Gold Rate At Record High Price: Rs 73,000 Per Gram
Gold rates have surged to record highs in the domestic market on Monday. As the sudden spike in the rate continues, an increase of Rs 20 per gram was noted, with the price now recorded at Rs 73,000 per 10 grams and Rs 58,400 per sovereign.
18k gold prices today at Rs 6,025 per gram, meanwhile, the bank rate of 24k gold has crossed Rs 81 lakh per kg.
Read also: Gold Prices Continue To Soar, Set New Record High Today
The international gold prize has reached $ 2,723 with the Indian Rupees exchanging at 84.06 against the US dollar. The sudden surge in the gold prize was attributed to the ongoing disturbances in the West Asian regions and the political uncertainties that hung in the air regarding the US presidential election, which is slated to be held on November 5.
The prices are expected to rise further, potentially reaching $2,800.
As per the current rate, adding five percent minimum wage, three percent GST and HUID charges, the rate is Rs 63,350 per sovereign.
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.
India being the second largest consumer of gold globally is now witnessing the all-time high rates ahead of Diwali and Dhanteras.
Read also: Gold Prices Hit New Record High: Rs 7,140 Per Gram
The gold price per gram refers to the cost of a single gram of gold which is expressed in currency like Indian Rupees. The price rate fluctuates on the basis of several factors including economic conditions, geopolitical events, and supply-demand dynamics. In India, the retail price of gold, which is the final cost consumers pay, is influenced by more than just its market value. Various factors, such as import duties, taxes, and currency exchange rates play a significant role in the rate determination.
