24-Carat, 22-Carat and 18-Carat Prices
There have been sudden jumps in the gold rates in India on July 2, and this has been the sharpest
jump in 10 days in the rate of the precious metal in the nation, owing to the bullion rates that have
been shooting up in India backed by favorable global trends.
According to the reports, the rate of 24 carat gold has witnessed a surge of Rs 3,770 per 10 grams,
with the present rate being at Rs 1,44,550, and the rate of 100 grams has experienced an increase of
almost Rs 37,700. This has been the biggest daily jump in the rate of the precious metal in the last 10
days of trading.
In the same manner, there has been an excellent surge in the 22 carat gold rates which have
increased by Rs 3,450 per 10 grams to Rs 1,32,500. Additionally, the 18 carat gold rates have
witnessed a surge of Rs 2,820 per 10 grams to Rs 1,08,410.
The strong rally in the gold price can be attributed mainly to global market movements. Gold prices
internationally rallied following the release of disappointing economic figures in the United States,
which lowered speculation of a steep increase in interest rates by the Federal Reserve of the United
States. The softening U.S. dollar and reduced expectations of inflation helped to boost investor
demand for gold in the international market.
According to market analysts, gold had been under pressure in the month of June, with domestic gold
prices falling more than 8% due to profit booking and increased positive risk sentiment in the
international markets.
The rise in gold rates in the major cities of India is in keeping with the overall strength of the market.
24 carats of gold has been priced at Rs 1,44,550 per 10 grams in Bengaluru and Hyderabad, whereas
it was priced around Rs 1,46,180 per 10 grams in Chennai on account of the differences in taxes
applicable in the regions.
According to market experts, volatility in gold prices can be expected for some time to come owing to
the close scrutiny of economic data from the United States by the investors as well as the monetary
policies of the central banks, geopolitics, and the trend in global inflation.
For consumers and investors, the rise in gold prices is a sign that gold retains its place as a means of
storing wealth despite the sharp rise, and as an insurance against economic uncertainties. Although
there might be a temporary impact on jewellery purchases, the demand for gold investments is
expected to remain robust.
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