Gold Rate Today In India: March 8, 2024 Update
On March 8, 2024, a surge in gold prices was noted across various Indian cities. The average rate for 10 grams hovered around Rs 65,730. To offer a detailed insight, the average prices for 10 grams of 24-carat gold were approximately Rs 65,730, while for 22-carat gold, it stood at Rs 60,250. Conversely, the silver market witnessed a consistent downturn, hitting Rs 75,500 per kilogram.
Gold Rate Today In Different Indian Cities
| City | 22 Carat Gold Price (Rs/10 grams) | 24 Carat Gold Price (Rs/10 grams) |
|---|---|---|
| Delhi | 60,400 | 65,880 |
| Mumbai | 60,250 | 65,730 |
| Chennai | 61,050 | 66,600 |
| Ahmedabad | 60,300 | 65,780 |
| Kolkata | 60,250 | 65,730 |
| Gurugram | 60,400 | 65,880 |
| Lucknow | 60,400 | 65,880 |
| Bengaluru | 60,250 | 65,730 |
| Jaipur | 60,400 | 65,880 |
| Patna | 60,300 | 65,780 |
| Bhubaneshwar | 60,250 | 65,730 |
| Hyderabad | 60,250 | 65,730 |
Furthermore, on March 8, 2024, gold futures set to expire on April 05 were actively traded at Rs 65,382 on the Multi Commodity Exchange. Additionally, silver futures expiring on March 05, 2024, were quoted at Rs 74,300.
Factors Affecting Gold Prices in India
The retail price of gold in India is determined by various elements, including global gold prices, the value of the Rupee, and the expenses associated with labor and materials used in gold jewelry production. Gold holds significant cultural importance in India, serving as a crucial investment asset and playing a traditional role in weddings and festivals.
Gold Price Outlook for 2024
The All India Gem and Jewellery Domestic Council (GJC) forecasts a significant rise in gold prices due to prevailing global economic uncertainties and geopolitical tensions. They anticipate gold prices to soar to a historic high of Rs 70,000 per 10 grams in the coming year. This projection highlights gold’s reliability as an investment and its effectiveness as a hedge against inflation.