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Gold, Silver Rate Today on August 16 in Mumbai, Delhi, Chennai, Kolkata: Here are Latest Prices in Your City

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Gold and silver, the two most coveted precious metals in India, continue to attract attention from investors, consumers, and jewelry enthusiasts. Whether it’s for investment purposes or for cultural reasons like weddings and festivals, staying updated on the latest and silver rates is essential. On August 16, 2024, the prices show fluctuations across major cities like Mumbai, Delhi, Chennai, and Kolkata, driven by a mix of international trends, domestic demand, and currency strength.

Here’s a detailed breakdown of today ’sand silver prices in key Indian cities.

Prices on August 16, 2024

remains one of the most trusted investment avenues in India, often seen as a hedge against inflation. The prices of fluctuate daily based on various factors like international rates, the strength of the rupee, and the demand and supply dynamics in the country. On August 16, 2024, prices have seen some movement compared to previous days.

Rates in Mumbai:

In Mumbai, a city where is widely used for both investment and jewelry, the price of 22-carat stood at ₹55,800 per 10 grams today, while 24-carat was priced at ₹60,900 per 10 grams. These prices show a slight decrease from the previous day’s rates, influenced by the global market performance.

Rates in Delhi:

Delhi, known for its large bullion markets, saw prices hover around ₹56,000 for 22-carat and ₹61,100 for 24-carat per 10 grams. The slight dip in prices in the national capital can be attributed to changes in the international market and a relatively stable rupee value.

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Rates in Chennai:

Chennai, a city with a rich tradition of jewelry consumption, recorded 22-carat rates at ₹56,200 per 10 grams and 24-carat at ₹61,500 per 10 grams. Unlike other cities, prices in Chennai remain relatively higher due to increased local demand and high import taxes in the state.

Rates in Kolkata:

In Kolkata, 22-carat was priced at ₹55,950 per 10 grams, while 24-carat was trading at ₹61,000 per 10 grams. Kolkata’s market has seen a steady trend, closely following the fluctuations in the global market.

International Market Trends:

Globally, prices are influenced by factors such as the strength of the U.S. dollar, inflation expectations, and geopolitical tensions. On August 16, 2024, prices in the international market were trading around $1,900 per ounce. The international market saw a slight dip due to stronger-than-expected U.S. economic data, leading to a rise in the U.S. dollar index.

Key Factors Affecting Prices Today:

  • Global Economic Data: Positive economic data from the U.S. often leads to a strengthening dollar, which inversely affects prices.
  • Inflation and Interest Rates: Rising inflation and interest rate hikes by central banks influence the demand for as a safe-haven asset.
  • Rupee-Dollar Exchange Rate: A weaker rupee against the dollar leads to higher import costs for in India, driving up prices domestically.
  • Festive Demand: In the coming months, the demand for is expected to rise in India due to the upcoming festive season, which could push prices higher.

Silver Prices on August 16, 2024

Silver is often referred to as the “poor man’s ” due to its lower price point and accessibility. However, it is also widely used in industries such as electronics and solar energy, in addition to its use in jewelry and silverware. Silver prices, much like , are influenced by global market trends and industrial demand.

Silver Rates in Mumbai:

In Mumbai, silver was priced at ₹76,300 per kilogram today, marking a slight decrease compared to the previous day’s rate. The price drop is reflective of weak global demand and a dip in industrial silver usage.

Silver Rates in Delhi:

In the national capital, silver rates stood at ₹76,500 per kilogram. The minor difference in prices between Mumbai and Delhi can be attributed to local taxes and transportation costs.

Silver Rates in Chennai:

Chennai recorded silver rates at ₹76,800 per kilogram. The demand for silver in Chennai remains robust due to the city’s cultural affinity for silver items, especially during festive occasions.

Silver Rates in Kolkata:

Kolkata saw silver prices trading at ₹76,200 per kilogram, showing a consistent pattern with other major cities. Kolkata’s silver prices are generally influenced by local demand and global industrial usage.

Global Silver Market Trends:

The global silver market has been volatile, with prices hovering around $24 per ounce on August 16, 2024. Silver, unlike is heavily impacted by its industrial applications, which constitute nearly 50% of its demand. The slowdown in the global manufacturing sector, especially in electronics and photovoltaic industries, has led to a factsnfigs.com slight decline in silver prices.

Key Factors Affecting Silver Prices Today:

  • Industrial Demand: A large portion of silver is used in industrial applications, including electronics, solar panels, and medical equipment. Any fluctuation in these industries directly impacts silver prices.
  • Global Supply Chain Issues: Disruptions in the global supply chain, particularly in mining and transportation, can influence silver availability and prices.
  • Investment Demand: Similar to also attracts investment during times of economic uncertainty. However, silver tends to be more volatile than leading to sharp price swings.
  • Dollar Strength: Since silver is traded in U.S. dollars, a stronger dollar makes silver more expensive for buyers using other currencies, leading to reduced demand and lower prices.

How Gold and Silver Prices are Determined in India

In India, prices are determined by several factors, including:

  1. International Market Rates: prices in India closely follow international market rates, which are influenced by global economic conditions, geopolitical tensions, and currency fluctuations.
  2. Rupee-Dollar Exchange Rate: Since India imports most of its the strength of the rupee against the dollar plays a significant role in determining the price of these metals. A weaker rupee leads to higher prices and vice versa.
  3. Customs Duty: India levies a customs duty on and silver imports, which adds to the overall cost of these metals. The government frequently adjusts the duty rates to regulate the import levels.
  4. Local Taxes: Apart from customs duty, various state-level taxes like GST (Goods and Services Tax) also impact the final price of and silver for consumers.
  5. Festive and Wedding Season Demand: India has a strong cultural affinity for particularly during the festive and wedding seasons. The increased demand during these periods often leads to a spike in prices.

Outlook for in 2024

As we move further into 2024, several factors are likely to influence the trajectory

  • Global Recession Fears: Concerns about a global recession continue to loom large, which could push investors towards safe-haven assets like thereby driving up prices.
  • Central Bank Policies: Interest rate hikes by central banks, particularly the U.S. Federal Reserve, will have a significant impact on prices. Higher interest rates typically lead to lower demand for non-yielding assets like
  • Industrial Demand for Silver: The growing demand for silver in the renewable energy sector, particularly for solar panels, is expected to provide support to silver prices in the long term.
  • Rupee-Dollar Dynamics: The value of the rupee against the U.S. dollar will continue to be a crucial factor in determining the prices ofand silver in India.

Conclusion

prices on August 16, 2024, showed some fluctuations across major Indian cities, reflecting both global market trends and local factors. While remains a trusted investment, silver’s industrial applications continue to influence its price movements. As we approach the festive season in India, demand for both metals is expected to rise, potentially leading to higher prices. Staying updated on the daily rates can help consumers and investors make informed decisions.

Reference : Rate Today on August 16 in Mumbai, Delhi

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