Gold prices have seen a fall on Monday, 24 February 2025. In the major cities of the country, the price of 24 carat gold is trading around Rs 87,700 per 10 grams and 22 carat gold price of Rs 80,400 per 10 grams. The price of gold has decreased by up to Rs 150. Let us know how the gold and silver market was today.
Causes of fall in gold prices – weak demand and profit booking
Weak demand and profits are considered to be the main reasons behind the fall in gold prices. The price of gold saw a decline in the price of gold due to the weak demand from jewelery traders and stockists.
Apart from this, after a long time prices increase, traders have now started profit booking, making gold cheaper. Investors’ interest declined due to the strict policies of the US Federal Reserve and a weak trend in the global market, causing gold prices down.
Gold prices fall in Delhi and Mumbai
Today, 24 and 22 carat gold prices have been reduced in Delhi and Mumbai.
- Delhi:
- 24 carat gold – Rs 87,910 per 10 grams
- 22 carat gold – Rs 80,590 per 10 grams
- Mumbai:
- 24 carat gold – 87,760 rupees per 10 grams
- 22 carat gold – Rs 80,440 per 10 grams
Apart from this, gold prices were similar in other big cities.
Gold price in major cities of the country on 24 February 2025:
| City | 22 carat gold rate (₹/10 grams) | 24 carat gold rate (₹/10 grams) |
|---|---|---|
| Delhi | 80,590 | 87,910 |
| Chennai | 80,440 | 87,760 |
| Mumbai | 80,440 | 87,760 |
| Kolkata | 80,440 | 87,760 |
Silver prices also fall slightly
Along with gold, there was a slight decline in the price of silver. On 24 February 2025, silver was priced at Rs 1,00,400 per kg.
How is the price of gold fixed?
The price of gold in India depends on many factors:
- Gold prices in the international market – If the price of gold increases globally, then its effect is also seen in India.
- Government tax and import duty – Gold is mostly imported in India, so taxes and duty imposed by the government affect the price of gold.
- Strongness or weakness of rupee – Gold can be expensive due to decrease in the price of rupee against the dollar.
- Demand and Supply – Its prices rise due to increasing demand for gold during marriage and festivals.
- Policies of central banks – Policies of Reserve Bank of India (RBI) and other global central banks also affect the price of gold.
