Last Update: February 27, 2023, 12:57 IST
Gold and Silver futures showed a downward trend on Monday, February 27 with Multi Commodity Exchange India (MCX) Gold futures fell by 0.26 percent at 09:15 am to Rs 55,290. Silver futures also declined by 1.31 per cent to Rs 63,684.
In the Indian retail market, gold prices of the 24 carat variety were trading at Rs 56,180 per 10 grams on February 27. The 22-carat variety of gold was retailing at Rs 51,500, showing no change from the previous recorded prices. Following a similar trend, the retail price of silver also remained unchanged at Rs 67,500 per kg.
International markets showed gold prices fell to levels not seen in nearly two months as US economic data fueled concerns about the Federal Reserve’s ability to control inflation with interest rate hikes. As of 0317 GMT, the spot gold price was unchanged at $1,810.48 an ounce. US gold futures were flat at $1,817.40.
People venturing out to buy gold in the southern city of Chennai will shell out the most as gold rates are highest here. Ten grams of 22 carat gold was trading at Rs 52,100 and the same amount of 24 carat gold was trading at Rs 56,840. In New Delhi, 22 carat gold is trading at Rs 51,650 and 24 carat gold at Rs 56,330.
Finer 24 carat gold retailed at Rs 56,180 for 10 grams and the same quantity of 22 carat gold retailed at Rs 51,500 in the cities of Mumbai, Hyderabad and Kolkata. In Bengaluru, the price of gold was fixed at Rs 56,230 for the 24-carat variety and Rs 51,550 for the 22-carat variety.
The price of gold and silver in India is affected by a number of variables, most notably the exchange rate of the rupee with the US dollar. The worldwide demand for precious metals, which is very important, also has an impact on the movement of precious metals prices.
Indian states impose additional taxes on the purchase of gold jewellery, resulting in disparities in pricing across the country. Due to factors like additional taxes and making charges on finished gold items, gold jewelery prices are often higher than their rates.
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