Gold Rate Falls In India: Check 22 Carat Price In Your City On December 05

Gold Rate Today In India: Gold prices in India fluctuated across cities on December 5, 2023, but the average cost for 10 grams hovered around Rs 63,000. Specifically, 10 grams of 24-carat gold commanded an average price of Rs 63,110, while 22-carat gold fetched Rs 57,850 for the same quantity. Meanwhile, silver maintained its upward trajectory, settling at Rs 78,500 per kilogram.

Gold rate today in India: Retail gold price on December 05

Delhi Gold Rate 

In Delhi, people have to spend Rs 58,000 for 10 grams of 22-carat gold and Rs 63,260 for the same amount of 24-carat gold.

Mumbai Gold Rate 

In Mumbai, the current cost for 10 grams of 22-carat gold is Rs 57,850, and the same amount of 24-carat gold is priced at Rs 63,110.

Chennai Gold Rate 

In Chennai, the price for 10 grams of 22-carat gold is Rs 58,500, and for the same amount of 24-carat gold, it’s Rs 63,820.

Check gold rates today in different cities on December 05, 2023; (In Rs/10 grams)

Multi Commodity Exchange

On December 05, gold futures expiring on February 05, 2024, were trading at Rs 62,547 on the Multi Commodity Exchange. Silver futures expiring on March 05, 2024 were trading at Rs 76,176.

The retail price of gold is the amount it’s sold to customers in the country. This price is influenced by various factors, including the global gold price, the value of the Rupee, and the costs associated with labour and materials used in making gold jewellery.

Gold holds great significance in India due to its cultural importance, investment value, and longstanding role in weddings and festivals.

Here are several factors that can exert influence on the price of gold:

Supply and Demand: The price of gold mainly depends on how much people want it and how much is available. If more people want gold, the price usually goes up. But if there’s too much gold available, the price can go down.

Global Economic Conditions: The overall global economy also has a big impact on gold prices. When the world economy is not doing well or there’s a recession, investors often choose gold as a safe option, causing its price to go up.

Political Instability: Political troubles can also affect gold prices. When there’s uncertainty or a crisis in an important country or region, investors might choose to protect their money by investing in gold. This increased demand can make the price of gold go up.