Gold Rate Today In India: February 23, 2024 Update
A surge in gold prices has been noted across various cities in India as of February 23, 2024. The average rate for 10 grams remained steady at approximately Rs 62,730. For a more detailed breakdown, the average price of 10 grams of 24-carat gold stood at Rs 62,730, while the same quantity of 22-carat gold was priced at Rs 57,500. Conversely, the silver market displayed a consistent downward trend, reaching Rs 74,500 per kilogram.
Gold Rate Today In Different Cities:
| City | 22 Carat Gold Price (Rs/10 grams) | 24 Carat Gold Price (Rs/10 grams) |
|---|---|---|
| Delhi | 57,650 | 62,880 |
| Mumbai | 57,500 | 62,730 |
| Chennai | 57,950 | 63,220 |
| Ahmedabad | 57,550 | 62,780 |
| Kolkata | 57,500 | 62,730 |
| Gurugram | 57,650 | 62,880 |
| Lucknow | 57,650 | 62,880 |
| Bengaluru | 57,500 | 62,730 |
| Jaipur | 57,650 | 62,880 |
| Patna | 57,550 | 62,780 |
| Bhubaneshwar | 57,500 | 62,730 |
| Hyderabad | 57,500 | 62,730 |
Multi Commodity Exchange:
On February 23, 2024, futures for gold set to expire on April 05 were actively traded at Rs 62,001 on the Multi Commodity Exchange. Additionally, silver futures with a March 05, 2024, expiration date were quoted at Rs 69,914.
The retail price of gold in India is influenced by various factors including global gold prices, currency fluctuations, and production costs. Gold holds immense cultural significance in India, serving as both a traditional adornment and a sound investment.
Outlook for 2024:
The All India Gem and Jewellery Domestic Council (GJC) predicts that prevailing global economic uncertainties and geopolitical tensions will likely drive gold prices to a historic high of Rs 70,000 per 10 grams in the coming year. This reinforces gold’s reputation as a reliable investment and an effective hedge against inflation.