Gold Price Today: Check Gold Rate In Your City Today, December 7, 2024 - List

The  price of gold in India today is Rs 7,114 per gram for 22 karat gold and ₹ 7,761 per gram for 24 karat gold (also called 999 gold). Gold has been a perfect hedge against inflation, especially in the Indian market. In India, gold is considered auspicious and is presented as gifts at weddings, festivals, and other ceremonies. Investors are increasingly looking at gold as an important investment. 

How Is Price Of Gold Determined?

The price of gold is influenced by global prices, which are adjusted for local conditions:

Supply and demand: The price of gold is affected by the balance between supply and demand in the domestic market. 
Central banks: The actions of central banks, such as the Fed, ECB (European Central Bank), and PBOC (People's Bank Of China), can impact gold prices. 
Investors: The demand from investors, such as hedge funds, banks, and ETFs, can influence prices. 
Mining companies: The supply of gold is affected by mining activity and costs. 
Geopolitical factors: Gold prices can increase during geopolitical turmoil because investors consider it a safe investment. 
Local market conditions: Local conditions, such as import duties, taxes, and demand, can affect the price of gold. 
Exchange rates: The value of the local currency against major currencies, such as the US dollar, can impact the price of gold.

In India, the Indian Bullion and Jewellers Association (IBJA) determines the daily gold rate. The IBJA is made up of the country's biggest gold dealers, who provide their buy and sell quotes. The IBJA then calculates the average of these quotes to determine the daily price
 

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