Gold and Silver Rates Today On August 2: Check Latest Gold Rates in Your City

Gold and Silver Rates Today On August 2: The gold price today in India has increased compared to last-day gold prices in India.

The 22-carat gold rates today in India stood at Rs 64,500 per 10 grams while the 24-carat gold rate today is valued at Rs 70,360 per 10 grams.

The price of 22-carat gold today in India has risen by Rs 490 compared to the last day’s price while the 24-carat gold rate stood at Rs 530 in the last 24 hours.

The silver price today in India per kilogram stood at Rs 87,100 and increased by Rs 600 in the last 24 hours.

In the MCX, the gold futures contracts expiring on October 2024 are trading at Rs 70,350 per 10 gm which is an increase of 396. While silver futures expiring September 2024 are trading at Rs 83,670 per kg, a rise of Rs 1076.

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Check Current Prices in Your Area

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Factors Influencing Gold Prices In India

Here are some factors that highly influence gold prices in India:

Exchange Rates: The Indian rupee's value against the US dollar has a high influence on gold prices. For example, When the value of other currencies increases against the Indian rupee then the price of gold increases.

Taxes: In India, there are several taxes that directly and highly influence the gold price in the country. If the taxes such as excise duty or state tax on gold increase then the rates of gold will also increase and if the tax rates fall then the gold rates also decrease.

Demand and Supply: When the demand for gold is higher than its supply then the gold rates will rise and when the supply is higher than its demand then the gold rates will fall in India.

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