Gold Price In India On June 16: Gold prices in India on Friday rose above Rs 60,000 in many cities. In Delhi, 10 grams of 24-carat gold rose by Rs 440 to Rs 60,260. The same quantity of 22-carat variety cost Rs 54,850. On the other hand, silver remained stable at Rs 73,100 per kilogram. Gold is considered as an important part in India due to cultural significance, investment value, and its traditional role in weddings and festivals.
In Bengaluru, prices for 24-carat and 22-carat gold were Rs 59,720 and Rs 54,750 per 10 grams. In Chennai, 24-carat gold was Rs 60,460 and 22-carat gold was Rs 55,420. In Hyderabad, gold of 24 carats was priced at Rs 60,110 and 22 carats was priced at Rs 55,100. In Mumbai, 24-carat gold was selling at Rs 60,110 and 22-carat at Rs 55,100 per 10 grams.
On June 16, on the Multi Commodity Exchange, gold futures maturing on August 04, 2023, were up marginally at Rs 59,401. Silver, maturing on July 5, was also slightly up at Rs 72,350.
Gold prices in India are generally influenced by a variety of factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.
According to a Crisil report, sustained high gold prices are likely to hike revenues of organised gold jewellery retailers by 16-18 per cent this fiscal. However, volume growth will remain modest due to elevated prices this fiscal.
This comes after a stellar compound annual growth rate (CAGR) of 35 per cent logged during FY22 and FY23, mainly due to strong volume growth, driven by pent-up demand and increased consumer spending. Average realisations during the previous two fiscals increased at a CAGR of 5 per cent, Crisil Ratings said in the report.
“We expect a low single-digit volume growth for the organised players during FY24, given elevated gold prices. That said, organised players will continue to see modest market share gain, compared with unorganised players. While revenue will grow by 16-18 per cent on sustained high gold prices,” Crisil Ratings Senior Director Anuj Sethi said.
The organised sector accounts for slightly more than a third of the market, with the unorganised sector making up the rest.
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