Akshaya Tritiya: Gold rates saw a slight increase across India on Friday, coinciding with the celebration of Akshaya Tritiya. In Delhi, the price for 10 grams of 24-carat gold stood at Rs Rs. 73,240 today. On the Multi Commodity Exchange (MCX), gold contracts for June delivery traded higher by Rs 93 at Rs 73,090 per 10 grams. Gold prices have surged by approximately 20% since last year's Akshaya Tritiya, soaring from around Rs 60,000 levels during 2023, according to the India Bullion and Jewellers Association.
Gold: A hedge against inflation
Gold is renowned as a reliable hedge against inflation due to its tendency to maintain or increase in value during periods of inflationary pressure. This quality makes it an attractive option for investors seeking to safeguard their wealth from inflation's adverse effects.
Factors driving Gold rates
The uptick in gold rates today is attributed to robust global cues, anticipation of interest rate cuts from central banks later this year, and ongoing geopolitical conflicts. During uncertain times, investors often turn to safer assets like gold over riskier ones such as equities or cryptocurrencies.
Daily fluctuations and market dynamics
Gold rates experience daily fluctuations influenced by various short- and long-term factors, including supply and demand shifts, economic indicators, geopolitical developments, currency movements, and investor sentiment. Effective monitoring and analysis of pricing data are essential for investors and traders to make informed decisions.
Comprehensive coverage for investors
Our daily series provides comprehensive updates on gold prices across major Indian cities, aiding investors in navigating the gold market effectively.
Here are the gold rates across major Indian cities on Friday, May 10:
- Chennai: Rs 67,050 (22k), Rs 73,150 (24K), Rs 54,920 (18k)
- Mumbai: Rs 67,000 (22k), Rs 73,090 (24k), Rs 54,820 (18k)
- Delhi: Rs 67,150 (22k), Rs 73,240 (24k), Rs 54,940 (18k)
- Kolkata: Rs 67,0009 (22k), Rs 73,090 (24k), Rs 54,820 (18k)
- Bangalore: Rs 67,000 (22k), Rs 73,090 (24), Rs 54,820 (18k)
- Hyderabad: Rs 67,000 (22k), Rs 73,090 (24k), Rs 54,820 (18k)
- Kerala: Rs 67,000 (22k), Rs 73,090 (24k), Rs 54,820 (18k)
- Pune: Rs 67,000 (22k), Rs 73,090 (24k), Rs 54,820 (18k)
- Vadodara: Rs 67,050 (22k), Rs 73,140 (24k), Rs 54,860 (18k)
- Ahmedabad: Rs 67,050 (22k), Rs 73,140 (24), Rs 54,860 (18k)
Stay informed for sound investment decisions
While these updates offer valuable insights into market trends, investors are advised to conduct their own due diligence before making investment decisions. By remaining vigilant and monitoring gold rates closely, investors can identify potential trading opportunities and make informed choices.
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