Gold prices remained steady on Tuesday. On Multi Commodity Exchange (MCX) India, gold futures traded at Rs 50,508 as of 10:34 AM, having marked a gain of 0.07%. Silver futures also showed a rise, gaining 0.59% and trading at Rs 56,640. As of GMT 0118, Spot gold stood at $1,651.75 per ounce. Spot silver, on the other hand, stood at $18.71 per ounce. The precious metal is highly susceptible to rising rates in the US, which raise the opportunity cost of holding the zero-yielding bullion. In the Indian retail market, gold traded at Rs 50,640, recording a downward price change of Rs 40 since Monday’s level, for 10 grams of the 24-carat variety. The 22-carat gold variety was being sold at Rs 46,420 for the same quantity- also dropping Rs 40 since yesterday. A kg of silver retailed at Rs 56,600, a drop of Rs 3,900 since yesterday’s level.
In New Delhi, 24-carat gold retailed at Rs 50,790 per 10 grams, whereas 22-carats of the pricey yellow metal recorded a level of Rs 47,570. Amongst the metropolitan cities, gold remained the costliest in Chennai, with a price level of Rs 51,270 and Rs 47,000 for the 24-carat and 22-carat varieties, respectively. Gold prices in Bengaluru moved to Rs 50,710 for 24-carat variety and Rs 46,470 for 22 carats. In Mumbai, Kolkata, and Hyderabad, gold recorded similar price levels. Ten grams of 22-carat and 24-carat varieties of gold were available for Rs 46,420 and 50,640, respectively.
Gold prices in India differ from state to state depending upon the changing tax rates and various charges levied by governments. For jewellery made of gold, buyers would have to pay an additional price as they also factor in aspects like making charges and additional GST rates.
The price changes in gold rates can be attributed to multiple factors, including the dollar’s position against the rupee, global economic factors such as slowdown, geopolitical tensions, etc. Another factor affecting recent gold prices is the Government of India’s decision on Friday to cut import prices of some commodities, including gold, as prices corrected in the world market. The GoI revises base import prices of gold, silver and edible oils every two weeks.
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