Gold Rates Today in India: Check Latest Rates on 24 May. (Representational Image)
Gold Price Today: Gold rates in India are generally influenced by various factors, including the global economic condition, inflation rate, etc.
gold price in india on 24 may: Gold prices in India rose sharply above Rs 60,000 in many cities. 10 grams at around 11 am 24 carat gold was priced Rs 61,360 (Rs 61,100 yesterday), same amount of 22-karat variety Cost Rs 56,250 (Rs 56,000 yesterday). Whereas, the price of silver rose Rs 74,050 per kg (Rs 74,500 yesterday). Gold is considered an important part of India because of its cultural significance, investment value and its traditional role in weddings and festivals.
As far as retail prices in various cities are concerned, the western cities of Ahmedabad The retail price of gold is Rs 56,300 (22 carat). The retail price of 24K gold in the city is Rs 61,410 per 10 grams.
22 carat gold was Rs 56,650 per 10 grams Chennai, Similarly, the retail price of 24K gold per 10 grams in the capital city of Tamil Nadu is Rs 61,800. Coimbatore There are also similar prices for both the categories of gold.
(Reading: Gold prices rise as investors seek safety amid economic uncertainty,
Check Gold Rates in Various Cities on 24 May 2023; (in Rs/10 grams)
| City | 22 carat gold price | 24 carat gold price |
| Delhi | 56,400 | 61,510 |
| Mumbai | 56,250 | 61,360 |
| Kolkata | 56,250 | 61,360 |
| Lucknow | 56,400 | 61,510 |
| Bangalore | 56,300 | 61,410 |
| Jaipur | 56,400 | 61,510 |
| Patna | 56,300 | 61,410 |
| Bhubaneswar | 56,250 | 61,360 |
| Hyderabad | 56,250 | 61,360 |
on 24 may Multi Commodity ExchangeGold futures maturing on June 05, 2023 was trading at Rs, 60,260 (Rs 59,850 yesterday). Whereas Silver was maturing on July 05. Rs 72,026 (Rs 72,152 yesterday).
Gold prices in India are generally influenced by a number of factors including global economic conditions, inflation rates, currency fluctuations and local demand and supply dynamics.
Meanwhile, India’s gold imports, which have a bearing on the current account deficit, are set to decline by 24.15 per cent to $35 billion in 2022-23 due to global economic uncertainties, according to commerce ministry data.
Imports of the yellow metal in 2021-22 stood at USD 46.2 billion.
However, silver imports increased by 6.12 per cent to $5.29 billion during the last financial year.
However, the sharp drop in gold imports has not helped reduce the country’s trade deficit – the difference between imports and exports. The merchandise trade deficit in 2022-23 was estimated at USD 267 billion as against USD 191 billion in a year-ago period.
India is the largest importer of gold, which mainly meets the demand of the jewelery industry. In terms of quantity, the country imports 800-900 tonnes of gold annually.
Gems and jewelery exports to decline by 3 per cent to around USD 38 billion during 2022-23.
Last year, the Center had increased the import duty on gold from 10.75 per cent to 15 per cent to curb the current account deficit (CAD).
