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Gold price rises on Akshaya Tritiya in India: Check gold rates in your city on May 10

Gold rates in India saw a slight increase on Friday, coinciding with the celebration of Akshaya Tritiya. In Delhi, 10 grams of 24-carat gold was priced at Rs. 73,240 today, while on the Multi Commodity Exchange (MCX), gold contracts for June delivery traded higher by Rs 93 at Rs 73,090 per 10 grams.

Edited By: Nitin Kumar @Niitz1 New Delhi Published on: May 10, 2024 16:19 IST
Gold price rises on Akshaya Tritiya in India
Image Source : INDIA TV Gold price rises on Akshaya Tritiya in India: Check gold rates in your city on May 10

Akshaya Tritiya: Gold rates saw a slight increase across India on Friday, coinciding with the celebration of Akshaya Tritiya. In Delhi, the price for 10 grams of 24-carat gold stood at Rs Rs. 73,240 today. On the Multi Commodity Exchange (MCX), gold contracts for June delivery traded higher by Rs 93 at Rs 73,090 per 10 grams. Gold prices have surged by approximately 20% since last year's Akshaya Tritiya, soaring from around Rs 60,000 levels during 2023, according to the India Bullion and Jewellers Association.

Gold: A hedge against inflation

Gold is renowned as a reliable hedge against inflation due to its tendency to maintain or increase in value during periods of inflationary pressure. This quality makes it an attractive option for investors seeking to safeguard their wealth from inflation's adverse effects.

Factors driving Gold rates

The uptick in gold rates today is attributed to robust global cues, anticipation of interest rate cuts from central banks later this year, and ongoing geopolitical conflicts. During uncertain times, investors often turn to safer assets like gold over riskier ones such as equities or cryptocurrencies.

Daily fluctuations and market dynamics

Gold rates experience daily fluctuations influenced by various short- and long-term factors, including supply and demand shifts, economic indicators, geopolitical developments, currency movements, and investor sentiment. Effective monitoring and analysis of pricing data are essential for investors and traders to make informed decisions.

Comprehensive coverage for investors

Our daily series provides comprehensive updates on gold prices across major Indian cities, aiding investors in navigating the gold market effectively. 

Here are the gold rates across major Indian cities on Friday, May 10:

  • Chennai: Rs 67,050 (22k), Rs 73,150 (24K), Rs 54,920 (18k) 
  • Mumbai: Rs 67,000 (22k), Rs 73,090 (24k), Rs 54,820 (18k) 
  • Delhi: Rs 67,150 (22k), Rs 73,240 (24k), Rs 54,940 (18k) 
  • Kolkata: Rs 67,0009 (22k), Rs 73,090 (24k), Rs 54,820 (18k) 
  • Bangalore: Rs 67,000 (22k), Rs 73,090 (24), Rs 54,820 (18k) 
  • Hyderabad: Rs 67,000 (22k), Rs 73,090 (24k), Rs 54,820 (18k) 
  • Kerala: Rs 67,000 (22k), Rs 73,090 (24k), Rs 54,820 (18k) 
  • Pune: Rs 67,000 (22k), Rs 73,090 (24k), Rs 54,820 (18k) 
  • Vadodara: Rs 67,050 (22k), Rs 73,140 (24k), Rs 54,860 (18k) 
  • Ahmedabad: Rs 67,050 (22k), Rs 73,140 (24), Rs 54,860 (18k)

Stay informed for sound investment decisions

While these updates offer valuable insights into market trends, investors are advised to conduct their own due diligence before making investment decisions. By remaining vigilant and monitoring gold rates closely, investors can identify potential trading opportunities and make informed choices.

Also read | Stock markets update: Sensex surges 203 points, Nifty up by 83 points to 22,041 in early trade

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