Gold has been considered to be a very auspicious metal for centuries now, and one can find them at almost every Indian house. They hold important cultural connotations along with a great investment portfolio. That is why; no matter what, Indians keep investing in gold.
The flow of gold consumption always keeps going irrespective of the economic situation. Hence, one needs to stay informed about the current gold prices as they keep changing on a daily basis. What the gold price today Mumbai is not the same tomorrow. The price of 24k gold depends on a lot of factors. So, before one thinks of investing in gold – one has to be aware of its price so that it becomes easier for one to make an informed decision.
Factors that influence gold prices
There are many factors that affects the gold price daily. Here are some of the major ones:
- The primary factor here is the exchange price of the Indian currency. The gold price, Indian rupee, and stock rate are all interlinked with each other. So, if there is any alteration in the exchange price then it will also lead to the change of gold rate in any city.
- The US dollar impacts the gold price directly. This means that the gold rate value of USD goes down if there are weak global signals, and the gold rate also deteriorates.
- The silver is considered to be the second most preferred metal in India. So, there is a close relationship between the price of gold, and silver on a daily basis. The price of one always affects the other.
- One can find that there are some news channels that broadcast news related to gold. It affects the investment as well as the demand, and preferences of investors.
How the price is determined?
- There are many ways to determine the gold price per 10 grams daily. Firstly, one has to check the international gold prices, and take that to consideration. There are many private agencies, and different banks that imports gold to India. The margin is added with tax on the prevailing amount.
- The final currency rate varies depending on different karats of gold and it varies from one city to another. So, the price of gold in Mumbai will be different than the price of it in Kolkata or Delhi.
- One should remember that the price of 22k and 24k gold prices are different from each other. The price difference is because of the purity of gold available across different cities of India.
One can buy gold jewellery, and invest there because it is considered to be an asset. Every city of India is quite popular when it comes to buying, and selling of gold. Apart from jewelleries, it is also very smart to invest on gold coins, and bullions. They are easily manageable, and one can find different ranges of purity. One can also invest in commodity exchanges. One can check 5paisa every day to check the current gold prices for that day.