Today, on May 8, a rise in gold prices is being seen in the country. Along with the rise in prices in international markets, the price of gold has also increased due to increase in domestic demand. As of today, the price of 24-carat gold in India ranges between approximately ₹1,53,000 to ₹1,53,800. 22-carat gold price also remained stable in the range of ₹1,40,000 to ₹1,41,000 per 10 grams. Compared to yesterday, gold prices have increased by ₹80 to ₹200 per gram.
City-wise Rates*
In Delhi, the price of 24-carat gold today is ₹1,52,880 per 10 grams.
In Mumbai, the price of 24-carat gold today is ₹1,52,680 per 10 grams.
In Chennai, the price today is ₹1,53,840 per 10 grams.
Whereas, the price in Lucknow is ₹ 1,52,880 per 10 grams.
silver prices
Along with gold, silver prices are also seeing a significant increase today. In India, today the price of silver is ₹275 per gram and ₹2,75,000 per kilogram. In Delhi, Mumbai and Kolkata, the price today is ₹2,70,100 per kg. In Noida, the price is ₹2,75,000 per kg. The price in Chennai is ₹2,74,900, while in Lucknow and Kanpur it is ₹2,70,100 per kg.
Why did gold and silver prices increase today?
Tension in the Middle East: Due to rising tensions between Iran and the United States, demand for gold and silver – considered safe investments – is once again on the rise, resulting in rising prices.
Central Bank Buying: Central banks around the world – including India’s RBI – have been rapidly increasing their gold reserves to safeguard their foreign exchange reserves. Meanwhile, the Reserve Bank is also bringing back its gold reserves kept abroad to the country. India’s gold reserves held with the Bank of England (BOE), Bank of Europe (BOE) and Bank for International Settlements (BIS) are witnessing a decline. From 2023 till now, India has brought back 150.67 metric tonnes of gold to the country.
Demand in Domestic Markets: During the wedding season in the country, demand for jewelery at the retail level remains stable. In India, weddings are considered incomplete without gold jewellery. The increase in domestic demand is sure to have an impact on prices as well.