GOLD RATE TODAY FALLS IN INDIA: CHECK 22 CARAT PRICE IN YOUR CITY ON MAY 3
Gold Rate Today In India: As of May 3, the price of 10 grams of gold fell amid weak demand in the spot market. The price for pure 24-carat gold stood at Rs 71,730 per 10 grams, with 22-carat gold maintaining its value at roughly Rs 65,750. The silver market also witnessed a decline on Friday, reaching Rs 83,500 per kilogram.
Gold rate today in India: Retail gold price on May 3
Gold Rate Today In Delhi
As of May 3, 2024, in Delhi, the current price for 10 grams of 22-carat gold is approximately Rs 65,900, whereas 10 grams of 24-carat gold is priced at around Rs 71,880.
Gold Rate Today In Mumbai
Currently in Mumbai, the price of 10 grams of 22-carat gold stands at Rs 65,750, while the equivalent amount of 24-carat gold is valued at Rs 71,730.
Gold Rate Today In Ahmedabad
In Ahmedabad, the price for 10 grams of 22-carat gold is Rs 65,800, and for the same amount of 24-carat gold, it’s Rs 71,780.
Check gold rates today in different cities on May 3, 2024; (In Rs/10 grams)
| City | 22 Carat Gold Price | 24-Carat Gold Price |
| Delhi | 65,900 | 71,880 |
| Mumbai | 65,750 | 71,730 |
| Ahmedabad | 65,800 | 71,780 |
| Chennai | 65,150 | 72,160 |
| Kolkata | 65,750 | 71,730 |
| Gurugram | 65,900 | 71,880 |
| Lucknow | 65,900 | 71,880 |
| Bengaluru | 66,750 | 71,730 |
| Jaipur | 65,900 | 71,880 |
| Patna | 65,900 | 71,780 |
| Bhubaneshwar | 66,750 | 71,730 |
| Hyderabad | 65,750 | 71,730 |
Gold Price Outlook: Expertspeak
Rahul Kalantri, vice-president (commodities) at Mehta Equities, said, “Gold price touched 73K marks recently due to geopolitical tensions and continuous purchasing from central banks. Historical precedent has taught us that gold tends to rise in price in the face of geopolitical tensions. The yellow metal is considered a safe haven asset, meaning that investors tend to folk to it in times of uncertainty, instability and geo-political crisis. However, there are several other factors also that affect gold price. Conflicts or wars between countries can lead to currency devaluation or depreciation. Investors may turn to gold as a hedge against these currency fluctuations, as gold is not tied to any specific currency and retains its intrinsic value.”
Now that the risk of a broader conflict in the Middle East has subsided massively and made it difficult for gold to build a bull run. Meanwhile, hawkish comments from US Federal Reserve (Fed) officials lifted the benchmark 10-year US Treasury bond yield to its highest level since early November 2023, near 4.7 per cent, and didn’t allow gold to sustain at a higher level, he added.
“Although gold remain in structural bull markets, it is not advisable to take fresh positions for short to medium terms. In the short term, we are expecting some more correction in gold price till $2265 in international and Rs 69,800 in domestic market. We suggest now anyone who wants to take a fresh position should do only above $2420 in the domestic market; it’s above Rs 73,200,” Kalantri said.
Options available in India to invest in Gold are first and popular mode is physical buying but it has certain limitations to overcome this limitation nowadays the digital route is also available which includes such as Digital Gold, Gold ETFs, Gold Mutual Funds, and Sovereign Gold Bonds (SGB). For short term investors we suggest to go for digital gold and gold mutual funds whereas Physical gold and SGB are more suitable for medium term to long term investors, he added.
Retail Cost of Gold
The retail gold price in India, denoting the ultimate cost per unit weight for consumers purchasing gold, is subject to various influences beyond the metal’s inherent value.
In India, gold holds immense cultural significance, serving as a valuable investment and maintaining traditional ties to weddings and festivals.
Amid ongoing market fluctuations, investors and traders closely monitor these dynamics. Stay tuned for further updates on this evolving story.
2024-05-03T05:25:40Z dg43tfdfdgfd