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Tuesday, April 16, 2024

Exploring The Factors Influencing Gold Prices In Siliguri Today

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As one of the precious metals in the world, gold has always had a significant position in the world’s economy. Gold prices have been fluctuating for centuries and are subject to various factors, including market dynamics, economic conditions, geopolitical events, global demand and supply, and more.

When it comes to gold price today siliguri, the city’s economy is highly reliant on the gold market. The gold market in Siliguri has been growing in recent years. Nowadays, people look to gold not just as an adornment, but also as an investment. People in Siliguri have been using gold as collateral for loans for many years.

Gold Price Today in Siliguri

As of September 2021, the gold price per gram in Siliguri is INR 4,812.19. Gold prices are not static, and they change daily due to market dynamics and other factors. The factors influencing the price of gold in Siliguri are discussed in detail below.

Global Economy

The price of gold is affected by global economic conditions. Gold is a safe-haven asset and is considered as a hedge against inflation. When the economy is unstable, investors tend to sell their stocks and invest in more stable investment options like gold. So, if the global economy is experiencing a downturn, the gold price in Siliguri will increase.

Inflation

Gold prices also depend on inflationary pressures. Inflation is the rate at which the general price level of goods and services in the economy increases. High inflation can lead to an increase in the price of gold as investors look to protect their wealth from the inflationary impact.

Gold Demand and Supply

Another critical factor that impacts the price of gold in Siliguri is the demand and supply of gold. The demand for gold is high in Siliguri due to its cultural significance and use in jewelry making. Additionally, gold is used as collateral for loans. If the demand for gold exceeds the supply, the price of gold will increase.

Global events

Geopolitical events such as war, social unrest, and government policy changes can also affect the price of gold. Gold is considered to be a safe haven asset during times of political instability. So, if there is an increase in geopolitical risks, investors tend to buy gold to secure their assets, and as a result, the price of gold increases.

Gold Loan Per Gram

Gold is often used as collateral for loans in Siliguri. The gold loan per gram is calculated based on the purity and weight of the gold. The loan amount is usually less than the market value of the gold.

The interest rate on gold loans in Siliguri varies depending on the lender and the loan amount. The interest rate ranges from 7% to 29%.

Factors Affecting Gold Loan Per Gram

The following factors can impact the gold loan per gram in Siliguri.

Gold prices

The price of gold is an essential factor that impacts the gold loan per gram. When the gold price is high, the loan amount will also be high.

Loan Tenure

The tenure of the loan is another factor that affects the gold loan per gram. If the loan tenure is longer, the interest rate will be higher, and the loan amount will reduce.

Purity of Gold

The purity of gold plays a crucial role in determining the gold loan per gram. The loan amount is calculated based on the weight and purity of gold. Lenders have different criteria for purity, and they have their own methods of determining the gold’s purity.

Lender

Different lenders have different interest rates and charges on gold loans. Choosing the right lender is essential to get the best gold loan per gram.

Conclusion

In conclusion, the price of gold in Siliguri is influenced by various factors like global economic conditions, geopolitical events, supply and demand, and inflation. The price of gold is also crucial for determining the gold loan per gram. When the gold price is high, the loan amount will be high, and when it’s low, the loan amount will be low. Gold is an integral part of Siliguri’s economy, and people have been utilizing it as collateral for loans for many years. Therefore, it is essential to keep track of the factors that impact gold prices in Siliguri to make informed investment decisions.

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