Gold Price Today on 31st December 2024 Across Major Cities

Gold prices in India declined today, as compared to their slight upward movement in the past couple of days. On Tuesday, December 31, the price of 24K gold price in India was ₹7,756/ gm while 22K gold was ₹7,110/ gm as of 11:25 AM. In this article, we look at the gold prices today in cities such as Mumbai, Chennai, Bangalore, Hyderabad, Lucknow, and Delhi as well as the primary drivers of these movements.

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Gold Rates Across Cities on 31st December 2024 (11:25 AM)

Gold Rates Across Major Cities on 31st December 2024: As of December 31, 2024, gold prices have seen a decline. The price of 22-carat gold has decreased by ₹40, while 24-carat gold is down by ₹44 compared to yesterday. Here's a detailed city-wise breakdown of gold rates:

• Gold Price Today in Mumbai: In Mumbai, 22-carat gold is priced at ₹7,110 per gram, while 24-carat gold costs ₹7,756 per gram. Being a significant trading hub, Mumbai often sets the tone for gold pricing trends across India.
• Gold Price Today in Chennai: IChennai reports gold prices of ₹7,110 per gram for 22K gold and ₹7,756 per gram for 24K gold. The city's cultural affinity for gold creates consistent demand, driving its dynamic market.
• Gold Price Today in Bangalore: Bangalore's gold rates stand at ₹7,110 per gram for 22-carat gold and ₹7,756 per gram for 24-carat gold. These prices align with the broader national pricing trends.
• Gold Price Today in Hyderabad: Gold prices in Hyderabad are ₹7,110 per gram for 22-carat gold and ₹7,756 per gram for 24-carat gold, reflecting similar rates as observed in other metropolitan cities.
• Gold Price Today in Lucknow: In Lucknow, gold prices are marginally higher compared to the other districts, with 22-carat gold priced at ₹7,125 per gram and 24-carat gold at ₹7,771 per gram. This slight variation may reflect localized demand and supply factors.
• Gold Price Today in Delhi: Delhi's gold rates today are ₹7,125 per gram for 22-carat gold and ₹7,771 per gram for 24-carat gold. These prices may be influenced by both domestic market demand and international gold price trends.

Recent Gold Price Trends

Gold prices, after maintaining an upward trajectory in recent days, witnessed a decline of around ₹42 today. On Tuesday, December 31, the price of 24K gold stood at ₹7,756 per gram, while 22K gold was priced at ₹7,110 per gram.

December 30: The price of 22-carat gold increased by ₹15, reaching ₹7,150 per gram, while 24-carat gold rose by ₹16 to ₹7,800 per gram.
December 29: Gold prices were slightly lower, with 22K gold at ₹7,135 per gram and 24K gold at ₹7,784 per gram.
December 27: A modest uptick was recorded earlier in the week, with 22K gold increasing by ₹25 to ₹7,150 per gram and 24K gold rising by ₹27 to ₹7,800 per gram.

In December, the highest gold prices were observed on December 11, with 22K gold peaking at ₹7,285 per gram and 24K gold at ₹7,947 per gram. Conversely, the lowest prices of the month occurred on December 20, when 22K gold was ₹7,040 per gram, and 24K gold stood at ₹7,680 per gram. This fluctuating trend underscores the dynamic nature of gold prices, influenced by global market conditions, economic factors, and seasonal demand patterns.

Key Factors Influencing Gold Prices

Several factors have shaped gold prices in 2024 and are expected to continue influencing trends in 2025. Central bank policies have played a pivotal role, with many opting to ease interest rates. The US Federal Reserve, for example, implemented three rate cuts in 2024 and plans two more in 2025. Geopolitical tensions, including global conflicts and shifts in US tariff policies, have further cemented gold's status as a preferred safe-haven investment. Additionally, persistent inflation concerns, particularly in the United States, may have driven demand for gold as a reliable hedge against economic uncertainty.

In Conclusion

Gold prices in India today, i.e. on December 31, 2024, have seen a dip, potentially reflecting the dynamic nature of the market. The prices of 22K and 24K gold remain consistent across major cities, with slight variations in cities like Lucknow and Delhi. As we move into 2025, the key drivers of gold price movements, including global economic factors, central bank policies, and geopolitical tensions, are likely to continue influencing trends. For investors and gold enthusiasts alike, keeping an eye on these factors will be essential.