Gold Rate Today - May 07, 2024

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Synopsis:

Today began with a substantial rise in gold prices in India. The opening price for 24 Carat gold was marked at ₹73,683 whereas the same for 22 Carat gold was at ₹67,494. The gold prices across major cities in India saw an increase today as the dollar weakened and investors anticipate that the tension in Middle East tensions may rise again. On the global front, the US gold futures for June delivery went up by 0.9% to $2,331.20 per ounce.

Top News and Events

  • Gold Prices Rise Amid Weakening Dollar: The weakening dollar has led investors to buy gold, driving up its price, as indicated by the increase in US gold futures for June delivery that went up by 0.9% to $2,331.20 per ounce.

  • Anticipation of Middle East Conflict Also Fueled Gold Prices: Investors are anticipating that the conflicts between Hamas and Israeli Forces may begin again, moving investors’ funds to safer assets like Gold.

Additional Read: Gold Rate Today

Gold Rate India Today

Item

Price in India

24 Carat Gold (10 grams)

₹73,683.00

22 Carat Gold (10 grams)

₹67,494.00

Note: The gold rates mentioned in the above tables have been taken as of May 7, 2024, at 09:22 AM

Source: Live Mint 

Gold Rates Today

Gold Rate in Delhi

Purity and Weight

Price Today (date)

Price Yesterday (date)

Difference

22K (10 gm)

₹67,494.00

₹66,450.00

+1044.00

24K (10 gm)

₹73,683.00

₹72,544.00

+1139.00

Gold Rate in Mumbai

Purity and Weight

Price Today (date)

Price Yesterday (date)

Difference

22K (10 gm)

₹66,837.00

₹66,906.00

-69.00

24K (10 gm)

₹72,965.00

₹73,042.00

-77.00

Gold Rate in Kolkata

Purity and Weight

Price Today (date)

Price Yesterday (date)

Difference

22K (10 gm)

₹67,692.00

₹67,363.00

+329.00

24K (10 gm)

₹73,899.00

₹73,540.00

+359.00

Gold Rate in Hyderabad

Purity and Weight

Price Today (date)

Price Yesterday (date)

Difference

22K (10 gm)

₹67,560.00

₹66,580.00

+980.00

24K (10 gm)

₹73,755.00

₹72,686.00

+1069.00

Gold Rates in Different Cities in India 

City Name

22 Carat Rate

24 Carat Rate

Ahmedabad

₹67,758.00

₹73,970.00

Amritsar

₹66,376.00

₹72,462.00

Bangalore

₹67,560.00

₹73,755.00

Bhopal

₹67,560.00

₹73,755.00

Bhubaneswar

₹66,376.00

₹72,462.00

Chandigarh

₹66,376.00

₹72,462.00

Chennai

₹66,902.00

₹73,037.00

Coimbatore

₹66,639.00

₹72,750.00

Delhi

₹67,494.00

₹73,683.00

Faridabad

₹67,494.00

₹73,683.00

Gurgaon

₹67,494.00

₹73,683.00

Hyderabad

₹67,560.00

₹73,755.00

Jaipur

₹66,179.00

₹72,247.00

Kanpur

₹66,113.00

₹72,175.00

Kerala

₹66,179.00

₹72,247.00

Kochi

₹66,179.00

₹72,247.00

Kolkata

₹67,692.00

₹73,899.00

Lucknow

₹66,113.00

₹72,175.00

Madurai

₹66,639.00

₹72,750.00

Mangalore

₹66,639.00

₹72,750.00

Meerut

₹67,494.00

₹73,683.00

Mumbai

₹66,837.00

₹72,965.00

Mysore

₹66,573.00

₹72,678.00

Nagpur

₹66,179.00

₹72,247.00

Nashik

₹66,442.00

₹72,534.00

Patna

₹66,442.00

₹72,534.00

Pune

₹67,165.00

₹73,324.00

Surat

₹67,560.00

₹73,755.00

Vadodara

₹66,310.00

₹72,391.00

Vijayawada

₹66,573.00

₹72,678.00

Visakhapatnam

₹66,508.00

₹72,606.00

Additional Read: Share Market News

Note: The gold rates mentioned in the above tables have been taken as of May 7, 2024, at 9:24 AM

Source: Hindustan Times

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Frequently Asked Questions

What should investors consider before buying gold in India?

Answer Field

Investors should assess their investment objectives, risk tolerance, and the prevailing market conditions before buying gold, considering factors like purity, pricing, and storage options.

Are gold rates in India affected by the strength of the Indian rupee?

Answer Field

Yes, the strength or weakness of the Indian rupee against major currencies like the US dollar can influence gold prices in India, as gold is traded internationally in US dollars.

How do fluctuations in the global economy impact gold rates in India?

Answer Field

Economic uncertainties, inflation, interest rates, and geopolitical tensions on a global scale can influence investor sentiment towards gold, impacting its prices in India.

Do festivals and weddings affect gold rates in India?

Answer Field

Yes, festivals and wedding seasons typically drive up demand for gold in India, leading to short-term price increases due to higher consumer buying activity.

What role do government policies play in influencing gold rates in India?

Answer Field

Government policies such as import duties, GST rates, and regulations on gold imports can impact domestic gold prices by affecting supply and demand dynamics.

How can I track gold rates in India?

Answer Field

You can monitor gold rates through broking platforms, financial news websites, dedicated gold price tracking apps, or by contacting local jewellers and bullion dealers.

How often do gold rates change during the day?

Answer Field

Gold rates can change multiple times a day, reflecting real-time market conditions and fluctuations in international gold prices.

What are the primary factors influencing fluctuations in gold rates?

Answer Field

Global economic indicators, geopolitical tensions, currency movements, and supply-demand dynamics are key factors driving fluctuations in gold rates.

Why do gold rates vary across different cities in India?

Answer Field

Gold rates fluctuate due to factors like local demand, transportation costs, and regional taxes, causing variations in prices across cities.

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