Last Update: February 09, 2023, 13:03 IST
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Gold price in India rose on Multi-Commodity Exchange (MCX) India on Thursday, February 9
in the price of gold India The Multi-Commodity Exchange (MCX) India gained on Thursday, February 9. Gold price has been volatile recently due to speculation around the US Federal Reserve’s stance on interest rates following the shocking jobs data. Banks that have been heavily buying gold in India, China and other parts of the world have also offered to promote the precious metal in recent days.
On Thursday morning, at 10.33 am, gold futures on MCX India were trading at Rs 57,250, up 0.06 per cent. On the other hand, silver futures were trading at Rs 67,575 with a decline of 0.09 basis points. In the retail market, 10 grams of 24 carat gold was trading at Rs 57,710 with a gain of Rs 160 since Wednesday. The price of 22 carat gold also increased by Rs 150, which is retailing at Rs 52,900 per 10 grams. Silver remained unchanged at Rs 71,400 per kg as compared to February 8 levels.
Among metropolitan Indian cities, gold was costliest in Chennai, where the 24-carat type was priced at Rs 58,850 per 10 grams. The yellow metal of the same quantity of 22-carat variety was priced at Rs 53,950 here. The second-highest rates were seen in New Delhi, where 10 grams of 24 carat gold was priced at Rs 57,860 and the same quantity of 22 carat gold at Rs 53,050. In the nearest city Bengaluru, the gold price was Rs.52,410 for 24 carat and Rs.48,050 for 22 carat. The rate of 24 carat gold in Bangalore was Rs 57,760 per 10 grams. The price of 10 grams of 22 carat gold was Rs 52,950. In Kolkata, gold was priced at Rs 67,710 for 10 grams of 24 carat variety, while the price of 10 grams of 22 carat variety was Rs 52,900. Hyderabad and Mumbai also recorded similar prices for both the varieties.
The price of gold fluctuates every day depending on several factors such as exchange rates, fiscal policies of governments, and supply and demand. It is also affected by the festive season and is considered an inauspicious time to make such purchases in India. The price variation varies from state to state due to different tax regimes.
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