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Gold Prices in India Today: An Update for February 18

As of today, February 18, 2024, the gold market in India remains stable with no changes in prices. The current average for 10 grams of gold sits at Rs 62,400. To delve deeper, the price for 10 grams of 24-carat gold is about Rs 62,400, and for 22-carat gold, it’s around Rs 57,200.

Silver prices also held steady, with a kilogram priced at Rs 76,500.

Current Gold Prices Across Major Indian Cities

Gold Prices in Delhi Today

For those in Delhi, 10 grams of 22-carat gold is priced at Rs 57,350, while 24-carat gold for the same quantity goes for Rs 62,550.

Mumbai’s Gold Rates Today

In Mumbai, the cost for 10 grams of 22-carat gold stands at Rs 57,200, with 24-carat gold reaching Rs 62,400.

Today’s Gold Prices in Chennai

In Chennai, 10 grams of 22-carat gold can be purchased for Rs 57,800, and 24-carat gold is priced at Rs 63,050. Note: The Multi Commodity Exchange is not operational today, February 18.

Understanding Retail Gold Prices in India

The retail price of gold, what consumers pay, is influenced by a mix of global gold prices, the Indian Rupee’s value, and the costs related to labor and materials in gold jewelry production.

Gold holds a place of immense cultural importance in India, serving as both a cherished investment and a staple in wedding and festival traditions.

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

The All India Gem and Jewellery Domestic Council (GJC) has indicated that due to ongoing global economic uncertainties and geopolitical tensions, gold prices are expected to soar to an unprecedented Rs 70,000 per 10 grams in the next year. This anticipated rise highlights gold’s reliability as an investment and its effectiveness as a safeguard against inflation.