Gold Rate Today In India: On August 31, gold prices in India hovered around Rs 73,000 per 10 grams. The rate for 24-carat gold, known for its highest purity, was Rs 73,140 per 10 grams. For those interested in jewellery, 22-carat gold, which is more durable due to its alloy content, was priced at Rs 67,040 per 10 grams.
Meanwhile, silver was trading at Rs 88,300 per kilogram.
Gold rate today in India: Retail gold price on August 31
Check gold rates today in different cities on August 31, 2024; (In Rs/10 grams)
“Gold traded sideways during the week ended August 30, confined within a range of $2,495 to $2,529 in Comex and ₹71,500 to ₹72,250 in MCX, as market participants awaited new catalysts. With the 0.25 bps interest rate cut in the US already factored in, any further upside in gold would require a more dovish stance from the Federal Reserve, such as a 0.50 bps cut or a faster pace of rate cuts. Otherwise, gold could continue to consolidate within the $2,450 to $2,530 range in the upcoming week,” said Jateen Trivedi, vice-president and research analyst (commodity and currency), LKP Securities.
On the MCX, resistance is clearly visible around the ₹72,500 zone, so caution is advised when buying near the ₹72,200-₹72,500 level, he added.
Retail Cost of Gold in India
The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.
Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.
As market conditions shift, investors and traders closely watch these trends. Stay tuned for more updates on this developing story.
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