Gold investors and individual buyers in India are keenly monitoring 22kt gold prices for 2024. Calculations suggest promising prospects, with anticipation that India could outmatch China as the largest gold importer this year. Demand may exceed 900 tonnes by 2024’s year-end, which could increase prices. Let’s check 22kt Gold Rate today and the factors affecting it.

22kt Gold Rate Today

India does not produce gold, and Indian gold mines have been closed in recent years. Therefore, due to its heavy dependence on imports, India’s gold prices are influenced by international trends. Since March 2024, international gold prices have increased by over 15%, leading to a 10% spike in Indian gold prices within 1-month.

On 23rd/July/2024, the price of one gram of 22kt gold is ₹6,870. Global political tensions, especially battles in Eastern Europe and the Middle East, have increased the appeal of the 22kt gold rate today as backup and reserves. Current issues like the Russia-Ukraine war since February/2022 and the Hamas-Israel conflict since October/2023 have intensified market uncertainty.

India procures crude oil from Iran and Russia. European countries are experiencing inflation and higher gasoline rates due to sanctions on Russia. Further, the international food supply chain involving Ukraine ports was also affected, making inflation more severe.

USD vs. INR affecting 22kt gold rate today

The rupee-dollar exchange rate also determines gold prices in India. As INR has fallen to ₹83.64 per US$1.00, gold became more expensive for buyers. Import duties are currently at 10%. Hence, customs duties also influenced gold prices.

US$ strength and affirmative capital market demonstration have tempered gold-investment appeal. Economic indicators like the U.S. Core PCE price index and quarterly GDP growth, as well as gold demand and supply, further make its price volatile by approximately ±₹1,000.

2024 Demand and Supply affecting 22kt gold rate today:

Local demand during upcoming festive and wedding seasons affected gold rates. Diwali, Dussehra, and weddings will witness higher gold purchases. So,   gold prices will spike further before 2024 ends.

Recently, China’s central bank stopped procuring gold (reduced demand), and softening U.S. job data affected Federal Reserve policies. Hence, on 9th/July/2024, 24-karat gold prices decreased by Rs 3,800 to Rs 7,32,000/100 grams.

 Securing Gold against Emergency Foreign Seizures

Investors seek gold as security against inflation or economic uncertainties. Therefore, investment demand due to Gold ETFs and sovereign gold bonds impacted gold prices.  RBI’s gold reserve management and monetary policies play decisive roles in the formulation of market dynamics. Furthermore, RBI imported 100 tonnes of Indian gold reserves from the U.K., and 27.47 metric tonnes will be imported before 2024 ends.

Geopolitical tensions globally are increasing 22kt gold rate today. Several war experts anticipate that conflicts in Middle East, USA and China, Russia, Ukraine, and European countries may spread, making it like World War wildfire! As a result, gold rates in India are on the rise as the country imports most of its gold.

Conclusion

Gold prices in India rise due to weak currency performance and economic uncertainty. The Indian government has yet to present its fiscal budget, so price increase or decrease in consumer goods, 22kt Gold Rate Today, etc.., is yet to be determined. Further, India’s external debt of $1,889.965+ billion hurts foreign exchange rates and EBRs. Looking ahead to 2024, gold rates in India may continue an upward trend. For latest finance news and stories like and subscribe to financereview.org.