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Gold Price Today: Gold Price in India
Gold is one of the most cherished and valued assets in India, both as a form of jewelry and as an investment. Gold is considered auspicious and a symbol of wealth, prosperity, and good luck in India. Gold is also a hedge against inflation, currency devaluation, and economic uncertainty. Gold prices in India are influenced by various factors, such as demand and supply, global market conditions, currency exchange rates, and government policies. In this article, we will analyze the current gold price in India, the factors affecting it, and the possible future trends.
Gold Price in India Today
According to the Indian Express1, the gold rate today in India (Saturday, Jan 13, 2024) for 24 carat gold is Rs. 62,950 per 10 grams, while for 22 carat gold, it is Rs. 57,700 per 10 grams. The gold price in India today is slightly lower than yesterday, as the global gold price has declined due to a stronger US dollar and higher bond yields. The gold price in India today is also affected by the domestic demand and supply, which is usually higher during the festive and wedding seasons. According to Groww2, some of the top cities where gold prices are high today are Chennai, Delhi, Bangalore, Kolkata, and Hyderabad.
Factors Affecting Gold Price in India
Some of the major factors that affect the gold price in India are:
Global gold price: The global gold price is determined by the international market forces of demand and supply, as well as the geopolitical and economic events that influence the market sentiment. Gold is considered a safe haven asset, which means that investors tend to buy gold when there is uncertainty, risk, or volatility in the global markets. Conversely, when there is optimism, confidence, or stability in the global markets, investors tend to sell gold and invest in other assets, such as stocks, bonds, or currencies. The global gold price also depends on the production and consumption of gold by the major gold-producing and gold-consuming countries, such as China, India, the US, Russia, Australia, and South Africa.
Currency exchange rate:
The currency exchange rate, especially the US dollar-Indian rupee (USD-INR) rate, has a significant impact on the gold price in India. Since gold is traded in US dollars in the international market, any change in the value of the US dollar affects the gold price in India. When the US dollar appreciates against the Indian rupee, the gold price in India increases, as it becomes more expensive to buy gold in rupees. Conversely, when the US dollar depreciates against the Indian rupee, the gold price in India decreases, as it becomes cheaper to buy gold in rupees. The USD-INR rate is influenced by various factors, such as the interest rate differential, the trade balance, the foreign exchange reserves, the inflation rate, and the fiscal and monetary policies of both countries.
Government policies:
The government policies, such as the import duty, the goods and services tax (GST), the income tax, and the gold monetization scheme, also affect the gold price in India. The import duty is a tax levied by the government on the import of gold into India. The import duty is currently 12.5%, which adds to the cost of gold in India. The GST is a tax levied by the government on the supply of goods and services in India. The GST on gold is currently 3%, which adds to the cost of gold in India. The income tax is a tax levied by the government on the income of individuals and entities in India. The income tax on gold is currently 20%, which applies to the capital gains made from the sale of gold in India. The gold monetization scheme is a scheme launched by the government in 2015 to encourage the people to deposit their idle gold with the banks and earn interest on it. The scheme aims to reduce the dependence on gold imports, increase the availability of gold in the domestic market, and mobilize the idle gold for productive purposes.
Gold Price Prediction
Based on the current gold price in India, the factors affecting it, and the possible future trends, we can make some predictions for the gold price in India for tomorrow, the next 30 days, and the next months. However, these predictions are based on assumptions and estimations, and are subject to change depending on the actual market conditions. Therefore, these predictions are not guaranteed and should not be relied upon for investment decisions.
Tomorrow: According to Investing Expert3, the gold price in India for tomorrow (Sunday, Jan 14, 2024) is expected to be Rs. 63,004 per 10 grams for 24 carat gold, and Rs. 57,750 per 10 grams for 22 carat gold. This means that the gold price in India is expected to increase by 0.05% for both segments, as the global gold price is expected to recover slightly from the recent decline.
Next 30 days: According to Investing Expert3, the gold price in India for the next 30 days (until Feb 12, 2024) is expected to be Rs. 64,404 per 10 grams for 24 carat gold, and Rs. 59,070 per 10 grams for 22 carat gold. This means that the gold price in India is expected to increase by 2.3% for both segments, as the global gold price is expected to rise due to the increased demand and uncertainty in the global markets, especially due to the ongoing tensions between the US and Russia over Ukraine.
Next months: According to Investing Expert3, the gold price in India for the next months (until Dec 31, 2024) is expected to be Rs. 69,204 per 10 grams for 24 carat gold, and Rs. 63,437 per 10 grams for 22 carat gold. This means that the gold price in India is expected to increase by 9.9% for both segments, as the global gold price is expected to surge due to the inflationary pressures, the weakening of the US dollar, and the geopolitical and economic risks in the global markets.
Conclusion:
Gold is a precious and valuable asset in India, both as a form of jewelry and as an investment. Gold prices in India are influenced by various factors, such as demand and supply, global market conditions, currency exchange rates, and government policies. Gold prices in India are expected to increase in the upcoming days and months, as the global gold price is expected to rise due to the increased demand and uncertainty in the global markets. However, gold prices in India are also subject to various risks and uncertainties, such as the changes in the import duty, the GST, the income tax, and the gold monetization scheme, as well as the fluctuations in the USD-INR rate. Therefore, investors should do their own research and analysis before investing in gold.
