India’s gold market observed no changes in the rates for both 22-carat and 24-carat gold. The gold market to 8 January 2023 places the cost of gold to Rs 78,870.3 with 22 carat gold sitting at Rs 72,310.3. This was anticipated due to Wednesdays stability.

Regardless of the standing we observed yesterday Biden’s gold market from the past week observed fluctuations. When calculating on a daily basis the last 7 days saw gold prices drop by 0.87% with January month accounting for a 1.15% price difference, further accentuating the downward movement within the gold market.

As a result of tightening macroeconomic policies, the demand for gold may falter and therefore, its price and volatility levels could remain low in early 2025.

On January 8, 2024, the gold prices across different cities ranged as follows:

CITY    22 Carat Gold Rate (Per 10 gm)    24 Carat Gold Rate (Per 10 gm)    
Delhi    ₹ 72,290    ₹ 78,850    
Mumbai    ₹ 72,140    ₹ 78,700    
Kolkata    ₹ 72,140    ₹ 78,700    
Chennai    ₹ 72,140    ₹ 78,700    
Ahmedabad    ₹ 72,190    ₹ 78,750    
Pune    ₹ 72,290    ₹ 78,700    
Lucknow    ₹ 72,290    ₹ 78,850    
Bengaluru    ₹ 72,140    ₹ 78,700    
Patna    ₹ 72,190    ₹ 78,750    
Hyderabad    ₹ 72,140    ₹ 78,700    

What are the mysteries behind the fluctuations in the price of gold?

The volatility in gold price is definitely triggered by a slew of reasons, very much the likes of Indian jewellers’ judgements. Examples considers are – the gold price being charged globally, the movement of the currency markets, the interest rates ruling in the markets and regulatory directives about gold trades. Fellow International aspects as the general condition of the international community economies plus the value of the US dollar over other currencies critically impact the gold rate across Indian territories.