Gold Prices in India Rise Marginally Amid Hopes of US-India Trade Deal

Gold and Silver Rates Today, January 13: Gold and silver prices in India are marginally up on Tuesday despite rising fresh hopes on the US-India trade deal after the new US Ambassador to India, Sergio Gor, on Monday shared an update on the progress. In Mumbai, 24K gold price stood at Rs 1,42,160 per 10 grams, while for 22K, the price remained at Rs 1,30,310 per 10 grams. What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On January 13? Indian dealers this week charged a premium of up to $6 per ounce over official domestic prices, inclusive of 6% import and 3% sales levies, below last week’s premium of up to $15. Domestic gold prices were trading around 138,000 rupees per 10 grams on the day, not far from the record high Rs 1,40,465. Jewellers were reporting very thin footfall and only marginal demand for coins and bars, said a Mumbai-based bullion dealer with a private bank. In top consumer China, bullion traded at premiums as high as $21 an ounce above the global benchmark spot price this week. That compares with premiums of $3 an ounce charged last week. Strong demand for safe-haven assets, US interest rate cuts and a weaker dollar drove global gold prices up 67% so far this year and saw them hitting a record high of $4,549.7 per troy ounce on December 26. Indian domestic gold prices climbed 77% this year, outpacing the Nifty 50 index’s 9.7% gain, aided by a 5% fall in the rupee against the dollar. International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country. In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals. With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.