Gold Outshines as a Response to the Squabble between U.S. Declared Polls & Demonetisation Of Rs. 500 & Rs. 1000

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With an ordinance made by Honourable Prime Minister of India, Mr. Narender Modi during his 40-minute speech on 8th November'16  regarding scrapping of Rs. 500 & Rs. 1000 highly denominated currency  has given a nightmare to crorepatis or arabpatis of India indulged in smuggling or money laundering activities since long.This is a forceful  drive on people hoarding black cash currency coming to the banks for converting their higher denominated currency into lower denominations such as Rs. 50, Rs. 10 or so.

Inspite of setting ablaze on the detection of counterfeit currency, the asset classes especially Gold & real estate have found a deep-rooted impact on itself. Moreover, with the declaration of newly elected President, Donald Trump in the United States has left aghast across the nation and as a result witnessed the benchmark Sensex opening with a negative gap of more than 800 points today.

The effects can clearly be seen on gold indices as well. Let's examine the gold rates in India for today & the differential effects, it has made with respect to previous day i.e. Tuesday, 8th November 2016.

For 24 Carat Gold Price: Gold Price per gram in India Today is Rs. 3,083

For 22 Carat Gold Price:Gold Price per gram in India Today is Rs. 2,878

GOLD RATES IN INDIA TODAY

(Wednesday, 9th November 2016)

Source: http://www.goldsilverrates.com/

DIFFERENTIAL EFFECTS OF GOLD RATES IN INDIA

Gold Price for Different Weights% CHANGE IN GOLD PRICE
    WEIGHT22 KARAT (as on 9 th November'16)22 KARAT(as on 8 th November'16)% Change    24 KARAT(as on 9 th November 2016)22 KARAT(as on 8 th November'16)% Change
   1 GRAMRs. 2,878Rs. 2,883-0.17Rs. 3,083Rs. 3,088-0.16
   8 GRAMRs. 23,024Rs. 23,064-0.17Rs. 24,644Rs. 24,704-0.24
  10 GRAMRs. 28,780Rs. 28,830-0.17Rs. 30,830Rs. 30,880-0.16
 100 GRAMRs. 287,800Rs. 2,88,300-0.17Rs. 308,300Rs. 308,800-0.16
GOLD RATES TODAY (Wednesday, 09 November 2016) during 05:31:06 am, GMT
Rs/gmRs/10gm
Gold price in India (*MCX)310030996
Gold price in Chennai316631660
Gold price in Mumbai323132310
Gold price in Delhi321932192
Gold price in Bangalore310231016
Gold price in Kerala307030695
Gold price in Hyderabad311931187
Gold price in Kolkata318931893

Source: http://www.goldpriceindia.com/

The above given price of gold is for 24 karat pure gold in India and from major local city markets across India. Gold price in India does differs across different states/cities due to various local market factors like state government taxes, policies and availability.

*MCX: Multi Commodity Exchange of India Ltd.

Gold price last updated on Wednesday, 09 November 2016