Spot gold on Wednesday amid a continuous spike in crude oil and fuel prices in view of the raging conflict in West Asia that began on February 28 with US-Israeli attacks on Iran. The price of 24-carat gold stood at Rs 1,63,310 per 10 grams, while 22k gold was available at Rs 1,49,700 per 10 grams, as per Good Returns.
The price of 18-carat gold rose to Rs 1,22,480 per 10 grams in India. These rates do not include GST and making charges.
The price of silver, meanwhile, remained the same as on Tuesday, trading at Rs 2,900 per 10 grams.
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country. The ongoing Middle East war, rise in crude oil and fuel prices due to the closure of the key Strait of Hormuz, is also affecting gold and silver prices.
