Last Update: January 17, 2023, 11:46 AM IST
Retail prices of 22 carat and 24 carat gold in Mumbai, Kolkata and Hyderabad were similar at Rs 52,200 and Rs 56,950, respectively.
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.
gold futures India A slight decline was recorded on Tuesday, January 17. Gold futures on the Multi Commodity Exchange of India Limited (MCX) were trading 0.08 per cent lower at Rs 56,438 at 09:40 AM. Silver futures also registered a similar decline and was trading at Rs 69,642, down 0.21 per cent.
However, positive movement in prices continued in the retail market. Ten grams of 24 carat gold was available at Rs 56,950, up by Rs 210 from Monday’s price, while buyers would have to shell out Rs 52,200 for the same quantity of the 22 carat precious yellow metal. The price of 22 carat variety saw an increase of Rs 190. Silver per kg closed at Rs 72,900, up by Rs 150 from the previous trading day’s level.
Gold remained the costliest in Chennai, with 22 carat gold trading at Rs 53,170 per 10 grams and 24 carat gold at Rs 58,000. In Delhi, 24 carat gold was selling at Rs 57,100, while 22 carat precious metal closed at Rs 52,350. For 10 grams of 24-karat gold, buyers will have to shell out Rs 57,000 in Bengaluru, while the same amount of 22-karat metal will cost Rs 52,250. Retail prices of 22 carat and 24 carat gold in Mumbai, Kolkata and Hyderabad were similar at Rs 52,200 and Rs 56,950, respectively.
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 also has an impact on their price movements. The cost of manufacture, labor charges, excise tax, state tax, and GST added on completed jewelery all have an impact on the pricing of gold jewelery from state to state.
In the international market, spot gold was flat at $1,917.24 an ounce at 00:34 GMT. On Monday, these prices rose to $1,929, which is the highest level since April 2022. US gold futures was essentially unchanged at $1,920.80.
In the upcoming policy meeting of the US Federal Reserve, most investors expect a rate hike of 25 basis points (bps). The US central bank raised rates four times in 2022 by 75 bps each, before slowing the hike to 50 bps in December.
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