GOLD NEWS

Explore key factors influencing gold prices in India and how to track them

Tue Nov 19 2024

Gold is an asset that has held its value across generations. The last decade has seen an unprecedented hike in gold prices. Today gold price in India has crossed Rs. 80,000 for 10 grams of 24K purity, making it an expensive asset. Whether you are investing in gold, purchasing jewellery or considering a gold loan, knowing the current prices and what drives these prices can help you make the right calls. Keep reading to learn more about the factors affecting gold prices, ways to track these prices, and how Bajaj Finserv Gold Loan can help you unlock the value of your gold at a competitive gold loan rate today.

Key factors affecting today’s gold price in India

The gold prices don’t fluctuate randomly, multiple core factors influence it, and understanding these can offer you some valuable insights. Here’s what causes the price fluctuations:

• International gold prices: Since gold is traded globally, international prices directly impact Indian rates. Factors like the US dollar rate, inflation rates, and economic events in major economies affect gold prices.
• Currency exchange rates: Gold is priced in US dollars in the international market. Therefore, if the rupee weakens against the dollar, today’s gold price in India tends to increase.
• Demand and supply: High demand for gold jewellery, especially during festivals like Diwali and wedding seasons in India, drives up prices. On the other hand, when demand dips, prices may stabilise or drop.
• Government policies and import duties: The Indian government occasionally revises import duties on gold to regulate trade. Higher duties make imported gold more expensive, impacting domestic prices.
• Inflation and interest rates: Gold is considered a hedge against inflation. When inflation rises, people turn to gold, increasing its demand and price. Similarly, low-interest rates encourage people to invest in gold over interest-bearing assets.

How to track today’s gold price in India

Tracking gold prices is now simpler than ever with online tools and apps that provide hourly updates. Financial websites and apps, such as the Bajaj Finserv website App give instant updates on gold prices, helping you monitor fluctuations on the go.

Checking with local jewellers can also help as they usually know the latest rates and prices of gold.

Staying updated with the gold prices helps not only when you are buying, but also when you are planning to sell or leverage your gold for immediate cash. If you need immediate funds, you could consider a gold loan. A gold loan can offer you a quick source of finance without having to sell your precious jewellery. Lenders like Bajaj Finance offer attractive gold loan rates, allowing you to use your gold as collateral while still benefiting from its future appreciation.

Why choose Bajaj Finserv Gold Loan

When opting for a gold loan, it’s essential to go with a trusted lender. Here’s how Bajaj Finance stands out:

• Loan amounts from Rs. 5,000 to Rs. 2 crore
• Bajaj Finance uses advanced karat meters to ensure an accurate and fair assessment of your gold’s value. This transparency helps you get the best possible value for your gold.
• Your gold is insured against theft or misplacement while in their custody, giving you peace of mind.
• They also offer a part-release facility, allowing you to repay a portion of your loan early and retrieve part of your jewellery.
• You also get to choose from multiple repayment options, whether it is monthly, bi-monthly, quarterly, half-yearly or even annual interest payments. This flexibility helps you manage repayments without straining your finances.
• If you wish to pay off your loan early, Bajaj Finance won’t charge any extra fees, letting you save more in the long run.

This loan can be an excellent option if you are looking for immediate funds without selling your gold. By keeping tabs on today’s gold price in India, you can decide the best time to take a loan or make part payments if the price appreciates. Whether it’s making a smart investment or taking out a gold loan, staying informed is the key to making sound financial decisions. So, if you need immediate funds, consider leveraging your gold for a Bajaj Finserv Gold Loan.

Source: https://www.thehindu.com/