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Gold Rate Today In India: Price Rises On August 3, Check 22 Carat Cost In Your City Here – News18

Gold price today in India on August 3: India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. (Representative image)

Gold rate today in India: Retail gold prices in India are influenced by a variety of factors.

Gold Rate Today In IndiaOn August 3, the retail price of gold in India for 10 grams of the yellow metal is trending at approximately Rs 60,000 in many cities. Specifically, 10 grams of 24-carat gold is priced at Rs 60,440, while the same quantity of 22-carat gold costs Rs 55,400. In contrast, silver is priced at Rs 78,000 per kilo.

Regarding retail prices in different cities, Ahmedabad’s retail gold price is Rs 55,450 for 22-carat gold and Rs 60,490 for 24-carat gold per 10 grams. This article will be updated if there are any changes in the prices during the day.

August 3 Retail Gold Price In India (See table below)

Chennai Gold Price

22 carat gold is Rs 55,700/10 grams in Chennai. Similarly, Tamil Nadu’s capital city has Rs 60,760 per 10 grams retail price of 24 carat gold.

Noida Gold Price

In Noida, 22 carat gold was priced at Rs 55,550/10 gram. For 24 carat, customers have to pay Rs 60,570/10 grams.

Check gold rates today in different cities on August 3, 2023; (In Rs/10 grams) 

City 22 Carat Gold Price 24 Carat Gold Price
Delhi 55,550 60,570
Mumbai 55,400 60,440
Kolkata 55,400 60,440
Lucknow 55,550 60,570
Bengaluru 55,400 60,440
Jaipur 55,550 60,570
Patna 55,450 60,490
Bhubaneshwar 55,400 60,440
Hyderabad 55,400 60,440

On August 3, on Multi Commodity Exchange, gold futures maturing on October 05, 2023 were trading at Rs, 59,538. On the other hand, Silver, maturing on Sep 05, was at Rs 74,218.

Gold prices in India are generally influenced by a variety of factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.

Here are some factors that can affect the gold rate:

Demand and supply: The gold rate is primarily determined by the interplay of demand and supply in the market. When the demand for gold increases, the rate tends to rise as well. Conversely, if the supply of gold surges, the rate is likely to decrease.

Global economic conditions: Global economic conditions also exert a significant influence on the gold rate. During times of global economic downturns, investors often turn to gold as a safe haven, leading to an upward push in the gold rate.

Political instability: Furthermore, political instability can have an impact on the gold rate too. In instances where there is political turmoil or crisis in a major country, investors may seek to protect their assets by investing in gold as a hedge against uncertainty, leading to an increase in the gold rate.

Moreover, the retail gold price in India is the price at which gold is sold to consumers in India. It is determined by a number of factors, including the global gold price, the Indian rupee, and the cost of labor and materials involved in manufacturing gold jewellery. The retail gold price in India is typically higher than the global gold price, as it includes a margin for the jeweller and other costs.

Gold is considered as an important part in India due to cultural significance, investment value, and its traditional role in weddings and festivals.

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