Gold Prices Hit New Record High: Rs 7,140 Per Gram

Gold prices have surged to a new record with 24K gold now costing Rs 7,140 per gram with a 45 rupees increase making it Rs 57,120 for 8 grams and Rs 76,000 per 10 grams, according to the Multi Commodity Exchange (MCX) on Wednesday (today). The price of 18K gold also jumped to Rs 5,900 per gram. The bank rate for 24K gold has crossed Rs 79 lakh per kilogram. Globally, gold is trading at $2665 per ounce with the Indian rupee exchange. However, to determine the actual cost of gold, buyers must add 5% GST, 3% HUID charges and minimal labour charges. For instance, purchasing 8 grams of gold would cost around Rs 62,000e rate at 84.04.

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Silver Prices

Silver futures for December 5, 2024, rose 0.13% to ₹91,743 per kg. In major cities, silver prices range from Rs 97,000 to Ra 1,00,300 per kg. Silver also gained 0.3% to $31.56 per ounce. Globally, gold prices edged up as US Treasury yields decreased. Spot gold reached $2,667.97 per ounce, while US gold futures rose to $2,683.80. Gold and silver prices depend on various factors like the Rupee value against the dollar, Global demand, ⁠US economic data and the Federal Reserve’s interest rate decisions. Experts also predict further price fluctuations based on global economic developments and currency exchange rates.

How does it affect the local market and demand?

Shabeer Ali, (Arabian Jewellers, Kozhikode), shared insights with Timeline on the current gold market trends. He stated that despite price volatility, demand for gold remains steady with customers cautiously waiting for a potential downturn in prices before making a purchase. “Fluctuations in gold prices have not diminished demand, but rather, induced a ‘wait-and-watch’ approach among buyers and also “Customers anticipate a price drop, leading to delayed purchasing decisions,” he said. “Price fluctuations create uncertainty affecting consumer confidence and consequently our sales,” he added.

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