Gold price today (19th October), Gold price in India


Gold price today (19th October): Find the most recent 24 carat and 22 carat gold prices in India right here. The current gold rate in India is Rs 59,840 per 10 grammes for 24 carat gold and 54,810 for 22 carat gold. All pricing have been revised today to reflect industry norms.

Gold price today (19th October)

 

Gold is deemed to be in its purest form at 24 carats. Pure gold or 24 carat gold signifies 99.9 percent purity and it doesn’t contain any other metals. The 24 carat gold is used to make gold coins, bars, etc. Various other purities for gold also exist and are measured in relativity to 24 carats .Other gold purities exist and are measured in relation to 24 carats.

The 22 carat pure gold is suitable for producing jewellery. It is made up of 22 parts gold and two parts silver, nickel, or other metal. The addition of additional metals to gold makes it stiffer and more suitable for jewellery. The purity of gold in 22 carat gold is frequently 91.67.

As per GoodReturns, the Official website which post all the information of Gold prices in India, the prices of Gold in India today is Rs 59,840 for 24 carat and Rs 54,810 for 22 carat gold. Gold is a perfect hedge over inflation, people often choose gold to invest for long-term returns.

Factors affecting Gold prices in India

Gold is a popular investment tool all around the world, particularly in India. Gold’s price, like that of other financial assets, fluctuates. While demand for gold is one of the primary variables influencing its market price, a variety of other factors also have a role. Some of the elements influencing daily gold rates are listed below.

  1. Demand: Gold prices, like any other commodity, are heavily influenced by demand and supply economics. Price increases are frequently the result of increased demand combined with constrained or poor supply. Similarly, an overabundance of gold combined with stagnant or weak demand can cause prices to fall. In general, demand for gold grows throughout the wedding and festive seasons in India.

2. Inflation:  The value of the currency decreases with inflation. In such a case, it may be preferable to keep money in the form of gold. This causes a rise in gold prices, which functions as a hedging mechanism against inflationary conditions.

3. Interest Rates: Gold and interest rates seem to be inversely related. As interest rates rise, consumers tend to sell their gold in order to obtain a high rate of return. Similarly, as interest rates fall, individuals seek to buy more gold, increasing demand.

4. Monsoon: Rural India accounts for a sizable portion of gold demand. This demand typically increases following a successful monsoon, crop, and resulting profits.

5. Government Reserves: Many governments have predominantly gold-based financial reserves, and India is no exception. If this reserve exceeds the gold sold by the government, gold prices rise due to a lack of supply. The Reserve Bank of India maintains this reserve in India.

    6. Currency fluctuations: Gold trade in the international market transacts in US dollars. During import, when the US dollars are converted to Indian rupees, the gold price fluctuates. Usually, if the Indian rupee depreciates, gold import turns to be costlier.

    7. Correlation with other assets: Gold has a low to negative correlation with all the major asset classes and thus, makes for a highly effective portfolio diversifier. As per the experts, gold protects one’s portfolio from volatility because the factors that affect the returns from most asset classes do not influence the price of gold much. Some even believe that as the shares of a company fall, an inverse correlation might develop between gold and equities.

8. Geopolitical factors: During geopolitical turmoils, such as a war, the demand for gold tends to go up as a safe haven for parking funds. Thus, while a geopolitical turmoil negatively impacts the prices of most asset classes, it has a positive impact on gold prices.

9. Octroi charges and Entry tax: Octroi charge and entry tax are local taxes levied by the tax authorities when goods enter their jurisdiction (state/city). Octroi is levied when the goods enter a city, whereas Entry tax is levied when the goods enter a state. Furthermore, if your gold is valued at more than Rs. 30 lakhs, a wealth tax is levied on it.

10. Making charges: Making charges are usually levied on gold jewellery and may differ from piece-to-piece, depending on the design, as well as from jeweller-to-jeweller.

Gold Buying Guide 

For generations, gold has been at the top of the investor’s priority list. It is regarded as a key tool of financial security and is one of the most popular kinds of investing in India.

Aside from its monetary value, this yellow metal has religious and cultural importance in many cultures, which adds to its market value.
Investing in gold, on the other hand, may be a complex business that demands careful consideration of numerous considerations.

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