Gold and Silver Prices Up Today, January 3: Check 24K & 22K Rates Across Cities.
Gold and silver prices rose on Saturday, January 3. In Mumbai, 24-carat gold was priced at ₹1,36,210 per 10 grams, while 22-carat gold traded at ₹1,24,860 per 10 grams (excluding GST and making charges). Silver was available at around ₹2,42,100 per kg in the spot market.
Shift from Jewellery to Coins and Bars
Traditionally, Indians buy gold jewellery during festivals. This year, record-high prices are driving consumers toward coins and bars. Mumbai homemaker Prachi Kadam, for example, opted for a 10-gram gold coin instead of necklaces or bangles to avoid steep making charges.
Why Prices Are Rising
Global factors pushing gold higher include:
- Increased demand for safe-haven assets
- U.S. interest rate cuts
- A weaker U.S. dollar
Gold hit a record $4,549.7 per troy ounce on December 26. In India, prices have jumped 77% this year, outpacing the Nifty 50’s 9.7% gain, helped by a 5% fall in the rupee.
What Influences Gold Prices in India?
Daily rates are affected by:
- International gold prices
- Import duties and taxes
- Rupee-dollar exchange rates
Gold continues to be a cultural and financial mainstay in India, especially during weddings and festivals, making it a closely watched market for investors and consumers alike.
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