Is Gold Cheaper Today In India? Check Rate In Your City On October 17

Gold Rate Today In India: On October 17, variations in retail prices for 10 grams of gold are evident across different cities, with an average of approximately Rs 60,000. Breaking down the details, 10 grams of 24-carat gold is priced at around Rs 60,100, whereas an equivalent amount of 22-carat gold is valued at Rs 55,090. Additionally, the present cost of silver stands at Rs 74,100 per kilogram.

October 17 retail gold rate in India

Delhi Gold Rate 

In Delhi, the price for 10 grams of 22-carat gold is Rs 55,240, while the corresponding quantity of 24-carat gold requires customers to pay Rs 60,250.

Ahmedabad Gold Rate 

In Ahmedabad, the present retail cost for 10 grams of 22-carat gold is Rs 55,140, and the equivalent quantity of 24-carat gold is priced at Rs 60,150. We commit to keeping this article up-to-date in case of any price changes throughout the day.

Chennai Gold Rate 

In Chennai, the retail price for 10 grams of 22-carat gold is Rs 55,290, and for the same quantity of 24-carat gold, it is Rs 60,320.

Check gold rates today in different cities on October 17, 2023; (In Rs/10 grams)

Multi Commodity Exchange

As of October 17, gold futures expiring on December 05, 2023, were being traded at Rs 59,086 on the Multi Commodity Exchange. Conversely, silver futures with the same maturity date were priced at Rs 70,834.

The retail price of gold represents the sum at which it is sold to consumers within the country. This pricing is influenced by various factors, including the global gold price, the value of the Rupee, and the expenses associated with labour and materials used in crafting gold jewelry.

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

Supply and Demand: The gold price is primarily determined by the dynamic interplay of supply and demand in the market. An increase in demand typically leads to a rise in price, while a surplus in the supply of gold can drive prices down.

Global Economic Conditions: The broader global economic landscape also exerts a substantial impact on gold prices. During periods of global economic instability or recession, investors often turn to gold as a safe haven, causing its price to increase.

Political Instability: Furthermore, political instability can have a notable effect on gold prices. When there is political turmoil or crisis in a significant nation or region, investors may opt to secure their assets by investing in gold as a hedge against uncertainty. This heightened demand can result in an uptick in the price of gold.

Gold carries immense significance in India owing to its cultural importance, investment value, and traditional role in weddings and festivals.