As we step into the festive season, the precious metals market is witnessing notable fluctuations. On December 22, 2024, gold prices have experienced a modest increase, reflecting the ongoing dynamics of the market. The cost of 24-carat gold in India is currently pegged at ₹7762.3 per gram, marking an increase of ₹660.0. Meanwhile, 22-carat gold is priced at ₹7117.3 per gram, which is a rise of ₹610.0.
Weekly and Monthly Trends
Over the past week, the price of 24-carat gold has shown a fluctuation of 0.98%, while the monthly change stands at a more significant 2.21%. This indicates a steady demand for gold, particularly as we approach the end of the year, a time traditionally associated with increased jewelry purchases and gifting.
In addition to gold, silver prices have also seen an uptick. The current price of silver in India is ₹94600.0 per kg, reflecting an increase of ₹1100.0 per kg. This rise in silver prices is noteworthy, especially as silver often follows gold trends, influenced by similar market factors.
Regional Gold Rates
Gold Rate in Chennai
In Chennai, the gold rate today is ₹77471.0 per 10 grams. This is an increase from yesterday’s rate of ₹77141.0 per 10 grams and shows a slight decline from last week’s price of ₹77901.0 per 10 grams.
Gold Rate in Bangalore
Bangalore’s gold rate today stands at ₹77465.0 per 10 grams, up from ₹77135.0 yesterday and down from ₹77895.0 last week.
Gold Rate in Hyderabad
Hyderabad reports a gold rate of ₹77479.0 per 10 grams today, compared to ₹77149.0 yesterday and ₹77909.0 last week.
Gold Rate in Visakhapatnam
In Visakhapatnam, the gold rate is ₹77487.0 per 10 grams today, an increase from ₹77157.0 yesterday and a decrease from ₹77917.0 last week.
Gold Rate in Vijayawada
Vijayawada’s gold rate today is ₹77485.0 per 10 grams, up from ₹77155.0 yesterday and down from ₹77915.0 last week.
Regional Silver Prices
Silver Prices in Chennai
Chennai’s silver price today is ₹101700.0 per kg, slightly up from ₹101600.0 yesterday and down from ₹102600.0 last week.
Silver Prices in Bangalore
In Bangalore, silver prices are at ₹93600.0 per kg, up from ₹93500.0 yesterday and down from ₹94500.0 last week.
Silver Prices in Hyderabad
Hyderabad sees silver prices at ₹102300.0 per kg today, an increase from ₹102200.0 yesterday and a decrease from ₹103200.0 last week.
Silver Prices in Visakhapatnam
Visakhapatnam’s silver price is ₹100700.0 per kg today, up from ₹100600.0 yesterday and down from ₹101600.0 last week.
Silver Prices in Vijayawada
In Vijayawada, silver prices are at ₹103100.0 per kg today, slightly up from ₹103000.0 yesterday and down from ₹104000.0 last week.
Factors Affecting Gold and Silver Prices
The prices of gold and silver are influenced by a myriad of factors, both domestic and international. Understanding these can provide insights into market trends:
Global Demand: The overall demand for gold and silver worldwide significantly impacts price changes. Increased demand, especially during festive seasons, can drive prices up.
Currency Fluctuations: Changes in the value of currencies, particularly the US dollar, can affect the attractiveness of gold and silver as investments. A weaker dollar often leads to higher prices for these metals.
Interest Rates: Higher interest rates can make gold and silver less attractive as investments since they do not yield interest income. Conversely, lower rates can boost demand.
Government Regulations: Policies and regulations related to the gold and silver trade can directly impact prices. Changes in import duties or taxation can lead to price adjustments.
World Events: Economic conditions, geopolitical events, and other global factors can influence the demand for and price of precious metals. For instance, uncertainty in the stock market often leads investors to seek the safety of gold.
Insights from Jewelers
Jewelers, as experts in the precious metals industry, can provide valuable insights into market trends and potential price movements. Their experience and understanding of consumer behavior can help predict future price changes, especially during peak buying seasons.
In conclusion, as we navigate through December 2024, both gold and silver prices are experiencing fluctuations influenced by various market dynamics. Keeping an eye on these trends can help consumers and investors make informed decisions in the precious metals market.
This article is generated by AI and has not been edited by Livemint staff.
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