After a week Wednesday, Gold prices in India showed some signs of stability today. Gold futures on the MCX were down by 0.33 per cent at Rs 50,019 whereas silver futures traded at Rs 56,162 down by 0.65. The gold prices in the international market have recorded a downward trend amidst a sturdy Dollar after the interest rate hike by US federal reserve, In the Indian retail market, however, the price of the precious yellow metal was up from yesterday’s level at traded at Rs 46,400 and Rs 50, 620 for 10 gram of 22- carat and 24-carat variety respectively. A KG of silver was being sold at Rs 56,400.
Gold was the priciest in the national capital, New Delhi, as it recorded the level of Rs 50,780 for the 24-carat variety. The 22-carat gold, however, traded lower than many other cities at Rs 46,550 for 10 grams.
In Chennai, 22-carat gold retailed at Rs 46,800 whereas the 24-carat variety recorded a level of Rs 51,050.
Gold prices in Mumbai, Kolkata and Hyderabad recorded similar levels and traded at Rs 46,400 for 22 carat and Rs 50,620 for the 24-carat variety of the precious metal.
In Bengaluru, gold traded at Rs 46,450 and Rs 50,670 for the 22-carat and 24-carat varieties respectively.
Gold prices in India differ from state to state depending upon the taxes and other charges levied by the respective state government. The final price of the jewellery made of gold also tends to be higher because it factors in aspects like making charges and applicable tax.
Gold prices in the Indian retail market are expected to see an upward trend amidst the rise in demand in the festive season.
The precious yellow metal has appeared to be struggling since February this year. the prices suffered flow due to the US Federal Reserve’s aggressive monetary tightening stance that has kept the dollar sturdy