Gold price today in India: Retail gold price in India is around Rs 59,000 in many cities July 2nd. 10 grams of 24 carat gold was priced at €59,040. The same amount of 22-carat variety costs €54,150. On the other hand, silver was priced up €71,900 per kg. This article will be updated if the price changes during the day.
Gold price on July 2 in Delhi, Mumbai and other cities in India (see table below)
22 carat gold was Rs 54,440/10 grams in Chennai. Similarly, the capital of Tamil Nadu has Rs 59,350 per 10 grams selling price of 24 carat gold.
In Noida22 carat gold was priced at €54,300/10 grams. Customers have to pay for 24 carats €59,220/10 grams.
As for selling prices in different cities, Ahmedabad has a retail gold price of Rs 54,200 (22 carats). Rs 59,120 per 10 grams is the retail price of 24-karat gold in the city.
Check gold rates in different cities on July 2, 2023 today; (In Rs/10 grams)
| City | 22 carat gold price | 24 carat gold price |
| Delhi | 54,300 | 59,220 |
| Mumbai | 54,150 | 59,070 |
| Kolkata | 54,150 | 59,070 |
| Lucknow | 54,300 | 59,220 |
| Bengaluru | 54,150 | 59,070 |
| Jaipur | 54,300 | 59,220 |
| Patna | 54,200 | 59,120 |
| Bhubaneswar | 54,150 | 59,070 |
| Hyderabad | 54,150 | 59,070 |
On June 30 on Multi commodity exchangegold futures expiring August 4, 2023 traded at €58,190. On the other hand, Silver, which expires on July 05, was up €70,010.
Here are some factors that can affect the gold price:
Supply and demand: The gold price is largely determined by the supply and demand of gold in the market. If the demand for gold increases, the price will also rise. Conversely, if the supply of gold increases, the rate will fall.
Global economic conditions: The gold price is also influenced by global economic conditions. For example, if the global economy goes bad, investors can flock to gold as a safe haven, which will drive up the gold price.
Political instability: Political instability can also affect the gold price. For example, if there is a political crisis in a major country, investors can buy gold as a hedge against uncertainty, which will drive up the gold price.
In addition, the retail price of gold 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 price of gold, the Indian rupee, and the cost of labor and materials involved in manufacturing gold jewelry. The retail gold price in India is usually higher than the global gold price because it includes a jeweler’s margin and other costs.
Gold is considered an important item in India due to its cultural significance, investment value and its traditional role in weddings and festivals.
Gold prices in India are generally influenced by several factors, including global economic conditions, inflation rates, currency fluctuations, and local supply and demand dynamics.
Meanwhile, according to recent government data, India’s gold imports, which affect the current account deficit, fell by 24.15 percent to $35 billion in 2022-2023 due to global economic uncertainties.
Imports of the yellow metal totaled $46.2 billion in 2021-2022.
However, silver imports rose 6.12 percent to USD 5.29 billion during the last fiscal year.
India is the largest importer of gold, which mainly meets the demand of the jewelery industry. In volume terms, the country imports 800-900 tons of gold annually.
