Gold Price Today: Continuous rise in gold prices; know the rates in different cities of India on February 7
Gold prices have been rising steadily over the past few days. Due to the ongoing uncertainty at the global level, the demand for gold has increased, which has led to a surge in its prices. Experts believe that gold prices may catch up further in the coming days. Last year, gold gave great returns to investors, and this year has also started strong.
Latest gold prices in different cities
The price of 10 grams of 24-carat gold across the country is as follows:
- Delhi: ₹ 86,660
- Mumbai: ₹ 86,510
- Lucknow: ₹ 86,660
- Bengaluru: ₹ 86,510
- Chennai: ₹ 86,510
- Kolkata: ₹ 86,510
- Hyderabad: ₹ 86,510
- Guwahati: ₹ 85,160
- Ahmedabad: ₹ 86,560
Why is there a difference in prices in different cities?
Gold prices are not the same in every city as many factors affect them. The most important among them is the local tax system. The tax rates on gold are different in different states, which leads to a difference in prices across cities.
Increasing investment in ETFs and increasing demand for gold
According to experts, there has been a possible decline after the previous boom. Gold is getting strong support due to increasing political instability and geopolitical tension in the US. Apart from this, the demand for gold has also increased due to increasing investment in Gold ETF (Exchange Traded Fund). It is estimated that gold prices can reach ₹ 90,000 per 10 grams this year.
How are prices affected?
Gold prices in the country are not only affected by demand and supply, but activities taking place at the international level also affect them. Gold prices are also largely influenced by trading activities in major global markets, including the London OTC spot market and the Comex gold futures market.
Who decides the price?
The price of gold is determined worldwide by the London Bullion Market Association (LBMA). It publishes the price of gold in US dollars, which serves as a global benchmark for bankers and bullion traders. At the same time, in our country, the Indian Bullion Jewelers Association (IBJA) determines the rate at which gold will be given to retailers by adding import duty and other taxes to the international prices of gold.