Quote on Gold As On 9th October 2023 By Mr. Veer Mishra, Co-Founder of Plus
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Below the "Quote on Gold" On 9th October 2023 by Mr. Veer Mishra, Co-Founder of Plus
Gold:
- 22 karat gold: Rs 5,315 per gram
- 24 karat gold: Rs 5,798 per gram
Silver:
- Rs 72.10 per gram
- Rs 72,100 per kilogram
Domestic Factors Affecting Gold and Silver Prices
The following domestic factors are affecting gold and silver prices in India today:
- Rupee-dollar exchange rate: The rupee has been depreciating against the dollar in recent months. This makes gold and silver imports more expensive, which drives up prices domestically.
- Inflation: Inflation is rising in India, which is also pushing up gold and silver prices. Investors often turn to gold and silver as a hedge against inflation.
- Indian festivals: India has a number of festivals throughout the year, during which gold and silver purchases are traditionally high. This can also lead to price spikes.
How Consumer Buying Patterns Are Changing with Price
Consumer buying patterns for gold and silver are changing with price. At higher prices, consumers tend to buy less gold and silver. This is because they are less affordable. Consumers may also switch to lower purity gold or silver, such as 22 karat gold instead of 24 karat gold.
In addition, consumers are becoming more price-sensitive and are shopping around for the best deals on gold and silver. They are also more likely to buy gold and silver online, where they can often find lower prices than in traditional jewelry stores.
Overall, the gold and silver market in India is complex and is affected by a variety of factors. It is important for consumers to be aware of these factors before making a purchase.
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