Gold is not only an investment avenue but is considered precious in India. The yellow metal symbolizes wealth, prosperity, good health, and wealth. Gold has been and will be the holy grail for the people of India in terms of jewelry and investment. India is considered one of the largest markets for gold, and thus, the Indian gold market plays a significant role in the global economy of gold.
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While gold is the first choice for jewelry among Indians, investors consider some other forms of it as a safe haven such as gold coins, bars, gold ETFs, etc. Buying gold during some of the Indian festivals such as Dhanteras, Akshay Tritiya, and Diwali is considered auspicious and placed in high regard. Also, gold tops the list when it comes to shopping for Indian weddings; no wedding shopping list is considered complete without buying gold.
The best thing about buying gold is that it can act as a hedge against inflation whenever there is a fall in the economy. Gold prices spike when there is a dip in the interest rates - which is directly proportional to economic strength. In the short term, gold prices can be sometimes volatile but it has always given justice to its value in the longer run.
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The Indian population has always had a deep affinity for gold. However, the gold rate today in India doesn't stay at a fixed position and fluctuates based on the changes in the market. The gold price in India today is affected by several factors. Gold rates in India keep changing on a daily basis owing to a number of factors that impact its price across India. Demand and supply, inflation, and global market conditions are some of the factors which influence the gold price in India or in any other country.
One of the major influencers of the change in the gold rate in India is the performance of a currency. In this context, the currency which acts as the biggest determinant of the gold price in India today is the USD. If the value of USD goes up, gold rates tend to reflect a downward slope worldwide. Indian currency also comes into play and specifically relates to gold rates in India. Domestically, when the value of the rupee climbs up, gold prices are likely to be lower.
|Day||22K PURE GOLD||24K PURE GOLD|
|Highest in October||₹51,553.61||₹56,240.30|
|Lowest in October||₹2,291.67||₹2,500.00|
Investment in gold offers a plethora of options and benefits. Some of the advantages of investing in gold are:
Groww try to update investors with the latest Gold rate in India to expedite the decision making process.
If you are on this page, you can also check the trends in the gold price in India. These gold rates are updated on a daily basis and sourced from trusted sources.
You can also try alternatives to physical gold through Groww. You can opt for SGB (Sovereign Gold Bonds) that provides fixed interest of XX% which is credited half-yearly to the bank account directly. You can always check the upcoming series and invest as per your needs.
Another alternative is Gold ETFs which are offered by multiple fund houses and are traded in stock exchanges. This means it can be bought and sold anytime. Ideally, gold ETFs track the price of domestic gold.
You can also opt for Gold Mutual Funds offered by fund houses. Unlike gold ETFs, these are not traded in the stock exchange. Gold Mutual Funds is a variant of Gold ETFs. These are schemes that mainly invest in gold ETFs and other related assets.
The different forms of gold investment in India are: