Gold Price Calculator
Here's a comprehensive table summarizing all you need to know about real gold prices as of November 17, 2024:
| Aspect | Details |
|---|---|
| Current Gold Prices | |
| 24-Carat Gold | ₹7582.3 per gram / ₹75823.0 per 10 grams1 |
| 22-Carat Gold | ₹6952.3 per gram / ₹69523.0 per 10 grams1 |
| Price Changes | |
| 24-Carat Gold | Down by ₹120.0 per gram1 |
| 22-Carat Gold | Down by ₹110.0 per gram1 |
| Recent Trends | |
| Weekly Change | 4.12% decrease in 24-carat gold price1 |
| Monthly Change | 4.42% decrease in 24-carat gold price1 |
| Silver Price | ₹92600.0 per kg (up by ₹100.0)1 |
| Major City Prices (per 10 grams) | |
| Delhi | ₹75823.0 (24-carat)1 |
| Mumbai | ₹75677.0 (24-carat)1 |
| Chennai | ₹75671.0 (24-carat)1 |
| Kolkata | ₹75675.0 (24-carat)1 |
| Factors Affecting Gold Prices | |
| Economic Indicators | Inflation rates, GDP growth |
| Geopolitical Events | Conflicts, political instability |
| US Dollar Strength | Negative correlation with gold prices |
| Supply and Demand | Basic market dynamics |
| Interest Rates | Higher rates increase opportunity cost of holding gold |
| Cultural Demand | Cultural and industrial requirements |
Additional Information
Market Dynamics:
Gold prices are influenced by a complex interplay of factors. The value of the U.S. dollar plays a crucial role, with a weaker dollar often leading to higher gold prices5. Demand for gold, particularly in jewelry and industrial applications, can drive price fluctuations5.
Economic Indicators:
Interest rates have a significant impact on gold prices. Generally, there's an inverse relationship between interest rates and gold prices, though recent history has shown exceptions to this rule5. For instance, gold reached an all-time high in December 2023 despite high interest rates5.
Geopolitical Factors:
Global events and conflicts can cause investors to turn to gold as a safe-haven asset. For example, the Russia-Ukraine conflict in Q1 2022 led to a 6% increase in gold prices, and the Hamas-Israel conflict in Q3 2023 resulted in an 8.78% price increase over 20 days5.
Central Bank Policies:
Central banks' decisions regarding their gold reserves can significantly impact prices. When foreign exchange reserves are high and the economy is strong, central banks may reduce their gold holdings, potentially leading to price decreases4.
Market Behavior:
Gold has positive price elasticity, meaning that as more people buy gold, the price tends to rise in line with demand. This suggests that investor sentiment and market psychology play important roles in determining gold prices4.Understanding these factors can help investors and policymakers better navigate the gold market and make informed decisions regarding this precious metal.