Editor’s Note
This article discusses the historic surge in gold prices in India, driven by global economic signals and domestic demand shifts. The sharp rise at market opening underscores gold’s enduring appeal as a key investment and purchase.
A historic surge in gold prices in India’s bullion market today has created a stir among investors and common buyers. Due to global economic signals and unexpected changes in domestic demand, gold prices in the country’s major metros are soaring. As soon as the market opened this morning, the sharp rise in prices made it clear that the attraction towards the yellow metal is not going to diminish anytime soon. Currently, the rates of 24-carat gold, considered most important for purity and investment, have crossed the psychological level of ₹16,000 per gram in many cities.
Price variations are being observed in different parts of the country due to geographical factors and local taxes. Chennai, a major hub in South India, has emerged as the country’s most expensive city today. Here, the price of 24-carat gold was recorded at ₹16,244 per gram, while the price of 22-carat gold, most in demand for jewelry, is stable at ₹14,890 and 18-carat at ₹12,730. Compared to Chennai, prices in other major metros like Mumbai, Kolkata, Bengaluru, and Hyderabad have remained relatively uniform.
A detailed breakdown of gold rates in these key cities is as follows:
Gold rates here are at the highest level, where one will have to pay ₹16,244 for 24K, ₹14,890 for 22K, and ₹12,730 for 18K.
In Delhi, the price of 24-carat gold was recorded at ₹16,193 per gram, while the prices for 22-carat and 18-carat are ₹14,845 and ₹12,149 respectively.
Gold prices in all these major trading centers have remained at similar levels. Here, 24-carat gold is trading at ₹16,178, 22-carat at ₹14,830, and 18-carat at ₹12,134 per gram. The same trend was observed in the markets of Kerala and Pune.
A slight increase in prices was seen in Vadodara and Ahmedabad, where the price of 24-carat gold is ₹16,183, 22-carat is ₹14,835, and 18-carat is ₹12,139 per gram.
Market experts believe that this surge in gold prices is a result of inflationary pressures at the international level and the increase in gold reserves being made by central banks. From a legal and official perspective, these prices do not include local sales tax, GST, and making charges, which is why the final price at jewelry showrooms may be higher than this base price. The government and the Bureau of Indian Standards (BIS) are continuously advising consumers to purchase only ‘hallmarked’ gold to avoid any compromise on purity.