On February 14, 2024, India’s gold market saw a significant overall decline, except for a rally on February 7, highlighting the dynamic nature of prices. Notably, 10 grams of 22-carat gold dropped by Rs 600, reaching Rs 57,000, and 24-carat gold decreased by Rs 660 to Rs 62,180. Regional variations persisted, with cities like Chennai, Mumbai, Delhi, and Kolkata reflecting diverse pricing trends (Gold Market Update).
On February 14, 2024, the gold market in India witnessed a substantial decline, marking a continuation of the overall downward trend since February 5, 2024, with a notable exception on February 7, 2024, when prices experienced a rally.
The present rates depict a noteworthy shift, especially in the prices of 10 grams of 22-carat and 24-carat gold (Gold Market Update).
For 10 grams of 22-carat gold, the current rate decreased by Rs 600, reaching Rs 57,000, while the cost of 10 grams of 24-carat gold saw a decline of Rs 660, settling at Rs 62,180 (Gold Market Update). This downward movement suggests a dynamic market influenced by various factors.
For those considering the purchase of 10 grams of 18-carat gold in India on this day, the revised price stands at Rs 46,640, reflecting a reduction of Rs 490. This fluctuation in prices emphasizes the need for individuals to stay informed and adapt their decisions based on market dynamics.
Delving into specific carat categories, the cost of 10 grams of 22-carat gold decreased by Rs 1350, while for 24-carat gold, the price dropped by Rs 1430 in India since the beginning of the observed period.
This detailed breakdown provides a comprehensive understanding of how different categories of gold have been impacted, allowing consumers to make informed choices based on their preferences and budget considerations.
Examining the date of February 7, 2024, reveals a noteworthy upward trend in gold prices. Specifically, there was a Rs 250 increase for 10 grams of 22-carat gold and a Rs 230 increase for 10 grams of 24-carat gold (Gold Market Update). This anomaly on February 7 emphasizes the dynamic nature of the gold market, influenced by various external factors and market forces.
As of February 14, 2024, gold prices in four major cities of India exhibit regional variations (Gold Market Update). In Chennai, 10 grams of 22-carat gold is priced at Rs 57,500, with the cost of 10 grams of 24-carat gold at Rs 62,730.
In Mumbai, the price for 10 grams of 22-carat gold is Rs 57,000, and for 24-carat gold, it is Rs 62,180. Moving to Delhi, 10 grams of 22-carat gold is priced at Rs 57,150, with the cost of 10 grams of 24-carat gold at Rs 62,310. Lastly, in Kolkata, the current rate for 10 grams of 22-carat gold is Rs 57,000, and for 24-carat gold, it is Rs 62,180.
These regional variations underscore the localized nature of the gold market, influenced by factors specific to each city.
