Today's Gold Price in Panipat

Factors affecting gold price in Panipat

There are various factors that may determine the price of gold in Puri. Those factors are mentioned below:

1. Interest Rate: The price of gold is also dependent on the interest rate at which it can be availed. If the rate is increased, then one can witness a significant decline in the purchasing of gold.
2. Demand and supply: If the demand for gold is high and the supply is low, then the price of gold will also increase. Based on the demand for gold and its supply, the price of the yellow metal is determined.
3. Jewelery market: Purchasing gold in India is considered to be auspicious. For events like weddings, social events, festivals, etc., people tend to purchase gold for themselves. Due to this there are a good number of jewelers in Panipat selling gold which also plays a role in its price.
4. Currency value: The price of gold is impacted if there is any fluctuation in the value of US dollars which also impacts the value of Indian Rupee. If the value of Indian Rupee falls, then gold prices grow since the precious metal is considered to be a safe haven and investors then tend to invest in it.
5. Government Reserves: Through the Reserve Bank of India, Indian gold reserves transact in gold. The quantity and cost of gold that the Indian government trades in determines how much it fluctuates in price.
6. Inflation: If Inflation rises, the US dollar is likely to fluctuate which would result in the Indian Rupee value also diminishing. In such cases investing in Gold is a viable option to fight inflation and is also considered to be a safe haven for the investors.
7. Import Duty: India is the world's second-largest producer of gold, however due to high demand, a significant amount of gold is imported. As a result, import taxes are placed on gold throughout the nation, which ultimately affects the cost of gold in Panipat.