Gold Price Rises In India: Check 24 Carat Rate In Your City On February 16

Gold rate today in India on February 16, 2024: India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. (Representative image)

Gold Rate Today In India: As of February 16, 2024, there were fluctuations in gold prices noted across various cities in India. The average price for 10 grams remained approximately Rs 62,000. To offer a wider view, the average cost of 10 grams of 24-carat gold was roughly Rs 62,290, while for 22-carat gold, it was Rs 57,100.

At the same time, the silver market displayed a consistent downward trend, reaching Rs 75,600 per kilogram.

Gold rate today in India: Retail gold price on February 16

Gold Rate Today In Delhi

In Delhi, people have to spend Rs 57,250 for 10 grams of 22-carat gold and Rs 62,440 for the same amount of 24-carat gold.

Gold Price Today In Mumbai

In Mumbai, 10 grams of 22-carat gold is currently priced at Rs 57,100, whereas the same amount of 24-carat gold is valued at Rs 62,290.

Gold Rate Today In Chennai

In Chennai, the price for 10 grams of 22-carat gold is Rs 57,600, and for the same amount of 24-carat gold, it’s Rs 62,840.

Check gold rates today in different cities on February 16, 2024; (In Rs/10 grams)

Multi Commodity Exchange

On February 16, 2024, the futures for gold set to expire on April 05 were actively traded at Rs 61,624 on the Multi Commodity Exchange. Furthermore, silver futures with a March 05, 2024, expiration date were quoted at Rs 71,294.

The retail cost of gold in the country is the amount customers pay for it. This price is influenced by various factors, including the global gold price, the value of the Rupee, and the costs associated with labour and materials used in the production of gold jewellery.

Gold is highly important in India because of its cultural significance, its value for investment, and its traditional role in weddings and festivals.

2024 Outlook: Rs 70,000 Per 10 Grams Gold Price

According to the All India Gem and Jewellery Domestic Council (GJC), they have recently stated that prevailing global economic uncertainties and geopolitical tensions are expected to propel gold prices to a historic high of Rs 70,000 per 10 grams in the upcoming year. This trajectory underscores gold’s status as a dependable investment and a valuable hedge against inflation.