Gold prices today moved up by Rs 480. The price of 24-carat gold has changed from Rs 49,730 per 10 gram to Rs 50,210 per 10 gram. On the other hand, the price of 22-carat gold is standing at Rs 49,210 per 10 gram. On Monday, 22-carat gold was available at Rs 48,730 per 10 gram, according to Good Returns.
In Delhi and Mumbai, 22-carat gold costs Rs 48,800 and Rs 49,210 per 10 gram, while 24-carat gold is coming at a price of Rs 53,230 and Rs 50,210 for the same quantity. The prices of 22-carat and 24-carat gold in Chennai are Rs 47,280 and Rs 51,580.
In Kolkata and Ahmedabad, 22-carat gold is priced at Rs 49,540 and Rs 49,580 for each 10 gram, while 24-carat gold can be purchased at Rs 52,140 and Rs 51,580. In Hyderabad and Kerala, 22-carat and 24-carat gold is available at Rs 47,100 and Rs 51,280. The prices of 22-carat and 24-carat gold in Bengaluru are Rs 47,100 and Rs 51,300.
According to HDFC Securities, gold prices on Monday increased Rs 185 to Rs 49,757 per 10 gram in the national capital. In the global market, the yellow metal traded at $1,885 per ounce.
The precious metal is expected to cost Rs 63,000 per 10 grams next year amid expectations of fresh stimulus measures and weaker American dollar, according to PTI.
Investors usually turn to gold when there is uncertainty in the market. The outbreak of COVID-19 impacted the markets as business activities came to a standstill for some time. During this period, investors turned the spotlight on gold. The yellow metal became more attractive because of change in global monetary policies that led to a low interest rate scenario and unprecedented liquidity.
Meanwhile, the price of one kilogram of silver today remained unchanged at Rs 68,900. Silver costs Rs 72,600 per kilogram in Chennai, while in Delhi and Mumbai, it is coming at a price of Rs 68,900 per kilogram.