Quote on Gold As On 31th October 2023 By Mr. Veer Mishra, Co-Founder of Plus
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Below the "Quote on Gold" by Mr. Veer Mishra, Co-Founder of Plus
Domestic gold price today in India:
According to the Good Returns website, the live gold price in India today, October 31, 2023, is ?51,220 per 10 grams for 24K gold and ?49,030 per 10 grams for 22K gold.
Domestic silver price today in India:
The live silver price in India today, October 31,2023, is ?54,800 per kg.
Impact of domestic factors on gold and silver prices in India:
Indian gold and silver prices are influenced by a number of domestic factors, including:
- Inflation: When inflation rises, the value of the Indian rupee falls, making gold and silver more expensive in rupee terms.
- Interest rates: If interest rates rise, the opportunity cost of investing in gold and silver increases, which can lead to lower prices for these precious metals.
- Import duties: The Indian government imposes import duties on gold and silver, which can also impact their prices domestically.
- Demand from jewelry and investment sectors:India is one of the largest consumers of gold and silver in the world, and demand from the jewelry and investment sectors can play a significant role in determining the prices of these precious metals.
In addition to these domestic factors, global gold and silver prices are also influenced by a number of factors, such as the US dollar index, economic data from major economies, and geopolitical events.
Recent price trends:
In recent months, gold prices in India have been relatively stable, hovering around the ?51,000 per 10 grams mark. Silver prices have, however, been more volatile, with prices falling sharply in September 2023 before recovering slightly in October.
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