Gold prices witnessed a rise on Monday, providing relief to investors and creating a buzz among buyers across the country. The yellow metal remained firm in both domestic and international markets as traders continued to monitor global economic developments, currency movements and ongoing geopolitical tensions.
In many households, gold is considered to be a safe asset. During any crisis or some unwanted situations, gold is considered a safe haven asset. Concerns regarding inflation, slow economic growth, instability, conflicts, geopolitical tension, when these concerns increase, many investors tend to shift a small segment of their funds towards these precious metals. This trend has continued to support gold prices in recent weeks.
Many market masters believe that variation in the US dollar and expectations regarding interest rate decisions by major central banks are also influencing its prices. A weaker dollar generally makes gold more attractive for investors, leading to increased demand in global markets.
In India, gold demand remains strong due to its cultural significance and its role as a long term investment plan. Also, wedding and festival seasons are approaching in different parts of the country, many buyers are keeping a close eye on daily rate movements before making jewellery purchases.
Many note that domestic gold prices are influenced by many factors, including international rates, import duties, GST, currency movements and local demand. As a result, prices may vary slightly from one city to another.
Also Read: NITI Aayog Warns India Is Chasing the Wrong Semiconductor Strategy
Anyone planning to buy gold jewellery are advised to compare rates offered by different jewellers and verify the making charges before purchasing. Investors, meanwhile, are expected to remain focused on upcoming economic data and global developments that could impact this gold metal markets in the coming days.
Latest gold rates on 2 June
| Gold Purity | Price Per Gram |
|---|---|
| 18 Carat Gold | ₹11,716 |
| 22 Carat Gold | ₹14,319 |
| 24 Carat Gold | ₹15,621 |
Gold Rates in Major Cities
| City | 18K Gold (per gram) | 22K Gold (per gram) | 24K Gold (per gram) |
|---|---|---|---|
| Delhi | ₹11,860 | ₹14,495 | ₹15,220 |
| Mumbai | ₹11,756 | ₹14,370 | ₹15,089 |
| Kolkata | ₹11,716 | ₹14,319 | ₹15,621 |
| Noida | ₹11,860 | ₹14,495 | ₹15,220 |
| Chennai | ₹11,756 | ₹14,370 | ₹15,089 |
| Bengaluru | ₹11,756 | ₹14,370 | ₹15,089 |
| Hyderabad | ₹11,756 | ₹14,370 | ₹15,089 |
| Ahmedabad | ₹11,820 | ₹14,430 | ₹15,150 |
Gold prices are likely to fluctuate in the global market in the coming sessions. Buyers and investors should continue tracking daily price movements before making major purchasing or investment decisions.
