Last Update: March 16, 2023, 3:17 pm IST
At the national level, gold rates are affected by national demand, exchange rates, import duties and other such taxes.
Gold price in India varies from state to state due to state-specific taxes, transportation costs and other such charges.
Gold and silver prices in India saw a decline on the Multi Commodity Exchange (MCX) of India on Thursday, March 16. Gold futures were trading at Rs 57,936, down 67 basis points. Silver futures saw only a marginal decline with a fall of 52 basis points. It is Rs 66,890 at 10.20 am.
On the contrary, the prices of both 24 carat and 22 carat gold rose in the retail market. The price of 10 grams of 24 carat variety increased by Rs 550 to Rs 58,420. The price of the same quantity of 22 carat gold has increased by Rs 500 to Rs 53,550 since Wednesday.
The price of one kg of silver increased by Rs 200. Its price on Thursday was 69 thousand rupees.
Among major Indian cities, gold was costliest in Chennai. Here the price of 10 grams of 24 carat variety is Rs 59,180. The 22 carat variety of the same quantity was selling for Rs 54,250.
In Delhi, 10 grams of this type of the precious yellow metal was priced at Rs 53,700, while the better 24-carat variety was priced at Rs 58,570 on March 16.
The rate of 10 grams of 24 carat gold in Hyderabad, Mumbai and Kolkata was Rs 58,420. The price of 22 carat gold in these three cities was Rs 53,550. Their prices are similar due to similar taxation policies by the state governments.
In Bengaluru, ten grams of 24 carat gold sold for Rs 58,470, while the price of 22 carat gold was Rs 53,600.
Gold price in India varies from state to state due to state-specific taxes, transportation costs and other such charges.
Customers may notice that the cost of jewelery purchased by them in the store is higher than the retail price of raw gold. This is because stores levy making charges on selling finished gold products.
At the national level, gold rates are affected by national demand, exchange rates, import duties and other such taxes. India is one of the largest consumers of gold in the world. Thus, the demand generated by the country can lead to significant changes in the price of the precious metal internationally.
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