Gold and Silver Prices on Rakshabandhan: No Change, But Exciting Trends Ahead!

Hello, dear viewers! Today, let’s dive into the shiny world of gold and silver prices across different Indian cities. Gold holds a special place in our hearts, from weddings to festivals, and even as an investment. So, let’s break down the valuable details in simple words.Gold and Silver Prices Today: August 28, 2023

Gold and Silver Prices: All About Today’s Prices

In Ahmedabad, the golden deal is set at Rs 54,550 for 22-carat gold and Rs 59,500 for 24-carat gold, per 10 grams. Chennai, not far behind, offers 22-carat gold at Rs 54,800 and 24-carat gold at Rs 59,780 per 10 grams.

Gold and Silver Prices: Rates in Different Cities

The gold trend echoes across cities.

CITY22 CARAT GOLD PRICE24 CARAT GOLD PRICE
Mumbai54,50059,450
Gurugram54,65059,600
Kolkata54,50059,450
Lucknow54,65059,600
Bengaluru54,50059,450
Jaipur54,65059,600
Patna54,55059,500
Bhubaneshwar54,50059,450
Hyderabad54,50059,450

Gold and Silver Prices: What’s Ahead

Peeking into the future, gold futures maturing on October 5, 2023, are trading at Rs 58,720 on the Multi Commodity Exchange. On the silver side, futures maturing on September 5 are valued at Rs 73,575.

Why Do Gold and Silver Prices? Factors at Play

Ever wondered why gold and Silver prices jiggle? Well, it’s not just magic; several factors are at play.

1. Demand and Supply: The Gold Seesaw

Imagine a seesaw at the park; when more kids want to play on one side, it goes up. Similarly, when the demand for gold rises, its price follows suit. On the flip side, if there’s a sudden surge in gold supply, prices tend to go down.

2. Global Economy: The Gold Safe Haven

Gold often wears a superhero cape during tough times. When the global economy faces a rough patch, people rush to invest in gold, thinking of it as a safe hiding spot. This superhero act can make gold prices soar.

3. Political Shake-ups: Gold’s Shelter

Picture this: a storm is brewing in a country’s political arena. Investors get worried and seek shelter. Where? Gold! When there’s political chaos, people turn to gold for protection. This demand hike makes gold prices climb up the ladder.

In Conclusion: The Shimmering Story

So, there you have it, a simple guide to today’s gold and silver prices in India. Remember, these prices are like musical notes, rising and falling to the tunes of global events and local desires. Keep an eye on these numbers; they tell stories of economies, politics, and our love for all things shiny! Stay tuned for more sparkling updates. This is [Your Name], signing off for Aaj Tak News.

Disclaimer: Prices can change, but the shine of gold remains timeless!

Article FAQ: Gold and Silver Prices in India – August 28, 2023

Q1: What are the retail prices of gold on August 28, 2023, in India? A1: The retail price of 10 grams of 24-carat gold is about Rs 59,450, while 22-carat gold costs around Rs 54,500.

Q2: How does the value of silver compare on the same day? A2: On August 28, 2023, the value of silver is approximately Rs 76,900 per kilo.

Q3: How do gold prices differ across different cities in India? A3: Gold prices vary among cities. For instance, in Mumbai, 22-carat gold is priced at Rs 54,500 per 10 grams, while in Jaipur, it costs Rs 54,650. The same trend follows for 24-carat gold.

Q4: What factors influence gold prices in India? A4: Gold prices are influenced by various factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.

Q5: How does demand and supply impact gold rates? A5: Gold rates are affected by the interplay of demand and supply. When gold demand rises, its rate tends to increase; if supply surges, the rate may decrease.

Q6: How does global economic condition impact gold prices? A6: During global economic downturns, investors often turn to gold as a safe haven, causing its price to rise.

Q7: Can political instability affect gold prices? A7: Yes, political turmoil in major countries can lead to increased gold investment as a hedge against uncertainty, causing gold prices to go up.

Q8: How are gold futures trading? A8: On August 28, 2023, gold futures maturing on October 5, 2023, are trading at Rs 58,720, while Silver futures maturing on September 5 are at Rs 73,575.

Q9: Why is gold important in India? A9: Gold holds cultural significance in India, used in weddings, festivals, and investments.

Q10: What does the retail price of gold in India represent? A10: The retail price reflects the cost at which gold is sold to consumers in the country, influenced by factors like global gold prices, currency value, and labor and material costs.

Q11: How does the price of 24-carat gold differ from 22-carat gold in India? A11: On August 28, 2023, the price of 24-carat gold is around Rs 59,450 per 10 grams, while 22-carat gold is priced at approximately Rs 54,500 per 10 grams.

Q12: Are there any specific cities mentioned with their gold prices? A12: Yes, the article provides gold prices for various cities like Mumbai, Gurugram, Kolkata, Lucknow, Bengaluru, Jaipur, Patna, Bhubaneshwar, and Hyderabad.

Q13: How are gold prices influenced by global economic conditions? A13: Global economic downturns lead to increased demand for gold as a safe-haven investment, causing its price to rise.

Q14: How does political instability affect gold prices? A14: When there’s political turmoil in a major country, investors seek the security of gold as protection against uncertainty, which can drive gold prices higher.

Q15: Can gold prices change during the day? A15: Yes, gold prices can change based on various factors, and the article mentions that it will be updated if there are any price changes during the day.

Q16: Why is gold considered significant in Indian culture? A16: Gold is important in India due to its cultural value in weddings, festivals, and as a form of investment.

Q17: How do gold rates on the Multi Commodity Exchange compare to retail prices? A17: On the Multi Commodity Exchange, gold futures maturing on October 5, 2023, are trading at Rs 58,720, which may differ from retail prices.

Q18: What role does the Rupee’s value play in determining gold prices? A18: The value of the Indian Rupee against other currencies can impact the cost of gold, as it’s priced in Rupees.

Q19: Why might investors turn to gold during times of economic uncertainty? A19: Gold is seen as a safe haven during uncertain economic times, as its value tends to remain stable or rise even when other assets face volatility.

Q20: How do demand and supply dynamics affect gold prices in India? A20: When the demand for gold is high, its price tends to go up, while an increase in supply can lead to lower prices.

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