Gold Price in India: Indians are the largest consumers of gold in the world, with over 2,000 tons of unused gold in the country. Indians consider gold auspicious, making it an integral part of their lives.Also Read - Gold Prices Up Rs 15,000; Check Latest Gold Rates In Your City On May 26 Here | Gold Rate Today

The price of gold fluctuates on a daily basis, for the curious minds out there, here we explain the factors which determine the price you pay for gold in India. Also Read - Breaking News LIVE: ED Raids Underway at Properties of Maharashtra Minister Anil Parab

Supply : Gold prices can change sharply if the demand and supply equation changes and are always an important factor when it comes to determining rates in India. Also Read - Gold Prices Up Rs 10,000; Check Latest Gold Rates In Your City On May 24 Here | Gold Rate Today

Import Rates : Most of the gold used in India is imported, making import duties an important factor in determining gold prices in the country.

US Dollar : Gold rates are heavily dependent on how the US dollar performs, with prices inversely proportional to dollar rates.

International Relations : International relations between nations can influence gold prices as well, as tensions between global powers can push up rates.