Gold Rate Today In India | Gold Rate In Chennai, Mumbai, Bengaluru On Mar 13

India Business

Get Today’s gold rate in INR and gold prices in India. The rate of gold in Chennai for today is Rs. 33,160 per 10gms of 24K Gold.

Written By Digital Desk | Mumbai | Updated On:

Price of gold in India varies from one city to another. Transportation costs, local taxes and volume of purchase by bullion buyers determine this. This variation in prices is not that significant when compared to the price of gold.

 

City

Price (in Rs.)

Gold Rate in Ahmedabad

33,150.00

Gold Rate in Bengaluru

33,150.00

Gold Rate in Chennai

33,160.00

Gold Rate in Delhi

33,190.00

Gold Rate in Hyderabad

33,150.00

Gold Rate in Jaipur

33,130.00

Gold Rate in Kochi

33,165.00

Gold Rate in Kolkata

33,050.00

Gold Rate in Mumbai

33,160.00

Note: These are the prices of 10g 24K Gold (99.9%) at the time of market closing on Mar 12

Types of Gold prices

There are 2 types of prices: 
1.    spot price
2.    futures price.

Spot cost 
This is the present market cost at which gold was purchased or sold for prompt instalment and conveyance. 

Fates cost 
This is the cost at which the members in a future contract consent to execute on the date of settlement.

How is the price of Gold Determined in India?


1.    Rupee vs Dollar
Price of gold in USD is taken as the base price and the price of gold is converted into Rupees.
2.    Import duty
Additional Import duty (customs duty plus fee) is applicable to the converted value 
3.    Bullion traders
A Large volume of buying results in decreased price and vice versa.
Indian Bullion Jewellers Association (IBJA), is sort of a consortium of all biggest gold dealers in India. The members account for almost all gold sold in the country. There is no official closing price for gold every day and it fluctuates every second. Traders who offer closing price to their customers use the closing price calculated by their data vendor.


Other Factors influencing gold prices:


1. Supply and Demand
The basic economic principle of supply and demand is a major influencer of all commodity prices. When demand for gold is high and overall supplies of the precious metal are low, gold prices will rise. In the opposite scenario of high supply and low demand, prices decrease. 
2. Market Conditions
Political and economic events shape market conditions, which in turn influence gold prices.
3. Currency Depreciation
When a currency loses value vs other currency i.e becomes weak, investors invest in gold and increase the demand for it, which in turn increase the prices.
 

 

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