Current Trends in Gold Prices: March 2023 Update
Gold Prices Experience Fluctuations
On Sunday, March 1, gold prices displayed volatility as domestic demand and global factors continued to influence the market. With the wedding season driving purchases and investment trends, both buyers and traders are closely monitoring daily price changes. Currently, the price for 24-carat gold in India is Rs 1,70,939, while 22-carat gold is priced at Rs 1,56,694, and 18-carat gold at Rs 1,28,176. In the Multi Commodity Exchange (MCX), gold futures experienced a slight decline, trading at Rs 1,61,971 per 10 grams, down from Rs 1,62,104 in the previous session. Notably, the precious metal reached a peak of Rs 1,80,779 per 10 grams in the futures market on January 29, showcasing the significant fluctuations observed in recent weeks.
In the international market, spot gold was priced at $5,172.17 per ounce, reflecting a softening trend. According to Goodreturns, the gold prices in India are Rs 16,871 per gram for 24-carat gold, Rs 15,463 per gram for 22-carat gold, and Rs 12,653 per gram for 18-carat gold.
Gold Prices in Major Cities
| City | 24K Today | 22K Today | 18K Today |
| Chennai | Rs 16,964 | Rs 15,550 | Rs 13,300 |
| Mumbai | Rs 16,871 | Rs 15,463 | Rs 12,653 |
| Delhi | Rs 16,886 | Rs 15,480 | Rs 12,668 |
| Kolkata | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Bangalore | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Hyderabad | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Kerala | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Pune | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Vadodara | Rs 16,876 | Rs 15,470 | Rs 12,658 |
| Ahmedabad | Rs 16,876 | Rs 15,470 | Rs 12,658 |
| Jaipur | Rs 16,886 | Rs 15,480 | Rs 12,668 |
| Lucknow | Rs 16,886 | Rs 15,480 | Rs 12,668 |
| Coimbatore | Rs 16,964 | Rs 15,550 | Rs 13,300 |
| Madurai | Rs 16,964 | Rs 15,550 | Rs 13,300 |
| Vijayawada | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Patna | Rs 16,876 | Rs 15,470 | Rs 12,658 |
| Nagpur | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Chandigarh | Rs 16,886 | Rs 15,480 | Rs 12,668 |
| Surat | Rs 16,876 | Rs 15,470 | Rs 12,658 |
| Bhubaneswar | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Mangalore | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Visakhapatnam | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Nashik | Rs 16,874 | Rs 15,468 | Rs 12,658 |
| Mysore | Rs 16,871 | Rs 15,465 | Rs 12,653 |
| Salem | Rs 16,964 | Rs 15,550 | Rs 13,300 |
| Rajkot | Rs 16,876 | Rs 15,470 | Rs 12,658 |
| Trichy | Rs 16,964 | Rs 15,550 | Rs 13,300 |
| Ayodhya | Rs 16,886 | Rs 15,480 | Rs 12,668 |
| Cuttack | Rs 16,871 | Rs 15,465 | Rs 12,653 |
Factors Influencing Gold Prices in India
The pricing of gold in India is affected by various elements, including global gold spot prices, fluctuations in the US dollar, interest rate expectations, import duties, local taxes, and seasonal demand, particularly during wedding and festival seasons. These factors contribute to a dynamic pricing landscape that both traders and consumers must navigate.
(Data sourced from All India Bullion and will be updated regularly.)