Unchanged Gold Rates on February 18, 2024
As of February 18, 2024, the gold prices in India showed a steady trend. The average rate for 10 grams remained at Rs 62,400. Specifically, the average price of 10 grams of 24-carat gold was approximately Rs 62,400, while the corresponding amount for 22-carat gold stood at Rs 57,200.
Simultaneously, the silver market exhibited stability, reaching Rs 76,500 per kilogram.
City-wise Gold Rates on February 18
Gold Rate in Delhi
In Delhi, the current cost for 10 grams of 22-carat gold is Rs 57,350, and for the same amount of 24-carat gold, it stands at Rs 62,550.
Gold Price in Mumbai
For Mumbai residents, 10 grams of 22-carat gold is priced at Rs 57,200, whereas the same quantity of 24-carat gold is valued at Rs 62,400.
Gold Rate in Chennai
Chennai witnesses gold rates at Rs 57,800 for 10 grams of 22-carat gold and Rs 63,050 for the equivalent amount of 24-carat gold.
Check Gold Rates in Various Cities on February 18, 2024; (In Rs/10 grams)
| CITY | 22 CARAT GOLD PRICE | 24 CARAT GOLD PRICE |
|---|---|---|
Ahmedabad |
57,250 |
62,450 |
Kolkata |
57,200 |
62,400 |
Gurugram |
57,350 |
62,550 |
Lucknow |
57,350 |
62,550 |
Bengaluru |
57,200 |
62,400 |
Jaipur |
57,350 |
62,550 |
Patna |
57,250 |
62,450 |
Bhubaneshwar |
57,200 |
62,400 |
Hyderabad |
57,200 |
62,400 |
The Multi Commodity Exchange remained closed on Sunday, February 18.
Influencing Factors on Retail Gold Prices
The retail cost of gold in India is determined by various elements, including the global gold price, the value of the Rupee, and the expenses related to labor and materials in gold jewelry production.
Gold holds immense significance in India due to its cultural importance, its appeal for investment, and its traditional role in weddings and festivals.
Outlook for 2024: Anticipating Rs 70,000 Per 10 Grams Gold Price
The All India Gem and Jewellery Domestic Council (GJC) recently projected that prevailing global economic uncertainties and geopolitical tensions could drive gold prices to an unprecedented high of Rs 70,000 per 10 grams in the coming year. This forecast underscores gold’s reliability as an investment and a valuable hedge against inflation.
