On October 28, gold rate in India surged past the ₹80,000 mark for 10 grams. The 24-carat gold, which is considered to be of the highest purity, was quoted at ₹80,430 per 10 grams while 22-carat gold, which is preferred in jewellery for its durability, was priced at ₹73,740. Demand for gold continues to rise in the festival season as the economic conditions and global uncertainties add to the appeal of the precious metal.
The rate of gold in India on October 28 did vary a little region-wise. In Delhi, Lucknow, and Jaipur, 22-carat gold was sold at ₹73,740, while the 24-carat was ₹80,430 per 10 grams. In Mumbai, Chennai, and Kolkata, 22-carat gold was traded at ₹73,150 and 24-carat at ₹79,800. The gap in rates arises from demand-supply in the particular region and the local taxes that determine the final selling price in every region.
Gold rate in India on October 28 remains high compared to previous months
This year, the price of gold has seen many fluctuations according to changing global events. After the July jolt when the government cut the customs duty on gold imports, prices have recovered swiftly with the aid of heavy demand, seasonal purchases, and surging geopolitical tensions. All these cumulative factors have led the gold rate in India on October 28 to be very high in comparison with previous months.
Investors do not lose focus on gold because it remains a safe haven in uncertain financial markets. The Indian gold rate of October 28 shows that gold has increased steadily as internal and external factors have harmonized, thus making the commodity an attractive asset to both short-term buyers and long-term investors. The import duties, currency exchange rates, and the global market trend are the major influencing factors on the retail price of gold in India.
Experts believe that if festivals continue and geopolitical issues keep affecting the world economy, the gold market can expect more volatility in the Indian market. The short-term demand for gold would continue to be huge and price-conscious retail buyers must see how the prices are falling and the market conditions are forming.
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