Gold Prices Surge Across India: 24-Carat Nears Rs 1 Lakh Mark

Gold prices in India have been witnessing fluctuations over the past few weeks. Key factors influencing these price movements include international gold rates, the rupee-dollar exchange rate, and local demand. As of April 28, the gold rates for 24-carat and 22-carat gold in major cities across the country are as follows:

Telugu States:

• 24-carat gold (10 grams): ₹97,580
• 22-carat gold (10 grams): ₹89,450

Although gold prices remain steady across different regions in the Telugu states including Hyderabad, variations are observed in jewelry shop prices due to making charges and GST. Compared to the previous day, prices have increased by ₹250 and ₹270 respectively.

Chennai:

• 24-carat gold (10 grams): ₹97,580
• 22-carat gold (10 grams): ₹89,450

Gold prices in Chennai are slightly higher compared to other cities. Port accessibility and local demand play a role in influencing the rates. Similar to other regions, prices have gone up by ₹250 and ₹270 compared to the previous day.

Delhi:

• 24-carat gold (10 grams): ₹97,730
• 22-carat gold (10 grams): ₹89,600

In Delhi, gold prices are slightly higher due to transport costs and local taxes. Buyers here show more interest in hallmark-certified jewelry. As with other cities, gold rates have risen by ₹250 and ₹270 since yesterday.

Mumbai:

• 24-carat gold (10 grams): ₹97,580
• 22-carat gold (10 grams): ₹89,450

Gold prices in Mumbai fluctuate based on local demand and jewelry designs. It's advisable for buyers to compare prices across multiple jewelry stores before making a purchase. The prices have increased by ₹250 and ₹270 from the previous day.

Bengaluru:

• 24-carat gold (10 grams): ₹97,580
• 22-carat gold (10 grams): ₹89,450

Gold prices in Bengaluru are stable, though local economic conditions and festival demand may affect future prices. Compared to the previous day, prices have increased by ₹250 and ₹270.

Factors Influencing Gold Prices:

According to the World Gold Council, the current global gold price stands at $3,340 per troy ounce. In India, the rupee’s value against the dollar, import duties, local taxes, and transportation costs are key contributors to price differences. Additionally, seasonal demand during weddings and festivals tends to push prices upward.

Expert Advice:

Experts recommend checking for hallmark certification before purchasing gold. The Bureau of Indian Standards (BIS) hallmark ensures the purity of gold. Buyers are also advised to compare prices and making charges across different jewelers to get the best deal.

Future Projections:

Market analysts estimate that gold prices may soon reach the ₹1,00,000 mark for 10 grams of 24-carat gold. Therefore, those planning to invest in gold should consider current rates before making a decision.

Silver Prices:

Meanwhile, silver prices saw a slight decline across the country. Compared to the previous day, silver prices dropped by ₹100 per kg. Currently, silver is priced at ₹1,09,900 per kg in cities like Hyderabad, Vijayawada, Chennai, Bengaluru, and Mumbai. In Delhi, the rate stands at ₹99,900 per kg.