Gold Price in India (3rd May 2023)
If you are interested in buying or investing in gold, you may be curious about the current gold price in India. Gold has always been a popular investment choice in India, with the country being the second-largest consumer of gold in the world after China. In this article, we will explore the gold price in India, the factors that affect it, and some frequently asked questions about gold investment.
Today 22 Carat Gold Price Per Gram in India (INR)
| Gram | 22K Today | 22K Yesterday | Price Change |
| 1 gram | ₹ 5,570 | ₹ 5,570 | ₹ 0 |
| 8 gram | ₹ 44,560 | ₹ 44,560 | ₹ 0 |
| 10 gram | ₹ 55,700 | ₹ 55,700 | ₹ 0 |
| 100 gram | ₹ 5,57,000 | ₹ 5,57,000 | ₹ 0 |
Today 24 Carat Gold Rate Per Gram in India (INR)
| Gram | 24K Today | 24K Yesterday | Price Change |
| 1 gram | ₹ 6,076 | ₹ 6,076 | ₹ 0 |
| 8 gram | ₹ 48,608 | ₹ 48,608 | ₹ 0 |
| 10 gram | ₹ 60,760 | ₹ 60,760 | ₹ 0 |
| 100 gram | ₹ 6,07,600 | ₹ 6,07,600 | ₹ 0 |
* The above gold rates are indicative and do not include GST, TCS and other levies. For the exact rates contact your local jeweller.
Introduction
Gold has been an integral part of Indian culture and traditions for centuries. It is not just a metal but a symbol of wealth, prestige, and status. India is one of the largest consumers of gold in the world, and the demand for gold in the country is only increasing with time. The gold price in India is affected by several factors such as international prices, currency fluctuations, and demand and supply. In this article, we will dive deep into the gold price in India and help you make an informed decision when it comes to investing in gold.
Indian Major Cities Gold Rates Today
| City | 22K Today | 24K Today |
| Chennai | ₹ 56,150 | ₹ 61,250 |
| Mumbai | ₹ 55,700 | ₹ 60,760 |
| Delhi | ₹ 55,850 | ₹ 60,910 |
| Kolkata | ₹ 55,700 | ₹ 60,760 |
| Bangalore | ₹ 55,750 | ₹ 60,810 |
| Hyderabad | ₹ 55,700 | ₹ 60,760 |
| Kerala | ₹ 55,700 | ₹ 60,760 |
| Pune | ₹ 55,700 | ₹ 60,760 |
| Vadodara | ₹ 55,750 | ₹ 60,810 |
| Ahmedabad | ₹ 55,750 | ₹ 60,810 |
| Jaipur | ₹ 55,850 | ₹ 60,910 |
| Lucknow | ₹ 55,850 | ₹ 60,910 |
| Coimbatore | ₹ 56,150 | ₹ 61,250 |
| Madurai | ₹ 56,150 | ₹ 61,250 |
| Vijayawada | ₹ 55,700 | ₹ 60,760 |
| Patna | ₹ 55,750 | ₹ 60,810 |
| Nagpur | ₹ 55,700 | ₹ 60,760 |
| Chandigarh | ₹ 55,850 | ₹ 60,910 |
| Surat | ₹ 55,750 | ₹ 60,810 |
| Bhubaneswar | ₹ 55,700 | ₹ 60,760 |
| Mangalore | ₹ 55,750 | ₹ 60,810 |
| Visakhapatnam | ₹ 55,700 | ₹ 60,760 |
| Nashik | ₹ 55,730 | ₹ 60,790 |
| Mysore | ₹ 55,750 | ₹ 60,810 |
| Cuttack | ₹ 55,700 | ₹ 60,760 |
| Davanagere | ₹ 55,750 | ₹ 60,810 |
| Bellary | ₹ 55,750 | ₹ 60,810 |
| Gurgaon | ₹ 55,850 | ₹ 60,910 |
| Ghaziabad | ₹ 55,850 | ₹ 60,910 |
| Noida | ₹ 55,850 | ₹ 60,910 |
| Salem | ₹ 56,150 | ₹ 61,250 |
| Vellore | ₹ 56,150 | ₹ 61,250 |
| Amaravati | ₹ 55,700 | ₹ 60,760 |
| Guntur | ₹ 55,700 | ₹ 60,760 |
| Nellore | ₹ 55,700 | ₹ 60,760 |
| Kakinada | ₹ 55,700 | ₹ 60,760 |
| Tirupati | ₹ 55,700 | ₹ 60,760 |
| Kadapa | ₹ 55,700 | ₹ 60,760 |
| Anantapur | ₹ 55,700 | ₹ 60,760 |
| Warangal | ₹ 55,700 | ₹ 60,760 |
| Nizamabad | ₹ 55,700 | ₹ 60,760 |
| Khammam | ₹ 55,700 | ₹ 60,760 |
| Berhampur | ₹ 55,700 | ₹ 60,760 |
| Rourkela | ₹ 55,700 | ₹ 60,760 |
| Rajkot | ₹ 55,750 | ₹ 60,810 |
| Vasai-Virar | ₹ 55,730 | ₹ 60,790 |
| Aurangabad | ₹ 55,700 | ₹ 60,760 |
| Solapur | ₹ 55,700 | ₹ 60,760 |
| Bhiwandi | ₹ 55,730 | ₹ 60,790 |
| Kolhapur | ₹ 55,700 | ₹ 60,760 |
| Latur | ₹ 55,730 | ₹ 60,790 |
| Tirupur | ₹ 56,150 | ₹ 61,250 |
| Tirunelveli | ₹ 56,150 | ₹ 61,250 |
| Trichy | ₹ 56,150 | ₹ 61,250 |
| Sambalpur | ₹ 55,700 | ₹ 60,760 |
| Amravati | ₹ 55,700 | ₹ 60,760 |
| Erode | ₹ 56,150 | ₹ 61,250 |
What is the Gold Price in India?
The gold price in India fluctuates daily and is influenced by several factors. As of May 3, 2023, the gold price in India stands at INR 4,680 per gram. This price is for 24-karat gold, which is the purest form of gold. The gold price in India can vary depending on the purity of gold and the city you are in. The gold price in Delhi may differ from the gold price in Mumbai or Chennai.
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Factors That Affect Gold Price in India
The gold price in India is influenced by several factors. Some of the key factors that affect the gold price in India are:
International Prices
The gold price in India is closely linked to international prices. The international gold price is affected by several factors such as global economic trends, inflation, currency fluctuations, and geopolitical tensions. Any significant movement in the international gold price is likely to impact the gold price in India as well.
Currency Fluctuations
The gold price in India is also affected by currency fluctuations. If the Indian rupee depreciates against the US dollar, the gold price in India may go up as gold is traded in US dollars. On the other hand, if the Indian rupee strengthens against the US dollar, the gold price in India may go down.
Demand and Supply
Demand and supply are also important factors that affect the gold price in India. If the demand for gold in India is high, the gold price is likely to go up. Similarly, if the supply of gold is low, the gold price is likely to increase. The demand for gold in India is driven by factors such as festivals, weddings, and other auspicious occasions.
How to Invest in Gold in India
There are several ways to invest in gold in India. Some of the popular ways to invest in gold are:
Gold Jewellery
Gold jewellery is one of the most popular ways to invest in gold in India. Gold jewellery is not just an investment but also a fashion statement. When you buy gold jewellery, you not only get the benefit of the gold price appreciation but also the added value of craftsmanship.
Gold Coins and Bars
Gold coins and bars are another popular way to invest in gold in India. Gold coins and bars are available in different denominations and can be purchased from banks, jewellers, and bullion dealers. The advantage of investing in gold coins and bars is that they are easy to store and trade.
Gold ETFs
Gold Exchange-Traded Funds (ETFs) are another popular way to invest in gold in India. Gold ETFs are mutual fund schemes that invest in physical gold. They are traded on the stock exchange and can be bought and sold like shares. Gold ETFs are convenient and cost-effective as they eliminate the need for physical storage and safekeeping.
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Sovereign Gold Bonds
Sovereign Gold Bonds (SGBs) are government securities that are denominated in grams of gold. These bonds are issued by the Reserve Bank of India (RBI) on behalf of the Government of India. SGBs offer an attractive alternative to physical gold as they offer a fixed rate of interest of 2.5% per annum, in addition to the potential for capital appreciation.
Gold Price in India – FAQs
Here are some frequently asked questions about the gold price in India:
1. Why is the gold price in India different from other countries?
The gold price in India is influenced by several factors such as import duties, taxes, and transportation costs. These factors can vary from country to country, leading to differences in the gold price.
2. What is the difference between 22 karat and 24 karat gold?
The difference between 22 karat and 24 karat gold is the amount of pure gold in the alloy. 24 karat gold is the purest form of gold, with 99.9% purity, while 22 karat gold has 91.7% pure gold and 8.3% other metals.
3. Can I buy gold online in India?
Yes, you can buy gold online in India. Several jewellers and online platforms offer the option to purchase gold coins, bars, and jewellery online.
4. Is it safe to invest in gold in India?
Investing in gold in India is generally considered safe as gold is a tangible asset and has a long history of being a valuable commodity. However, like any investment, it comes with risks, and it is essential to do your research and make an informed decision.
5. What is the best way to invest in gold in India?
The best way to invest in gold in India depends on your investment objectives, risk tolerance, and personal preferences. Some of the popular ways to invest in gold in India are gold jewellery, gold coins and bars, gold ETFs, and sovereign gold bonds.
6. Can I sell gold in India?
Yes, you can sell gold in India. You can sell your gold to jewellers, bullion dealers, or pawnshops. It is important to do your research and compare prices to get the best value for your gold.
Conclusion
Gold has always been a popular investment choice in India, and the gold price in India is influenced by several factors such as international prices, currency fluctuations, and demand and supply. Investing in gold in India is generally considered safe, but it comes with risks, and it is important to do your research and make an informed decision. Whether you choose to invest in gold jewellery, gold coins and bars, gold ETFs, or sovereign gold bonds, it is important to have a diversified investment portfolio to minimize risks and maximize returns.
So, if you are considering investing in gold, keep an eye on the gold price in India and make a smart investment decision.