Gold Rate Today In India: On August 20, the retail price of gold in India for 10 grams of the yellow metal is trending at approximately Rs 59,000 in many cities. Specifically, 10 grams of 24-carat gold is priced at Rs 59,020, while the same quantity of 22-carat gold costs Rs 54,100. In contrast, silver is priced at Rs 73,300 per kilo.
The retail price of 22-carat gold in Ahmedabad is Rs 54,150 per 10 grams and the rate of 24-carat gold is Rs 59,070 per 10 grams. This article will be updated if the prices change during the day.
August 20 Retail Gold Price In India (See table below)
Chennai Gold Price
22 carat gold is Rs 54,500/10 grams in Chennai. Similarly, Tamil Nadu’s capital city has Rs 59,450 per 10 grams retail price of 24 carat gold.
Noida Gold Price
In Noida, 22 carat gold was priced at Rs 54,250/10 gram. For 24 carat, customers have to pay Rs 59,170/10 grams.
Check gold rates today in different cities on August 20, 2023; (In Rs/10 grams)
On August 18, on Multi Commodity Exchange, gold futures maturing on October 05, 2023 were trading at Rs, 58,378. On the other hand, Silver, maturing on Sep 05, was at Rs 70,246.
Gold prices in India are generally influenced by a variety of factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.
Here are some factors that can affect the gold rate:
Demand and supply: The gold rate is primarily determined by the interplay of demand and supply in the market. When the demand for gold increases, the rate tends to rise as well. Conversely, if the supply of gold surges, the rate is likely to decrease.
Global economic conditions: Global economic conditions also exert a significant influence on the gold rate. During times of global economic downturns, investors often turn to gold as a safe haven, leading to an upward push in the gold rate.
Political instability: Furthermore, political instability can have an impact on the gold rate too. In instances where there is political turmoil or crisis in a major country, investors may seek to protect their assets by investing in gold as a hedge against uncertainty, leading to an increase in the gold rate.
Moreover, the retail gold price in India is the price at which gold is sold to consumers in India. It is determined by a number of factors, including the global gold price, the Indian rupee, and the cost of labor and materials involved in manufacturing gold jewellery. The retail gold price in India is typically higher than the global gold price, as it includes a margin for the jeweller and other costs.
Gold is considered as an important part in India due to cultural significance, investment value, and its traditional role in weddings and festivals.
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