Gold Prices Rise:
Gold prices in India have hit historic highs, breaching ₹1 lakh per 10 grams on MCX, driven by global stagflation concerns, US-China tensions, and rising central bank demand, including the RBI.
- The gold rate refers to the market price of gold, typically measured per 10 grams in India.
- It serves as a key indicator for jewellery buyers, investors, and commodity traders.
- Global demand, supply, and events (like wars or inflation) influence the price of gold in India.
- A weaker rupee against the US dollar makes gold imports costlier, raising domestic prices.
- India’s high import dependency means any change in import duties or GST directly affects price.
- Festival and wedding seasons see surges in demand, pushing up prices due to limited supply.
- MCX Futures & Bullion Market Benchmarks: Gold futures traded on MCX (Multi Commodity Exchange) provide a reference rate for domestic pricing.
- Final jewellery prices include purity grade (22K, 24K), making charges, local taxes, and retailer margins.
- Gold prices in India vary significantly across states and cities, driven by several factors. From transportation costs to local demand, these elements collectively determine the final price consumers pay.
