Gold Rates on February 12, 2024
Gold remains a cornerstone of Indian households, both as cultural asset and investment. Daily price tracking is vital for buyers, especially with festive seasons and weddings driving demand. On February 12, 2024, gold prices across major cities held steady, showing minor corrections from previous highs. The Indian Express presented a comprehensive city-wise list for 18, 22, and 24 carat gold, helping consumers gauge the best purchasing options.
Understanding Gold Purity
Gold purity is denoted in karats: 24K (99.9% pure) is used for investment, 22K (91.6%) for jewelry due to durability, and 18K (75%) for delicate pieces. The price scales with purity; thus, 24K commands the highest rate. On February 12, these differentials were evident, with 22K roughly 8.4% cheaper than 24K, and 18K about 25% less.
Factors Influencing Gold Prices
Gold prices hinge on global US dollar movements, as gold is dollar-denominated. A weaker rupee raises local prices. Import duties (around 15%) and GST add to the cost. Domestic demand peaks during festivals and weddings. Inflation and interest rate decisions by the RBI also sway investor sentiment. On February 12, these factors coalesced to maintain a stable price band, with no major external shocks.
City-wise Variations
India’s gold prices differ city-to-city due to varying state taxes (though GST is national, some states impose additional cess), logistics costs, and local competition. Mumbai, with its dense dealer network, often offers the lowest rates. Southern and eastern cities like Chennai and Kolkata may have slightly higher prices due to transportation. These variations typically range between Rs. 20-100 per gram, making city comparisons essential for buyers.
February 12 Rates: A Snapshot
The Indian Express reported the following retail gold rates (per gram) for February 12, 2024, across six major cities:
24 Karat: Chennai Rs. 5,780, Mumbai Rs. 5,750, Delhi Rs. 5,760, Kolkata Rs. 5,770, Hyderabad Rs. 5,765, Bangalore Rs. 5,755. 22 Karat: Chennai Rs. 5,295, Mumbai Rs. 5,265, Delhi Rs. 5,275, Kolkata Rs. 5,285, Hyderabad Rs. 5,280, Bangalore Rs. 5,270. 18 Karat: Chennai Rs. 4,335, Mumbai Rs. 4,313, Delhi Rs. 4,320, Kolkata Rs. 4,328, Hyderabad Rs. 4,324, Bangalore Rs. 4,316.
These prices reflect the base metal cost without jewelry making charges, which vary by design and artisan. They are subject to real-time fluctuations in international markets and currency rates. Shoppers should confirm rates at the point of purchase, especially for high-value items.
For those considering gold as an investment, the stability observed on February 12 suggests a period of consolidation. Historically, gold has acted as a hedge against inflation and currency depreciation. Diversifying across forms—physical gold, ETFs, sovereign gold bonds—can balance risk. Always verify purity hallmarks and buy from reputable dealers to ensure authenticity.
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