Retail Gold Price: Rates skyrocketed for consumers reaching above Rs. 74,000 / 10 gms in major Indian cities

Retail Gold price today on June 20, 2024

Gold rates have skyrocketed across major Indian cities, with prices for 24 karat purity breaching the Rs. 7,460 per 10 grams mark in most markets. This significant uptick has caught the attention of investors and consumers alike.

Advertisement

Retail Gold price today: Mumbai, Delhi, Bengaluru

The national capital Delhi is witnessing a rate of Rs. 7,462.5 per 10 grams for 24 karat gold. Meanwhile, in the financial hub of Mumbai, gold is priced at Rs. 7,462.0 per 10 grams.

Bengaluru, the tech capital, offers the most competitive rate among major cities at Rs. 7,461.9 per 10 grams for 24K purity.

Retail Gold price today: Ahmedabad, Chennai, Kolkata and other major cities

Chennai leads the pack with the highest rate for 24K gold at Rs. 7,463.9 per 10 grams. The southern metro is closely followed by Kolkata in the east, where gold is trading at Rs. 7,463.3 per 10 grams.

In the western region, Ahmedabad has seen a sharp rise with gold priced at Rs. 7,463.1 per 10 grams. The northern city of Lucknow is not far behind, with rates touching Rs. 7,462.8 per 10 grams.

This surge in gold prices can be attributed to various factors, including global economic uncertainties, geopolitical tensions, and a weakening rupee against the US dollar. The precious metal’s safe-haven appeal has strengthened amid volatile market conditions.

Industry experts suggest that this upward trend might continue in the short term, driven by strong investment demand and the approaching festive season in India. However, they also caution that such high prices might impact retail demand for gold jewelry.

Note: The retail gold prices are derived from benchmark rates in major bullion markets, with factors like local taxes, making charges, and premiums by jewellers influencing the prices across different cities.

Industry experts suggest tracking retail rates closely, as gold prices often fluctuate based on global cues, currency movements, and demand-supply dynamics in the domestic market.