Gold prices in India showed an upward trend on the Multi Commodity Exchange (MCX) India on March 21. At 10:23 am, Gold futures had jumped by 0.20 per cent to trade at Rs 59,625. Silver futures, too, were in the green by 14 basis points, trading at Rs 68,932.
In the retail market, the price of both metals inched up. Ten grams of 24-carat gold was being sold at Rs 60,000, up by Rs 220. The price of the same quantity of 22-carat gold climbed by Rs 200, selling at Rs 55,000. The price of a kilogram of silver went up by Rs 100. It cost Rs 72,100 on Tuesday.
State-specific taxes, transportation costs, and other charges lead to a variation in the state-to-state pricing of gold. Among the major Indian cities, the yellow metal was the priciest in Chennai. Here, 10 grams of the 24-carat variety cost Rs 60,770, while that of the 22-carat variety was selling at Rs 55,700.
In the national capital, 10 grams of this 24-carat gold was priced at Rs 60,150. The same quantity of 22-carat gold was available at Rs 55,150.
Due to the similar taxation policies adopted by Telangana, Maharashtra, and West Bengal, the price of gold in the cities here was equivalent. In Hyderabad, Mumbai, and Kolkata, the cost of 10 grams of 24-carat gold was Rs 60,000. The cost of 22-carat gold here stood at Rs 55,000.
In Karnataka’s capital, Bengaluru, 10 grams of 24-carat retailed for Rs 60,050 while that of 22-carat gold cost Rs 55,050.
India is one of the largest consumers of gold in the world today. The country imports most of the gold it consumes. Like in several other parts of the world, the precious metal is considered a symbol of wealth, influence, and power here. Traditionally, gold is also understood to be a hedge against financial uncertainties such as inflation.
The rate of gold in India is fixed daily. It is usually driven by a variety of factors, including the supply and demand of gold, investor sentiments, and exchange rates. Currently, gold prices consider both immediate supply and demand, as well as anticipated supply and demand. The purity, or quality, of the gold, significantly affects its price. The bullion has four variations based on quality — 24-carat, 22-carat, 22-carat and 18-carat, with the first being the purest.
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