Gold prices have reached new heights today, buoyed by positive global cues and strong demand in spot markets. This marks the fourth consecutive day of gains for the precious metal and the sixth positive session in the last seven trading days. As global uncertainties persist, investors are increasingly turning to gold as a safe-haven asset.
Gold Prices in India
In India’s futures market, the MCX Gold for December 5 expiry increased by 0.62 percent, reaching ₹77,587 per 10 grams as of 9:40 am, coinciding with the festive season.
City-Wise Gold Rates
| City | 24-Karat Gold | 22-Karat Gold |
| Delhi | ₹78,270 | ₹71,760 |
| Mumbai | ₹78,120 | ₹71,610 |
| Chennai | ₹78,120 | ₹71,610 |
| Kolkata | ₹78,120 | ₹71,610 |
| Pune | ₹78,120 | ₹71,610 |
| Bengaluru | ₹78,120 | ₹71,610 |
| Ahmedabad | ₹78,170 | ₹71,660 |
Factors Driving the Increase in Gold Prices
Several key factors are contributing to the rising gold rates:
- Uncertainty over the 2024 US Presidential Election: The political landscape in the U.S. is creating apprehension among investors.
- Geopolitical Tensions in West Asia: Ongoing conflicts and instability in the region are prompting investors to seek safety in gold.
- Expectations of Interest Rate Cuts: Anticipation of interest rate cuts by major central banks is influencing investor sentiment towards gold.
The price of gold per gram fluctuates daily, influenced by economic conditions, global events, and supply-demand dynamics. In India, the final cost of gold is impacted by various factors beyond its market value, including import duties, taxes, and currency exchange rates.