Gold And Silver Prices Today On May 12: There has been a slight decrease in gold prices on Sunday. The price of 24-carat gold is Rs.7410.3 per gram down by Rs.219.0. The price of 22-carat gold is Rs.6787.8 per gram down by Rs.201.0.
In the last week, 24-carat gold has changed by -0.92%, while in the last month, it has changed by 3.14%.
Silver costs Rs.84470.0 per kg, an increase of Rs.170.0.
At the time of publication, gold October 2024 MCX futures were trading at Rs.72937.0 per 10 gm, down by 0.104%.
MCX silver futures for September 2024 were trading at Rs.86500.0 per kg, up by 0.094%.
Gold And Silver Prices Today On May 12
| CITY | 22 CARAT GOLD PRICE | 24-CARAT GOLD PRICE |
| Delhi | 66,510 | 72,540 |
| Mumbai | 66,360 | 72,390 |
| Ahmedabad | 66,410 | 72,440 |
| Chennai | 66,410 | 72,440 |
| Kolkata | 66,360 | 72,390 |
| Gurugram | 66,510 | 72,540 |
| Lucknow | 66,510 | 72,540 |
| Bengaluru | 66,360 | 72,390 |
| Jaipur | 66,510 | 72,540 |
| Patna | 66,410 | 72,440 |
| Bhubaneshwar | 66,360 | 72,390 |
| Hyderabad | 66,360 | 72,390 |
Gold and Silver prices fluctuate according to a variety of factors, including the input of respected jewelers.
The worldwide desire for gold, currency variations between countries, interest rates, and government rules regulating gold trade all play a role in these changes.
Gold prices in the Indian market are also affected by global occurrences, such as the state of the global economy and the strength of the US dollar against other currencies.
India’s gold rate is influenced by five factors
Global market trends
The gold rate in India is influenced by a dynamic between gold supply and demand.
Local market demand and supply
Gold is more than just a precious metal in India.
Due to disruptions in supply, changes in import duties, and high demand during festivals and weddings, gold prices can fluctuate.
For determining gold rates in different cities, it is essential to understand the dynamics of local demand and supply.
Government policies and regulations
India’s gold rate can be affected by taxes, duties, and import restrictions.
Exchange rate
Indian gold prices are affected by the exchange rate between the Indian Rupee (INR) and the US Dollar (USD).
The rupee’s strength or weakness can affect gold prices in India.
A lot of significance is attached to gold in India due to its cultural significance, its value as an investment, and its association with weddings and festivals.
Also read: Gold And Silver Prices Today On May 6, 2024: Check Rates In Your City
