Gold, Silver Prices Jump In India: Check Latest Rates In Your City On December 28

Gold, Silver Rates Today In India: The precious metals in India on Thursday, December 28, saw a rise in prices in the spot market amid high demand. Specifically, 10 grams of 24-carat gold had an average price of Rs 64,250, while the same amount of 22-carat gold was Rs 58,900. At the same time, silver also rose and reached Rs 79,500 per kilogram.

Gold rate today in India: Retail gold price on December 28

Gold Rate Today In Mumbai

In Mumbai, the current cost for 10 grams of 22-carat gold is Rs 58,900, and the same amount of 24-carat gold is priced at Rs 64,250.

Gold Rate Today In Delhi

In Delhi, people have to spend Rs 59,050 for 10 grams of 22-carat gold and Rs 64,400 for the same amount of 24-carat gold.

Gold Rate Today In Chennai

In Chennai, the price for 10 grams of 22-carat gold is Rs 59,450, and for the same amount of 24-carat gold, it’s Rs 64,850.

Check gold rates today in different cities on December 28, 2023; (In Rs/10 grams)

Multi Commodity Exchange

On December 28, gold futures expiring on February 05, 2024, were trading at Rs 63,727 on the Multi Commodity Exchange. Silver futures expiring on March 05, 2024, were trading at Rs 75,580.

The retail price of gold is the amount it’s sold to customers in the country. This price is influenced by various factors, including the global gold price, the value of the Rupee, and the costs associated with labour and materials used in making gold jewellery.

Gold holds great significance in India due to its cultural importance, investment value, and longstanding role in weddings and festivals.

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

Market Forces and Gold Valuation: The valuation of gold is predominantly influenced by the dynamics of supply and demand. If there is a surge in public interest for gold, its price tends to rise. Conversely, an excess supply of gold in the market can lead to a decline in its price.

Global Economic Dynamics: The broader state of the global economy plays a significant role in determining gold prices. During periods of economic downturn or recession, investors often turn to gold as a secure investment, causing an uptick in its value.

Impact of Political Uncertainty: Political instability can also exert considerable influence on gold prices. Instances of uncertainty or crises in pivotal countries or regions may drive investors to safeguard their assets by investing in gold, thereby creating heightened demand and causing an increase in the price of gold.