Gold Rate after Diwali: Gold prices have fallen on Tuesday, the next day of Diwali. During the festive season and Diwali week, today i.e. on 21st October, 24 carat gold is being sold in the country at the rate of Rs 1,32,770 per 10 grams. Whereas 22 carat gold is trading at the price of Rs 1,21,700. However, GST and making charges are not included in this. Whereas on the other hand silver is being sold at the price of Rs 1,70,000 per kg.
Latest price of your city-
In the financial capital Mumbai, Kolkata, Bengaluru, Hyderabad and Pune, the price of 24 carat gold is Rs 1,32,770, while in these cities, 22 carat gold is being sold at the rate of Rs 1,21,700 and 18 carat gold is being sold at the rate of Rs 99,580 per 10 grams.
Whereas in the national capital Delhi and Jaipur, 24 carat gold is being sold at the rate of Rs 1,32,920 per 10 grams. Whereas at these places, 22 carat gold is available at Rs 1,21,850 and 18 carat gold is available at Rs 99,730 per 10 grams.
Why is the price of gold rising?
Actually, there has been a tremendous increase in the price of gold in the last few days. The reason behind the increase in its rates is the possible cut in interest rates by the US Fed this year and it is considered to be the safest investment for investors.
Gold and silver prices change daily and many economic, global and local factors are responsible for this. Their prices depend not only on the value of the metal but also on currency exchange rates, taxes and investor sentiments. Let us know the main reasons-
In the international market, the prices of gold and silver are fixed in US dollars. Therefore, any change in the dollar-rupee exchange rate directly affects the price of gold in India. When the dollar strengthens or the rupee weakens, gold prices increase in the Indian market. Most of the gold in India is imported. In such a situation, import duty (customs duty), GST and other local taxes directly affect its price. If the government increases or decreases the tax, the retail price of gold also changes accordingly.
Any kind of economic or political turmoil globally, such as war, recession, or changes in interest rates, brings fluctuations in gold prices. When uncertainty increases in the market, investors move away from volatile assets like the stock market towards safe investment options like gold, thereby increasing both its demand and price.
In India, gold is not only an investment but also associated with tradition and cultural beliefs. Buying gold on weddings, festivals and auspicious occasions is considered auspicious. At such times, increased demand naturally leads to a rise in prices.
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