Gold prices in Kolkata edged higher on Monday, reflecting a combination of international trends and domestic factors. As the world’s second-largest gold consumer after China, India relies heavily on imports to meet domestic demand, with recycled gold accounting for only a small portion of supply. Since bullion is traded in US dollars on global markets, fluctuations in the rupee-dollar exchange rate significantly influence the price that Indian buyers pay.
In Kolkata, 22-karat gold is currently priced at Rs 10,670 per gram, while 24-karat gold, also known as 999 gold, is trading at Rs 11,640 per gram. The steady climb comes amid a backdrop of market volatility and uncertainty, reinforcing gold’s enduring appeal as a safe-haven asset.
Domestic Factors Driving Prices
Retail gold prices in India are not solely influenced by international benchmarks. They are shaped by a combination of import duties, Goods and Services Tax (GST), and other state-specific levies, which often push the final cost higher than global rates. For Kolkata buyers, this layered taxation structure means that local rates may vary slightly from other metropolitan centres, even when the global price remains stable.
Beyond taxation, domestic demand is being driven by consumer sentiment. During periods of economic uncertainty or financial market turbulence, investors and households increasingly turn to gold for wealth preservation. Analysts note that in addition to jewellery demand, investment in gold coins and bars has surged, reflecting a preference for assets that retain intrinsic value.
Global Cues and Safe-Haven Appeal
Globally, gold continues to respond to multiple triggers. Bond yields, central bank monetary policies, and geopolitical tensions all influence prices. When uncertainty rises, gold’s reputation as a reliable store of value strengthens, prompting a renewed surge in buying. Analysts also point to the US Federal Reserve’s policy stance and ongoing international trade developments as factors likely to affect market direction in the coming weeks.
For Kolkata residents looking to invest or purchase jewellery, monitoring global movements alongside local rates remains crucial. With 22-karat gold at Rs 10,670 per gram and 24-karat gold at Rs 11,640 per gram, gold continues to provide a combination of security and long-term wealth preservation.
