and Monthly Patterns

As per the observations of the last week, 24-carat gold prices have decreased by 0.98% but show a 3.07% increase over the past month. Silver has similarly fluctuated, influenced by varying demand and international economic factors. 

Key Influencing Factors 

  • Gold and silver rates depend on a mix of global and local factors:
  • Global factors: The fluctuations in international demand, particularly from major economies, play a paramount role. 
  • US Dollar Index: A strong dollar often subjugates the gold price on global platforms.
  • Government Policies: Important duties and taxation policy in India, explicitly impacts the price. 
  • Festive and Seasonal Demand: The annual wedding seasons in India lead to periodic hikes in the demand and prices of gold and silver. 

Market Future Update 

As per the experts mentioned in HT, the gold futures for February 2025 are trading at  Rs 76,840 per 10 grams, while silver futures for December 2024 at Rs 89,229 per kilogram. This suggests investors remain sanguine about these metals despite the minor price fluctuation in the short term. 

Examining from financial perspective

As for the perception of the investors and consumers, today's sink in price sets an occasion for the purchase of gold and silver at a comparatively lower price. Eventually, this happened when the year 2024 is all set to end. Also, all festive seasons have already ended. Having updated about the daily trends ensures better financial planning for both investment and consumption. 


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