India's ₹33-Lakh-Crore Gold Stockpile Could Boost Consumption Amid Festive Season
India's gold market is currently influenced by several factors, including international gold prices and domestic jewellery demand. The country's hidden stimulus lies in its massive gold stockpile, valued at ₹33-lakh-crore, which could potentially boost consumption. In the retail market, gold is traded mainly in two purities - 24-karat and 22-karat, with the latter being preferred for jewellery due to its greater strength and durability.
According to recent data, the prices of 24K gold in major cities across India are as follows: Delhi ₹1,56,820 per 10gm, Mumbai ₹1,56,670 per 10gm, Bengaluru ₹1,56,670 per 10gm, Kolkata ₹1,56,670 per 10gm, Hyderabad ₹1,56,670 per 10gm, and Chennai ₹1,56,670 per 10gm. The prices of 22K gold are similarly priced across these cities.
Jewellers such as Joyalukkas and Malabar Gold & Diamonds are quoting ₹14,360 per gm for 24K gold, while Tanishq's 24-carat gold rate stands at ₹15,715 per gm. The marginal differences in retail prices are influenced by brand-specific pricing policies, procurement costs, and regional market conditions.