Gold is integral to Indian culture. But gold prices differ in every Indian city. There are a few reasons behind this. At best, the rate of gold depends on the global gold rates on a day. This may imply that gold rates are the same in every city. But this is not true as other variables come into play.
Some of the variables are:
Cost of transport
Like any other product in the market, there are costs
associated with transport and safe storage of the gold.
Less price for bulk buying
Regarding gold, purchasing in bulk implies discounts
offered to the wholesalers and retailers of gold. If a specific vendor
among gold jewellery manufacturers in India is buying gold in
bulk, he may incur a lesser price than what is offered to other buyers.
Associations of gold bullion
Akin to other industries, gold jewellers have their
own associations in different cities, impacting the daily gold rate. Such
prices are fixed twice a day.
Import duty
The government determines import duty which greatly
impacts gold price in the retail and wholesale market.
Value of rupee
The value of the rupee against global currencies like
the dollar impacts the price of gold in an inverse manner.
In sum, these are the factors impacting the varying value of gold in different Indian cities.
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