Among the different types of precious metals available today, gold is highly valued as an investment. Gold is one of the most favoured investment options in India because of many contributing variables, including its high liquidity and ability to fight inflation.
In addition, the gold rates in India may vary from one city to another. Investing in gold in India? It is essential to understand the future gold trends in India. First, check out the gold rate forecast in India for the next 10 years and the Gold rate forecast in India for the next 5 years.
Gold Rate Today In India
| As on 08-08-2024 | 1 gram | 8 grams | 10 grams | 100 grams |
| 24 Carat Gold | ₹6,894 | ₹55,152 | ₹68,940 | ₹6,89,400 |
| 22 Carat Gold | ₹6,315 | ₹50,520 | ₹63,150 | ₹6,31,500 |
The value of gold is heavily influenced by the current gold rate in India, which is particularly important for anyone thinking about taking out a gold loan. It’s important to monitor the current Indian gold rate, regardless of whether you’re an investor or in need of quick cash.
The price of gold varies every day for a variety of reasons. While using your gold assets as collateral for a gold loan, it is crucial to comprehend the trend in gold prices. It assists you in determining when to apply for a loan and how much your collateral could be worth. Knowing the current live gold price in India is a smart move whether you’re tracking your assets or pledging your gold for financial support.
Gold Rate Forecast Today (07-08-2024)
| Trend | Positive |
| Previous Close | 68,965(MCX Future) |
Gold Rate Resistance / Support
| Resistance | R1 | R2 | R3 |
| ₹ 69,015 | ₹ 69,086 | ₹ 69,157 | |
| Support | S1 | S2 | S3 |
| ₹ 68,903 | ₹ 68,824 | ₹ 68,748 |
Gold Rate Prediction or Forecast for Next Week (05-07-2024 To 09-08-2024)
| Trend | Positive |
| Previous Close | ₹ 70,255 (MCX Future) |
Gold Resistance / Support
| Resistance | R1 | R2 | R3 |
| ₹ 70,346 | ₹ 70,428 | ₹ 70,584 | |
| Support | S1 | S2 | S3 |
| ₹ 70,126 | ₹ 70,069 | ₹ 69,945 |
| Date | Gold Rate | Change |
| 05-08-2024 | ₹ 70,420 | 0.03% |
| 06-08-2024 | ₹ 70,450 | 0.04% |
| 07-08-2024 | ₹ 70,440 | -0.01% |
| 08-08-2024 | ₹ 70,450 | 0.01% |
| 09-08-2024 | ₹ 70,480 | 0.04% |
| 10-08-2024 | ₹ 70,510 | 0.04% |
| 11-08-2024 | ₹ 70,500 | -0.01% |
You can find the gold rate prediction for the upcoming week here. Our expert analysts thoroughly analyze market trends, economic indicators, and geopolitical factors to provide a reliable forecast. Global economic uncertainties, including geopolitical tensions and fluctuations in major currency exchange rates, are expected to play a pivotal role in shaping gold prices.
Gold Rate Forecast for Next 31 Days – Gold Price Prediction India
Gold rate forecast for the next 31 days helps you plan for your investments. Our gold price prediction India will help you monitor market fluctuations, understand price trends and make informed investment decisions. Whether you’re tracking gold for personal investments or business decisions, our detailed insights ensure you stay ahead in the dynamic gold market.
| Date | Gold Rate (10 Gram) | Price Change | Change% |
| 01-08-2024 | ₹ 70,340 | ₹ 30 | 0.04% |
| 02-08-2024 | ₹ 70,360 | ₹ 20 | 0.03% |
| 03-08-2024 | ₹ 70,390 | ₹ 30 | 0.04% |
| 04-08-2024 | ₹ 70,400 | ₹ 10 | 0.01% |
| 05-08-2024 | ₹ 70,420 | ₹ 20 | 0.03% |
| 06-08-2024 | ₹ 70,450 | ₹ 10 | 0.04% |
| 07-08-2024 | ₹ 70,440 | -₹ 10 | -0.01% |
| 08-08-2024 | ₹ 68,940 | ₹ 10 | 0.01% |
| 09-08-2024 | ₹ 70,480 | ₹ 30 | 0.04% |
| 10-08-2024 | ₹ 72,510 | ₹ 30 | 0.04% |
| 11-08-2024 | ₹ 70,500 | -₹ 10 | -0.01% |
| 12-08-2024 | ₹ 70,530 | ₹ 30 | 0.04% |
| 13-08-2024 | ₹ 70,520 | -₹ 10 | -0.01% |
| 14-08-2024 | ₹ 70,560 | ₹ 40 | 0.06% |
| 15-082024 | ₹ 70,580 | ₹ 20 | 0.03% |
| 16-08-2024 | ₹ 70,620 | ₹ 40 | 0.06% |
| 17-08-2024 | ₹ 70,630 | ₹ 10 | 0.01% |
| 18-08-2024 | ₹ 70,670 | ₹ 40 | 0.06% |
| 19-08-2024 | ₹ 70,680 | ₹ 10 | 0.01% |
| 20-08-2024 | ₹ 70,730 | ₹ 50 | 0.07% |
| 21-08-2024 | ₹ 70,750 | ₹ 20 | 0.03% |
| 22-08-2024 | ₹ 70,480 | ₹ 30 | 0.04% |
| 23-08-2024 | ₹ 70,830 | ₹ 50 | 0.07% |
| 24-08-2024 | ₹ 70,880 | ₹ 50 | 0.07% |
| 25-08-2024 | ₹ 70,920 | ₹ 40 | 0.06% |
| 26-08-2024 | ₹ 70,960 | ₹ 40 | 0.06% |
| 27-08-2024 | ₹ 70,990 | ₹ 30 | 0.04% |
| 28-08-2024 | ₹ 71,020 | ₹ 30 | 0.04% |
| 29-08-2024 | ₹ 71,070 | ₹ 50 | 0.07% |
| 30-08-2024 | ₹ 71,120 | ₹ 50 | 0.07% |
| 31-08-2024 | ₹ 71,150 | ₹ 30 | 0.04% |
Gold Rate Prediction for the Next 6 Months
Gold price forecast suggests that in the coming six months, gold prices are likely to be influenced by a lot of factors such as global economic conditions, geopolitical tensions, and central bank policies. Historically, gold tends to perform well during times of economic uncertainty.
It serves as a hedge against inflation and currency fluctuations. Additionally, any escalation in geopolitical tensions or significant policy shifts by major central banks, such as the Federal Reserve or the European Central Bank, could further drive demand for gold as a safe-haven asset, pushing prices higher.
| Month | Average (For 10 gm gold) | Lowest | Change% (compared to last month) |
| Jan-24 | ₹ 63,650 | ₹ 62,732 | 0.35% |
| Feb-24 | ₹ 63,436 | ₹ 62,552 | -0.34% |
| Mar-24 | ₹ 63,372 | ₹ 62,486 | -0.10% |
| Apr-24 | ₹ 74,240 | ₹ 65,399 | -0.21% |
| May-24 | ₹ 74,026 | ₹ 65,156 | -0.34% |
| Jun-24 | ₹ 75,000 | ₹ 65,056 | -0.04% |
Monthly Gold Price Prediction – Gold Rate Forecast for 2024
Looking ahead, gold rate prediction for 2024 will depend on a variety of macroeconomic trends and market sentiments. Analysts anticipate that gold prices may remain relatively strong, supported by ongoing economic uncertainties and potential inflationary pressures.
As central banks worldwide change interest rate decisions and monetary policies, their actions will significantly impact gold’s appeal as an investment. If interest rates remain low or decrease, gold prices are likely to benefit as investors seek alternatives to traditional fixed-income assets.
Conversely, rising interest rates could apply downward pressure on gold prices, as higher yields make bonds and other interest-bearing assets more attractive.
| Month | Average (For 10 gm gold) | Lowest | Change% (compared to last month) |
| Jul-24 | ₹ 62,860 | ₹ 61,953 | -0.22% |
| Aug-24 | ₹ 62,920 | ₹ 62,023 | 0.1% |
| Sep-24 | ₹ 62,620 | ₹ 62,789 | -0.48% |
| Oct-24 | ₹ 62,780 | ₹ 62,830 | 0.26% |
Today Gold Rate in Coimbatore
Today gold rate in Coimbatore is heavily influenced by the local economy and cultural events. The city’s textile industry and agricultural base contribute to the disposable income of residents and allow them to invest in gold. People increasingly buy gold during festivals like Pongal and Diwali. Therefore gold rates see a spike during this time.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,695 | ₹ 7,304 |
| 8 grams | ₹ 53.560 | ₹ 58,432 |
| 10 grams | ₹ 66,950 | ₹ 73,040 |
| 100 grams | ₹ 6,69,500 | ₹ 7,30,400 |
Today Gold Rate in Vijayawada
Today’s gold rate in Vijayawada fluctuates with the agrarian economy and local cultural events. The city is a key trading hub in Andhra Pradesh, and agricultural harvests can significantly impact gold purchasing power. Additionally, global gold prices and national economic policies also play a role in determining the local gold rate Factors such as international gold demand, currency exchange rates, and changes in import duties directly affect the prices in Vijayawada.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,635 | ₹ 7,238 |
| 8 grams | ₹ 53,080 | ₹ 57,904 |
| 10 grams | ₹ 66,350 | ₹ 72,380 |
| 100 grams | ₹ 6,63,500 | ₹ 7,23,800 |
Today Gold Rate in Bangalore
Bangalore, being a cosmopolitan city, sees gold prices influenced by its tech-driven economy and high disposable income among its residents. Further, the presence of numerous gold retail chains and exhibitions often leads to competitive pricing and promotional offers.
The presence of a well-informed and affluent customer base, who view gold as a reliable investment, adds to the overall demand. This shapes the overall gold prices in Bangalore.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,635 | ₹ 7,238 |
| 8 grams | ₹ 53,080 | ₹ 57,904 |
| 10 grams | ₹ 66,350 | ₹ 72,380 |
| 100 grams | ₹ 6,63,500 | ₹ 7,23,800 |
Today Gold Rate in Mysore
The gold rate today in Mysore is influenced by its cultural heritage and tourism industry. Tourists and locals buy gold as souvenirs and gifts which highly impact the gold demand. Also, Mysore’s wedding season sees families investing in gold jewellery which further fluctuates gold prices.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,635 | ₹ 7,238 |
| 8 grams | ₹ 53,080 | ₹ 57,904 |
| 10 grams | ₹ 66,350 | ₹ 72,380 |
| 100 grams | ₹ 6,63,500 | ₹ 7,23,800 |
Today Gold Rate in Chennai
Chennai’s gold rates are largely driven by its strong cultural ties to gold and a robust economy. Chennai plays a key role as a major trade and economic hub in India. Therefore global gold price trends and currency exchange rates significantly affect today’s gold rate in Chennai.
Plus, the city is a major hub for gold trading and home to some of the largest and oldest jewellery markets in India known for their extensive collections and competitive pricing.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,695 | ₹ 7,304 |
| 8 grams | ₹ 53.560 | ₹ 58,432 |
| 10 grams | ₹ 66,950 | ₹ 73,040 |
| 100 grams | ₹ 6,69,500 | ₹ 7,30,400 |
Today Gold Rate in Mumbai
Mumbai, being the financial capital of India, sees gold prices influenced by global market trends, currency fluctuations, and local demand. The city has a diverse population. They purchase gold for various reasons, from investment to cultural traditions.
Festivals, particularly Diwali and Ganesh Chaturthi, along with the wedding season also determine will the gold rate decrease in the coming days. Additionally, the city’s status as a major hub for gold imports and exports means that international trade policies and economic conditions directly affect local prices.
The presence of numerous jewellers and competitive markets, such as Zaveri Bazaar, one of the largest gold markets in India, ensures that gold prices in Mumbai remain dynamic and responsive to market changes. Investors who are keen about whether the gold rate increase or decrease in the coming days, should keep all the above factors in mind.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,635 | ₹ 7,238 |
| 8 grams | ₹ 53,080 | ₹ 57,904 |
| 10 grams | ₹ 66,350 | ₹ 72,380 |
| 100 grams | ₹ 6,63,500 | ₹ 7,23,800 |
Today Gold Price in Pune
Gold rate today in Pune is influenced by its growing economy and cultural diversity. The city’s cultural and religious significance majorly impacts the gold rates. Plus the city is also a major IT and educational hub.
Both these sectors contribute to higher disposable incomes, hence the demand for gold increases. Just like any other city in India, Pune also witnesses a rise in the demand and prices of gold during the wedding season.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,635 | ₹ 7,238 |
| 8 grams | ₹ 53,080 | ₹ 57,904 |
| 10 grams | ₹ 66,350 | ₹ 72,380 |
| 100 grams | ₹ 6,63,500 | ₹ 7,23,800 |
Today Gold Rate in Indore
Gold prices in Indore are influenced by the city’s growing economy and cultural events. The agricultural sector also plays a role, as successful harvests increase the disposable income of farmers. This leads to higher gold purchases.
Moreover, global factors such as international gold prices, currency exchange rates, and national economic policies play a crucial role in determining the local gold rate. Indore’s expanding retail market and competitive jewellery shops, known for their unique designs and quality craftsmanship, attract buyers, influencing today’s gold rate in Indore.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,640 | ₹ 7,243 |
| 8 grams | ₹ 53,120 | ₹ 57,944 |
| 10 grams | ₹ 66,400 | ₹ 72,430 |
| 100 grams | ₹ 6,64,000 | ₹ 7,24,300 |
Today Gold Rate in Delhi
In Delhi, gold prices are impacted by a combination of local demand, international gold rates, and economic factors. The capital city’s people buy gold during festivals like Diwali and Dhanteras, and the wedding season also detrains the gold rate today in Delhi.
Economic policies, import duties, and currency exchange rates further decide will the gold rate decrease in the coming days by 22 carats or not. These factors make Delhi a dynamic market for gold trade.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,650 | ₹ 7,253 |
| 8 grams | ₹ 53,200 | ₹ 58,024 |
| 10 grams | ₹ 66,500 | ₹ 72,530 |
| 100 grams | ₹ 6,65,000 | ₹ 7,25,300 |
Today Gold Price in Gurgaon
Gold prices today in Gurgaon are influenced by the city’s rapidly growing economy and cultural diversity. Festivals like Diwali and Karva Chauth see a significant increase in gold purchases. The city’s IT and corporate sectors contribute to higher disposable incomes, leading to increased gold demand. Additionally, the wedding season impacts gold prices, with families investing heavily in gold jewellery.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,650 | ₹ 7,253 |
| 8 grams | ₹ 53,200 | ₹ 58,024 |
| 10 grams | ₹ 66,500 | ₹ 72,530 |
| 100 grams | ₹ 6,65,000 | ₹ 7,25,300 |
Today Gold Price in Lucknow
Lucknow, the capital of Uttar Pradesh is one of the largest cities in northern India. The demand for gold is high like major cities in India. Here, people mainly buy gold during Navratri and Diwali. Further, economic activities in Lucknow significantly impact gold price today in Lucknow. Plus, the agricultural sector’s performance also plays a determining role, as successful harvests increase disposable incomes. This results in a higher gold rate in the city.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,650 | ₹ 7,253 |
| 8 grams | ₹ 53,200 | ₹ 58,024 |
| 10 grams | ₹ 66,500 | ₹ 72,530 |
| 100 grams | ₹ 6,65,000 | ₹ 7,25,300 |
Today Gold Price in Kanpur
Gold price today in Kanpur are determined by cultural traditions and the city’s economic activities. Festivals like Diwali and Holi see a rise in gold purchases due to local customs. The city’s thriving leather and textile industries contribute to disposable incomes, leading to increased gold demand. The wedding season also significantly impacts gold prices, with families investing heavily in gold jewellery.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,650 | ₹ 7,253 |
| 8 grams | ₹ 53,200 | ₹ 58,024 |
| 10 grams | ₹ 66,500 | ₹ 72,530 |
| 100 grams | ₹ 6,65,000 | ₹ 7,25,300 |
Today Gold Price in Surat
Surat is recognized as one of the highest gold consumers in India. Further, investors play a major role in maintaining the higher gold rates in Surat. Further, Gold prices in Surat are driven by the city’s thriving diamond and textile industries, which boost the local economy.
Festivities such as Diwali and Navratri are peak times for gold purchases, reflecting traditional and cultural values. A strong business community invests in gold for ornamental and investment purposes. This highly impacts the local gold prices.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,640 | ₹ 7,243 |
| 8 grams | ₹ 53,120 | ₹ 57,944 |
| 10 grams | ₹ 66,400 | ₹ 72,430 |
| 100 grams | ₹ 6,64,000 | ₹ 7,24,300 |
Today Gold Rate in Patna
The gold rate in Patna is influenced by cultural events and the rural economy. Festivals like Chhath Puja and Diwali boost gold purchases, while successful agricultural seasons increase disposable incomes. Weddings also significantly impact the gold market, with families investing heavily in gold jewellery.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,640 | ₹ 7,243 |
| 8 grams | ₹ 53,120 | ₹ 57,944 |
| 10 grams | ₹ 66,400 | ₹ 72,430 |
| 100 grams | ₹ 6,64,000 | ₹ 7,24,300 |
Today, the Gold Price in Kolkata
Gold Price in Kolkata is heavily impacted by cultural events and economic factors. Cultural events like Durga Puja and Diwali boost gold purchases due to traditional practices. The city’s residents also invest in gold during the wedding season. Additionally, Kolkata’s role as a major trade hub means global gold price trends and currency fluctuations impact local gold rates.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,635 | ₹ 7,238 |
| 8 grams | ₹ 53,080 | ₹ 57,904 |
| 10 grams | ₹ 66,350 | ₹ 72,380 |
| 100 grams | ₹ 6,63,500 | ₹ 7,23,800 |
Today Gold Price in Ahmedabad
Gold price today in Ahmedabad are driven by the city’s strong economic base and cultural traditions. Festivals like Navratri and Diwali see a spike in gold purchases, reflecting local customs. Textile and diamond industries boost disposable incomes. This automatically increased gold demand. Wedding season significantly impacts gold prices due to heavy investment in gold jewellery.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,640 | ₹ 7,243 |
| 8 grams | ₹ 53,120 | ₹ 57,944 |
| 10 grams | ₹ 66,400 | ₹ 72,430 |
| 100 grams | ₹ 6,64,000 | ₹ 7,24,300 |
Today Gold Price in Hyderabad
Cultural heritage and economic growth mainly drive gold demand in Hyderabad. Gold price today Hyderabad are impacted by many factors. For example, festivals like Diwali and Ugadi see a rise in gold buyers. This is primarily driven by traditional practices.
Also, the IT sector and growing economy contribute to higher disposable incomes. As a result, gold demand increases. Like other major cities, Hyderabad’s wedding season also impacts gold prices as families buy gold jewellery.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,635 | ₹ 7,238 |
| 8 grams | ₹ 53,080 | ₹ 57,904 |
| 10 grams | ₹ 66,350 | ₹ 72,380 |
| 100 grams | ₹ 6,63,500 | 7,23,800 |
Today Gold Price in Jaipur
Gold price today in Jaipur is affected by the city’s cultural richness and tourism industry. Every Indian state experiences high gold rates during Diwali. However, in Jaipur, Teej is also one of the major celebrations that increases gold purchases due to the customs.
Also, the “Pink City” which is home to many royal palaces. It attracts a significant number of tourists from across the globe. Further, the gemstone industry also contributes to higher disposable incomes and increases gold demand as well as rates.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,650 | ₹ 7,253 |
| 8 grams | ₹ 53,200 | ₹ 58,024 |
| 10 grams | ₹ 66,500 | ₹ 72,530 |
| 100 grams | ₹ 6,65,000 | ₹ 7,25,300 |
Today Gold Rate in Ayodhya
The historical city of Ayodhya is primarily known for being the birthplace of Lord Rama. It holds immense religious significance. Therefore it attracts millions of pilgrims and tourists, especially during religious festivals like Ram Navami and Diwali. These visitors often buy gold as offerings or souvenirs. This is one of the major factors that impact the gold rate in Ayodhya.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,650 | ₹ 7,253 |
| 8 grams | ₹ 53,200 | ₹ 58,024 |
| 10 grams | ₹ 66,500 | ₹ 72,530 |
| 100 grams | ₹ 6,65,000 | ₹ 7,25,300 |
Today Gold Rate in Bhopal
Today gold rate in Bhopal are shaped by cultural traditions and economic activities. Festivals like Diwali and Eid see an increase in gold purchases, reflecting local customs. The agricultural sector’s performance also plays a role, with successful harvests leading to higher disposable incomes and increased gold demand. The wedding season further boosts gold purchases in the city.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,640 | ₹ 7,243 |
| 8 grams | ₹ 53,120 | ₹ 57,944 |
| 10 grams | ₹ 66,400 | ₹ 72,430 |
| 100 grams | ₹ 6,64,000 | ₹ 7,24,300 |
Today Gold Rate in Agra
Gold rate today in Agra is affected by its rich cultural heritage and tourism industry. Festivals like Diwali and Holi see a rise in gold purchases due to traditional practices. The city’s thriving tourism sector contributes to disposable incomes, increasing gold demand. Additionally, the wedding season significantly impacts gold prices, with families investing heavily in gold jewelry. The presence of numerous jewelers and competitive markets also affect local gold rates.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,650 | ₹ 7,253 |
| 8 grams | ₹ 53,200 | ₹ 58,024 |
| 10 grams | ₹ 66,500 | ₹ 72,530 |
| 100 grams | ₹ 6,65,000 | ₹ 7,25,300 |
Today Gold Price in Bhubaneswar
Gold price today in Bhubaneswar are impacted by cultural events and the local economy. Festivals like Durga Puja and Diwali see a surge in gold purchases, driven by traditional customs. The city’s growing IT and education sectors contribute to higher disposable incomes, increasing gold demand. The wedding season further boosts gold purchases in Bhubaneswar.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,635 | ₹ 7,238 |
| 8 grams | ₹ 53,080 | ₹ 57,904 |
| 10 grams | ₹ 66,350 | ₹ 72,380 |
| 100 grams | ₹ 6,63,500 | ₹ 7,23,800 |
Today Gold Price in Amritsar
Gold price today in Amritsar are driven by cultural events and the city’s economic activities. Festivals like Diwali and Baisakhi see a rise in gold purchases, reflecting local traditions. The city’s thriving trade and tourism sectors contribute to disposable incomes, leading to increased gold demand. The wedding season also impacts gold prices, with families investing in gold jewellery.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,650 | ₹ 7,253 |
| 8 grams | ₹ 53,200 | ₹ 58,024 |
| 10 grams | ₹ 66,500 | ₹ 72,530 |
| 100 grams | ₹ 6,65,000 | ₹ 7,25,300 |
Today Gold Rate in Aurangabad
Gold rate today in Aurangabad are decided by cultural events and the local economy. Festivals like Diwali and Gudi Padwa see a surge in gold purchases, driven by traditional practices. The city’s growing industrial base and tourism sector contribute to higher disposable incomes, increasing gold demand. The wedding season further impacts gold prices, with families investing in gold jewellery.
| Gram | 22 carats today | 24 carats today |
| 1 gram | ₹ 6,635 | ₹ 7,238 |
| 8 grams | ₹ 53,080 | ₹ 57,904 |
| 10 grams | ₹ 66,350 | ₹ 72,380 |
| 100 grams | ₹ 6,63,500 | ₹ 7,23,800 |
Historical Overview Of Gold Price In India
In India, gold investors have made some respectable returns during the past ten years. Prices have increased as a consequence of a combination of a decline in the rupee and a surge in global prices, giving investors respectable annualised returns. Let’s examine the historical gold prices during the previous ten years. Indeed, in the previous 20 years, the price of gold has increased by about ten times.
| Year | Average Gold Rate |
| 2013 | Rs.29,600.00 |
| 2014 | Rs.28,006.50 |
| 2015 | Rs.26,343.50 |
| 2016 | Rs.28,623.50 |
| 2017 | Rs.29,667.50 |
| 2018 | Rs.31,438.00 |
| 2019 | Rs.35,220.00 |
| 2020 | Rs.48,651.00 |
| 2021 | Rs.48,720.00 |
| 2022 | Rs.52,670.00 |
| 2023 | Rs.58,385.00 |
| 2024 (Till Today) | Rs.72,800(approx.) |
India’s gold prices in 2023 have been erratic. The price of gold has increased dramatically since 2022. The price of yellow metal has risen by over Rs. 3,000 in the first half of the year, representing a gain of nearly 6.5%. Gold prices have increased as a result of the US Fed raising interest rates, the Russia-Ukraine war, and inflation. Since the start of the year, the stock market has declined due to the rise in demand for gold.
Apart from a few low points in between a few years. The fact that the gold price trend has historically been rising is demonstrated, which supports the claim that gold is a long-term, secure investment.
Factors Affecting Gold Prices And Gold Rate Forecast In India
Below are some factors that have been found to affect the gold prices and gold rate price in India.
Inflation
Gold prices may be significantly impacted by inflation, which is the rise in the cost of goods and services. As a result of the declining value of money, greater levels of inflation typically translate into higher gold prices. This is because inflation and gold prices are strongly correlated. This is since given that gold’s value would likely stay steady in a gold price forecast in India, individuals will often choose to keep money in the form of gold during periods of inflation, which will raise demand.
Indian Jewellery Market
Indian households have long considered gold to be a strategic asset that has grown to be an essential component of Indian culture. Gold has a unique position in Indian families, from its usage in ornate wedding rituals to the adornment of oneself with jewellery during significant holidays like Diwali.
As a consequence of the increased demand from consumers, the price of gold rises throughout the wedding and festival seasons.
Interest Rates
Under normal conditions, interest rates and gold prices have historically had an inverse connection; that is, individuals typically choose to sell gold to gain a bigger profit when interest rates rise. On the other hand, when interest rates drop, more individuals choose to purchase gold, which drives up both its price and demand.
Monsoon Performance
India uses approximately 800-850 tonnes of gold yearly, with up to 60% of that consumption occurring in rural areas, according to studies. As a result, the need for gold in rural areas is crucial to the nation’s overall demand, and farmers’ livelihoods depend on producing bumper crops.
Good monsoon rains increase the nation’s demand for gold, leading farmers—who use about one-third of the nation’s gold—to purchase the metal to build assets.
Geo-political Factors
Given that India is one of the biggest users of gold, every change in the price of the metal internationally has an impact on the price of gold in India. In addition, investors view gold as a refuge during times of political unrest or geopolitical unrest, which raises the metal’s demand and, consequently, its price. Gold is a crisis commodity for parking money since, in general, demand for it increases during such crises, while other asset classes would often witness a decline in value.
Safety from Uncertainty
In volatile markets, people typically want to invest in or purchase gold as an asset. This might be the result of a downturn in the economy or political unrest. Since gold’s worth doesn’t fluctuate over time, it’s considered a good choice in situations where other assets lose value. Moreover, uncertainty is more psychological than quantitative, in contrast to other variables affecting the price of gold.
Dollar Rate
It is critical to comprehend how India’s gold price is impacted by the rupee-dollar exchange rate. Given that most physical gold is imported, a decline in the value of the rupee relative to the US dollar will increase the price of gold. Thus, India’s demand for gold may suffer from a declining rupee.
Import Duty
India is responsible for less than 1% of the world’s total gold output. However, India has long held the position of being the second-largest consumer of gold. India imports a significant quantity of gold as a result of the growing demand for yellow metal. Therefore, major duties have a big impact on gold prices.
Government Reserves
Along with money, the Reserve Bank of India (like do the central banks of most other nations) maintains reserves of gold. When the RBI starts purchasing more gold than it is selling, the price of gold rises. This is because there is a shortage of gold due to the market’s increased cash flow.
The Conclusion
For years, gold has been considered a safe and reliable investment avenue for all types of investors from housewives to businessmen, working professionals, and others. The gold rate in India has seen an uprise for several years and this makes it a wonderful investment option. However, as gold prices change very frequently, it is necessary to keep a close watch on the gold rate forecast in India or the gold price forecast to plan your gold investment. Do check the gold rate for today and the gold rate for tomorrow before making any investment in gold.
FAQ
Qu1. Which type of gold investment is best in India?
Ans. According to investment experts, investing in gold bars, coins, or biscuits is known to be the best gold investment in India. Here, making costs are extremely cheap, and selling yields strong profits. However, theft and storage are two frequent risks associated with owning real gold.
Qu2. Is gold better than FD?
Ans. Your risk tolerance, financial objectives, and other individual characteristics will all play a role in your decision between gold and FDs. To minimise risk and increase rewards, it is typically a good idea to diversify your assets among a variety of asset classes and check the gold rate for today and tomorrow. It’s also critical to take into account elements like taxes, fees, and costs related to various investing alternatives.
Qu3. What will be the gold price in 2025 in India?
Ans. Going by the latest gold rate price in India, the gold price in 2025 can be expected to touch the figure of Rs. 75,000.
Qu4. Are there any risks in buying gold as an investment?
Ans. Going by historical trends, investing in gold doesn’t carry any risk as far as its return value is concerned.
Qu5. What is the gold price forecast for the future?
Ans. Months of price increases have seen gold hit an all-time high of ₹60,000 per 10 grams. The present share market correction, which has caused the price of listed stocks to decline on the NSE and BSE and lowered the total investment value, is the primary cause of the increase in the price of gold. In India, gold investing appears to have a bright future.
Qu6. How can you invest in Digital Gold?
Ans. Investors have the option to purchase specific gold goods straight from stock exchanges by using mutual funds for Gold ETFs or RBI’s SGB series for SGB investments. When the digital gold investments mature, they may be sold on stock markets or redeemed.
Qu7. Is gold a good long-term investment or a short-term one?
Ans. Although gold’s performance varies from year to year, it has a history of holding its value over extended periods. Gold is another asset that is easily bought and sold since it is both liquid and accessible.