Last Updated: January 20, 2023, 11:55 IST
Gold prices opened with a positive trend on Friday, January 20. On the Multi Commodity Exchange (MCX) India, gold futures recorded a 0.24 per cent movement in the green, trading at Rs 56,680 at 10:18 AM. Silver futures traded at a high of 0.52 per cent touching the Rs 68,712 mark In the Indian retail market, gold prices on January 20 saw a Rs 350 hike, with 10 grams of the 22-carat gold trading at Rs 52,350. A similar quantity of the 24-carat variety retailed at Rs 57,110, up by Rs 380. There was an increase of Rs 22 in the price for one Kilogram of silver which is being sold at Rs 72,100.
Buying gold in Chennai, the city known to have the most expensive gold rates in the country, would require one to shell out Rs 53,250 for every 10 grams of 22-carat gold, while 24-carat gold for the same 10 grams would cost Rs 58,090. In Delhi, the 24-carat variety of yellow metal is being sold at Rs 57,270 whereas the 22-carat variety trades at Rs 52,500. Prices of gold In Bengaluru for Friday were at Rs 57,160 for the 24-carat variety and Rs 52,400 for the 22-carat variety of the precious metal. As usual, the prices of gold remained similar in Mumbai, Kolkata and Hyderabad, with 10 grams of the 24-carat gold variety selling at Rs 57,110 and the 22-carat variety of gold retailing at Rs 53,350.
Several factors, most importantly the rupee’s value in comparison to the US dollar for exchange, affects the price of gold and silver in India. The prices are also affected by how much demand there is for precious metals on a global level. Additionally, the cost of manufacturing, labour expenses, excise taxes, state-specific taxes, and the additional GST on finished jewellery are all factors that affect how much gold jewellery costs vary from state to state.
In the global market, spot gold saw a marginal change today at $1,930.04 per ounce, which was up by 0.5% for the week at 0308 GMT. According to Reuters, this price was the highest since April 2022 at $1,935.20 on Thursday,
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