By Admin 
Gold Price Today: The price of gold in the country has been continuously reaching historical levels since the beginning of October. The main reason behind this is believed to be the fear of a possible shutdown in America, due to which investors are turning towards safe investment options. Apart from this, increased demand during the festive season in India has also kept the price of gold high. On Friday, October 13, gold prices once again registered a rise in the market.
How much did the price increase?
In the domestic market of the country, 24 carat gold, which is purchased for investment purposes, is being sold today at the rate of Rs 1,25,400 for 10 grams, which means an increase of Rs 320. At the same time, 22 carat gold, which is generally used for jewellery, has reached Rs 1,14,950 for 10 grams, that is, an increase of Rs 300. Apart from this, 18 carat gold, which is popular in making jewellery, is being sold at the rate of Rs 95,050 for 10 grams today, which means an increase of Rs 240.
Experts say that due to the fear of possible government shutdown in America and global economic uncertainty, investors are leaning towards safe investment mediums like gold. At the same time, due to increase in demand due to festivals like Navratri, Dhanteras and Diwali in India, there is an upward trend in gold prices in the domestic market.
How is the rate decided?
Gold and silver prices are decided daily based on many economic and global factors. Fluctuations in the rates of these metals depend not only on market demand and supply, but also on international conditions, currency rates and government policies. First of all, changes in exchange rates and dollar prices have a big impact. In the international market, the prices of gold and silver are fixed in US dollars, so when the dollar strengthens or the rupee weakens, their prices increase in India.
Second, import duty and taxes also affect the rates of gold and silver. A large part of these metals is imported in India, so if the government increases the import duty or GST, the price of gold also increases. Third, global economic conditions also play an important role in determining the prices of these metals. When there is any kind of turmoil in the world — such as war, economic recession or fluctuations in interest rates — investors turn to gold and silver as safe haven investments, causing prices to rise.
Fourth, the cultural and social importance of gold in India also affects the prices. Buying gold on marriages, festivals and auspicious occasions is considered auspicious. On these occasions, due to increase in demand, prices also go up. Fifth, inflation and investment outlook also play a role in this. When inflation increases or the stock market is unstable, people consider it safe to invest in gold and silver. This increasing demand drives prices up. Thus, gold and silver prices depend not just on the value of the precious metal, but on the overall global and domestic economic situation.
Also read: Banks will remain closed for 11 days, bank holidays are not ending in October; Look at the list