Gold futures today traded at Rs 54,777 as of 10:25 AM, up by 0.03 per cent on Multi Commodity Exchange (MCX) India. Silver futures, on the other hand, were up by 0.02 per cent, trading at Rs 69,030. In the retail market, the precious yellow metal traded at Rs 54,600 for 10 grams of the 24-carat type on Thursday, December 29. There was a fall of Rs 100 from the last recorded levels on Wednesday. The 22-carat variety of gold retailed at Rs 50,050 for 10 grams, recording a downward price movement of Rs 100 as well. Silver prices, too, recorded a fall, trading down by Rs 2,000 per kilogram from yesterday. The price of one kg of silver on December 29 was Rs 70,300.
The cost of gold was the highest in Chennai compared to all metropolitan cities in India. On Thursday, the 24-carat variety of gold cost Rs 55,580 for 10 grams, while the 22-carat type cost Rs 50,950 for the same amount. In Delhi, 10 grams of the 24-carat variety cost customers Rs 54,750. The cost of 22-carat gold here was Rs 50,200 here on December 29. In Bengaluru, the price of gold stood at Rs 54,650 for the 24-carat type and Rs 50,100 for the 22-carat variety. In Kolkata, Hyderabad, and Mumbai, on the other hand, 24-carat gold was being sold at Rs 54,600 and 22-carat gold was 50,050 on Thursday. These cities also had one of the lowest rates of gold among all big Indian metros. The cost of ten grams of 22-carat gold was Rs 49,950 whereas the same quantity of 24-carat gold was being sold at 54,480.
Gold prices in India vary from state to state in India due to the variations in taxes that state governments place on the purchase of this precious commodity. Additionally, the price of gold jewellery also tends to be higher than the retail prices due to the extra making charges that stores levy on crafted items.
The dollar-based bullion, which is often considered a strong hedge against inflation, is one of people’s top investment choices, given its status as an appreciating asset. However, in recent times, gold prices have taken some strong hits with interest rates in the US going up by several basis points and reducing the appeal of the non-yielding asset.
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