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Gold Price

About Gold Price

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What is Gold Price Today

The price of gold is primarily determined by a combination of factors like supply, demand, and investor behaviour. However, current gold prices not only factor immediate supply and demand but also expectations of future supply and demand. According to experts, the less is the information available, the greater will be the price volatility. It is an agreement between market participants to buy and sell gold at a fixed price or to maintain the market conditions to make the price stay at a certain level by controlling the supply and demand.
 
When are gold prices fixed?
 
Gold prices are fixed at London Bullion Market Association on a daily basis (business day) at 10:30 am and 3pm (London time).
 
In which currency is gold rate fixed?
 
The gold fix is conducted in the US dollar, the Pound sterling, and the euro.
 
Who are the current participants in gold price fixing?
 
Barclays, Bank of China, Standard Chartered, Bank of Communications, ScotiaMocatta (Scotiabank), Goldman Sachs, Societe Generale, HSBC Bank USA, Toronto-Dominion Bank, UBS, JPMorgan Chase and Morgan Stanley
 
The three categories of gold consumers:
 
— industrial
— jewellery producers
— investors
 
Types of gold rates
 
There are 2 types of Gold prices – spot price, futures price.
 
Spot: This is the current market price at which gold was bought or sold for immediate payment and delivery
 
Futures: This is the price at which the participants in a futures contract agree to transact on the date of settlement
 
What are the sources of gold pricing?
 
Over-the-counter (OTC) markets: This decentralised market, in which market participants trade stocks, is not listed on an exchange. The market participants trade by phone instead of a physical trading floor. Financial markets act as market makers and offer a bid or ask for a bid.
 
Bullion traders, banks: Bullion traders and banks trade large volumes of gold for their clients. They buy and sell gold as part of the trading process which serve as a reliable source of spot pricing for gold.
 
Futures price is sourced on exchanges. Gold futures are traded on major exchanges around the world. These exchanges are the primary source of gold futures prices.
 
What are the major gold exchanges
 
Multi Commodity Exchange (MCX), Mumbai
 
COMEX, New York
 
TOCOM, Japan
 
DGCX, Dubai
 
Shanghai Gold Exchange, China
 
Istanbul Gold Exchange, Istanbul

Latest Updates on Gold Price

Spot gold surged to a fresh record high of $2465 on July 16 as traders continued to pile into the metal on Fed rate cut bets

Updated On: 26 Nov 2024 | 4:55 PM IST

Gold and Silver prices go down gradually. Chennai to be the most expensive to city to buy gold and silver.

Updated On: 01 Aug 2022 | 5:01 PM IST

Silver, on the other hand, witnessed a fall of Rs 300 as compared to previous day's rate. One kg of silver is currently selling at Rs 55,600

Updated On: 21 Jul 2022 | 9:22 AM IST

In Chennai, 10 gram of 24-carat gold price is Rs 52,280

Updated On: 04 Jul 2022 | 9:17 AM IST

There are two ways in which you can get your ornaments hallmarked in order to make them marketable

Updated On: 26 Jun 2022 | 9:11 PM IST

The gold price varies for different regions based on certain parameters such as the excise duty, making charges and the state taxes

Updated On: 11 May 2022 | 7:25 AM IST

Spot gold was down 1.2% at $1,934.61 per ounce, as of 0651 GMT. U.S. gold futures fell 1% at $1,935.00

Updated On: 28 Mar 2022 | 4:34 PM IST

Spot gold XAU= was up 0.1% at $1,826.76 per ounce, as of 0725 GMT, holding near previous session's high of $1,828.68, the strongest level since Jan. 26

Updated On: 09 Feb 2022 | 2:13 PM IST

Gold prices firmed on Tuesday as Russia-Ukraine concerns kept the safe-haven metal supported near the previous session's over one-week high

Updated On: 09 Feb 2022 | 12:40 AM IST

The price of gold jewellery varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges

Updated On: 05 Oct 2021 | 7:04 AM IST

In New Delhi and Mumbai, the price stands at Rs 46,710 and Rs 46,660 per 10 gm of gold, respectively

Updated On: 30 Aug 2021 | 7:11 AM IST

In New Delhi, gold price stands at Rs 50,360 per 10 gm (24 carat) while in Mumbai it is 47,160

Updated On: 16 Aug 2021 | 7:39 AM IST

In New Delhi, the price of 22-carat gold was at Rs 47,400 per 10 gm

Updated On: 19 Jul 2021 | 8:32 AM IST

In New Delhi, the price of 22-carat gold was hiked to Rs 47,300 per 10 gm on Friday

Updated On: 16 Jul 2021 | 6:50 AM IST

In New Delhi, the price of 22-carat gold was hiked to Rs 47,050 per 10 gm

Updated On: 15 Jul 2021 | 6:20 AM IST

In New Delhi, the price of 22-carat gold was down to Rs 46,800 per 10 gm

Updated On: 13 Jul 2021 | 6:16 AM IST

In New Delhi, the price of 22-carat gold was up by Rs 100 to Rs 48,900 per 10 gm. In Chennai, it slid to Rs 45,260

Updated On: 12 Jul 2021 | 6:39 AM IST

In New Delhi, the price of 22-carat gold is at Rs 45,660 per 10 gm, while in Chennai it rose to Rs 43,750

Updated On: 12 Apr 2021 | 7:14 AM IST

In New Delhi, the price of 22-carat gold is at Rs 44,550 per 10 gm, while in Chennai it fell to Rs 42,570

Updated On: 07 Apr 2021 | 7:05 AM IST

The yellow metal lost sheen as investors shifted out of this safe-haven asset to more lucrative investment options, such as cyclical stocks

Updated On: 06 Apr 2021 | 1:34 PM IST