Gold and Silver Prices Drop in India on November 6, 2024

by Yuki

On November 6, 2024, gold prices in India saw a slight decline. The price of 24-carat gold, known for its highest purity, fell to Rs 80,230 per 10 grams, compared to Rs 80,390 the previous day. The cost of 22-carat gold, commonly used for jewelry, also dropped to Rs 73,540 per 10 grams from Rs 73,690 on November 5.

In contrast, silver prices experienced a decrease as well, falling by Rs 100 to Rs 95,900 per kilogram.

Gold prices are influenced by various factors, including global economic conditions, geopolitical events, and supply-demand dynamics. In India, additional factors such as import duties, taxes, and currency exchange rates also contribute to the retail cost of gold, making it higher than its market value. Gold holds significant cultural importance in India, where it is widely considered both a symbol of wealth and an essential part of weddings and festivals.

Gold Prices in Major Indian Cities

The price of gold on November 6 varied across major cities in India. In Delhi, 22-carat gold was priced at Rs 73,690 per 10 grams, while 24-carat gold cost Rs 80,380 per 10 grams. In Mumbai, the rates were slightly lower, with 22-carat gold priced at Rs 73,540 and 24-carat gold at Rs 80,230 per 10 grams.

In Ahmedabad, the cost for 22-carat gold stood at Rs 73,590, while 24-carat gold was priced at Rs 80,280. In Chennai, 22-carat gold was Rs 73,540, with 24-carat gold costing Rs 80,390 per 10 grams.

In cities like Kolkata, Pune, and Lucknow, the prices for 22-carat gold were consistent at Rs 73,540, while 24-carat gold prices ranged from Rs 80,230 to Rs 80,380 per 10 grams.

Despite slight variations in pricing, gold remains a popular investment and cultural asset in India, with prices monitored closely by investors, traders, and consumers alike.

As global and domestic market conditions continue to evolve, it is important for buyers and investors to stay updated on gold and silver price trends to make informed purchasing decisions.

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