Indian Gold Price Charts
Compared With USD Charts
Spot Gold in India
India, the world’s biggest gold buyer, imports more than 90% of its yearly gold requirement of 700 to 800 tons. Gold imports in India decreased to between one and two metric tons in January, from 18 tons in the equivalent calendar month last year, according to Bombay Bullion Association data, and so far in the calendar month of February, there have been no imports of gold due to the record high prices. It is anticipated that spot gold bullion prices are going to soar further to 16,000 rupees/10 grams in the next two calendar months as economic worries remain globally. A year ago spot gold bullion prices of pure and standard 24hr gold were at 11,735 rupees/10 grams and 11,685 rupees/10 grams, respectively. Many Indian gold traders are of the opinion that, if as expected, future spot gold prices in domestic markets do rise further in the next couple of months due to firm investment demand in world markets, imports by the gold bullion seller are going to be scaled down to a trickle.
Due to the somewhat discounted price offered to vendors of old gold, one jeweler stated “why would we import at higher rates, when we can get all the gold we need cheaper in our local domestic market”, Around 90% of Madras jewelers are not buying gold from banks as consumers are selling their old jewelry and requesting the jeweler to remodel it, rather than purchasing new gold,
As spot gold prices and gold market futures in the local gold market surge to record highs, Indians are now flocking to jewelry shops to sell their old jewelry in the midst of the busy wedding period, The prime Indian marriage season extends from October to March. Indian spot gold prices are marginally higher than the international spot gold price of around $940.75 an ounce because of the rupee’s weakness against the dollar. One Bombay gold merchant said “About 90% of people are only coming to us to sell old jewelry,”
INR per oz. Spot Gold Chart
USD per oz. Comparison Chart
INR per oz. 24 Hour Gold Chart
USD per oz. Comparison Chart
INR per Kilogram Spot Gold Chart
USD per Kilogram Comparison Chart
INR per Kilogram 24 Hour Gold Chart
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Gold Futures drive India’s commodity market
Analysts who have been following gold futures prices in the Indian markets said that the yellow metal could gatecrash through the Rupees 15000 level next week. Read more…
Gold funds find favour with investors
Also, the depreciation of the rupee against the dollar led to large scale buying of gold because the rupee value of gold will be higher against the dollar Read more…
Indians Flock to Sell Old Gold
As spot gold prices in the local market surge to record highs, Indians are flocking to jewelry shops to sell old jewelry in the middle of the busy wedding season, when purchases usually pick up, and imports are slowing sharply. Read more…
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