Gold prices climbed marginally in India on Friday, with Kolkata reflecting the trend of steady demand and international cues. The city, one of the country’s key gold consumption hubs, recorded prices of Rs 9,406 per gram for 22-karat gold and Rs 10,261 per gram for 24-karat gold.
India, the world’s second-largest gold consumer after China, relies overwhelmingly on imports to meet its appetite for the precious metal. Only a fraction of demand is fulfilled through recycled gold, making global trends crucial for domestic buyers. Since gold is priced globally in US dollars, fluctuations in the rupee-dollar exchange rate directly impact rates across Indian cities, including Kolkata.
International and Domestic Factors Driving Rates
The modest uptick in Kolkata’s gold prices comes amid a mix of global and domestic influences. Traders noted that apart from the rupee’s movement against the dollar, import duties, Goods and Services Tax (GST), and state-level charges also play an important role in determining final prices.
Internationally, gold remains sensitive to movements in bond yields, monetary policy actions by central banks, and shifts in investor confidence. The recent softening of the US dollar has supported bullion, while expectations of potential rate cuts by the US Federal Reserve are keeping investors engaged in the yellow metal.
Cultural and Economic Significance of Gold in Kolkata
For residents of Kolkata, gold is not merely a financial investment but also carries strong cultural importance. It continues to symbolise prosperity, wealth, and security, making it a staple during weddings, festivals, and major life events. This cultural attachment ensures consistent demand, even during periods of price volatility.
At the national level, other major cities also reported similar rates on Friday. In Delhi, gold was priced at Rs 9,421 per gram for 22-karat and Rs 10,276 per gram for 24-karat. Mumbai, Bengaluru, and Pune also saw 22-karat gold at Rs 9,406 per gram and 24-karat gold at Rs 10,261 per gram.
With economic uncertainty still weighing on global markets, gold remains an attractive avenue for long-term wealth preservation. For buyers in Kolkata, the precious metal continues to hold value both as a cultural asset and as a hedge against financial volatility.
