Mumbai, August 16: The retail price of gold in India for 10 grams of the yellow metal is averaging over Rs 59,000 in numerous locations across the country as of August 16. For example, 10 grams of 22-carat gold cost Rs 54,550, compared to Rs 59,510 for 10 grams of 24-carat gold. Silver, on the other hand, costs Rs 72,800 a kg.

In Ahmedabad, 22-carat gold costs Rs 54,600 per 10 grams and 24-carat gold costs Rs 59,560 per 10 grams.  On August 16, gold futures with an expiration date of October 5, 2023, were trading on the Multi Commodity Exchange for Rs. 58,844. In contrast, Silver, which matured on September 5, was priced at Rs 69,891. Akshaya Tritiya 2023 Gold Rates: Gold Likely to Lose Sheen on High Prices; Jewellers Expect 20% Dip in Demand.

Global economic circumstances, inflation rates, currency movements, as well as regional demand and supply dynamics, all have an impact on gold prices in India.

Following Variables May Have Impact on Price of Gold

The market's interaction between supply and demand is what essentially determines the price of gold. Rates often climb along with rising gold demand. On the other hand, the rate is likely to fall if the quantity of gold increases. The state of the world economy also has a big impact on gold prices. Investors sometimes gravitate to gold as a safe haven during periods of a worldwide economic slump, which causes a rise in the gold rate.

Check August 16 Retail Gold Price In India in Different Cities

Chennai 

Ten grams of 22-carat gold cost Rs 55,000 in Chennai. Similarly, 24-carat gold retails for Rs 60,000 per 10 grams in the capital of Tamil Nadu.

Noida

22-carat gold costs Rs 54,700 per 10 grams in Noida. Customers must pay Rs 59,660/10 grams for 24 carats.

Delhi

22-carat gold costs Rs 54,700 per 10 grams, and 24-carat gold retails for Rs 59,660 per 10 grams in the national capital.

Mumbai

Ten grams of 22-carat gold cost Rs 54,550 in Mumbai. Similarly, 24-carat gold retails for Rs 59,510 per 10 grams in the capital of Maharastra.

Kolkata

22-carat gold costs Rs 54,550 per 10 grams in Kolkata. Customers must pay Rs 59,510 per 10 grams for 24 carats.

Lucknow 

Ten grams of 22-carat gold cost Rs 55,770 in Lucknow. Similarly, 24-carat gold retails for Rs 59,660 per 10 grams in the capital of Uttar Pradesh.

Bengaluru

22-carat gold costs Rs 54,550 per 10 grams in Bengaluru. Customers must pay Rs 59,510/10 grams for 24 carat.

Jaipur

Ten grams of 22-carat gold cost Rs 55,770 in Jaipur. Similarly, 24-carat gold retails for Rs 54,700 per 10 grams in the capital of Rajasthan. Gold Prices Today: Gold Rates Soar Rs 857 to Rs 40,969 Per 10 Gram Amid Rising Tensions in Middle East.

Meanwhile, political unrest can also have an effect on the price of gold. Investors may try to preserve their investments by purchasing gold as a hedge against uncertainty when there is political unrest or crisis in a significant country, which raises the price of gold.

(The above story first appeared on LatestLY on Aug 16, 2023 12:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).