The gold price has fallen today (Friday, March 7), barely a week before the Holi festival. The price of gold dropped by about ₹500, marking a significant decrease that both investors and buyers must take account of. Currently, in major cities of India, the price for 24K gold is ranging around ₹87,400, whereas, for the 22K gold, it is priced slightly above ₹80,150. Silver is quoted at ₹99,100 a kilogram. So if you are looking for a scheme to buy either gold or silver, it is worth checking out the latest rates.
What Caused Gold Rates to Fall?
The recent trends in gold rates have been blamed on hesitation among investors and potential adverse changes to worldwide policy. There is volatility at play in the markets due to possible changes in US tariff policies and key economic variables such as employment and unemployment. The region of uncertainty created there has dampened investor interest, which is now pulling down on demand for the metal.
Gold Rates in the Major Cities of Delhi, Mumbai, Chennai, Kolkata
Here is a brief overview of gold rates in the four key Indian cities for March 7:
| City | 22-Carat Gold (per 10 grams) | 24-Carat Gold (per 10 grams) |
|---|---|---|
| Delhi | ₹80,340 | ₹87,630 |
| Mumbai | ₹80,190 | ₹87,480 |
| Chennai | ₹80,190 | ₹87,480 |
| Kolkata | ₹80,190 | ₹87,480 |
What Determines Gold Prices?
Several components decide India’s gold price, such as:
- International market trend; the international demand and supply largely have a say.
- Government taxes and duties; import duties and GST matter in determining the price.
- Fluctuations in currency, the comparison between the value of the Indian rupee and the US dollar has a huge say in the gold rate.
- Gold, nevertheless, is much more than an investment asset in India; it is closely tied to the Indian culture and Indian emotions. It’s demand peaks during weddings and festivals and other auspicious occasions; thus gold becomes an essential cog in the Indian tradition.