The price of gold in India dipped on Wednesday, March 15. Gold futures on the Multi Commodity Exchange (MCX) India were trading at Rs 57,416, reflecting a negative movement of 0.12 percent. Silver futures also saw a downward trend, trading at Rs 66,678, down by 0.42 percent.
The retail market kept up with this fall, with the price of 10 grams of 24-carat gold dropping by Rs 110 as compared to the previous session and trading at Rs 57,980.
The price of 10 grams of the 22-carat variety also declined by Rs 80, selling at Rs 53,050. Meanwhile, the rate of a kilogram of silver increased by Rs 500 to cost Rs 69,000.
Chennai recorded the highest prices for gold, with 10 grams of the 24-carat variety retailing at Rs 58,690 and the same quantity of the 22-carat variety selling at Rs 53,800.
In the national capital of Delhi, the 24-carat gold was selling at Rs 58,020 for 10 grams, while the 22-carat type cost Rs 53,200.
Mumbai, Hyderabad, and Kolkata had the same rates of gold, with the price of 24-carat gold at Rs 57,870 for 10 grams and the 22-carat variety selling at Rs 53,030. These rates are common among the three cities because of the taxation policies of the state governments.
In Bengaluru, 10 grams of 24-carat and 22-carat gold cost Rs 57,920 and Rs 53,100, respectively.
India is one of the countries with the highest global demand for gold in the world. Since the country does not have enough gold mines of its own, the precious metal is also a major import item. It attracts high tax rates that lead to increased import prices.
The price of gold and silver in India is influenced by the value of the Indian Rupee in relation to the US dollar, as well as other factors such as global demand, manufacturing expenses, labour costs, state-specific taxes, excise taxes, and an additional GST on finished jewellery. As a result, prices for gold jewellery can vary significantly from one state to another. Customers should check for purity of gold and the latest prices before making a purchase.
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