Gold prices in India opened with a significant downward trend on Friday, February 17.
On the Multi Commodity Exchange (MCX) India, gold prices saw a steep movement to the red and were down by 0.55 per cent trading at Rs 55,930 at 09:15 AM.
Silver futures also followed in with a plunge by 0.75 per cent to reach Rs 65,140.
Gold prices in the Indian retail market declined on February 17, with the 22-carat variety retailing at Rs 52,000 for 10 grams, down Rs 400 from Thursday.
The 24-carat kind of gold was selling for Rs 56,730 which is a Rs 430 drop. Silver prices also recorded a dip in the retail sector, with one kilogram retailing at Rs 68,600, down by Rs 400.
Spot gold was down 0.3% at $1,832.42 per ounce at 0051 GMT on the international market.
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Futures for U.S. gold decreased 0.6% to $1,841.00. The price of gold has dropped 1.7% this week.
With the yellow metal selling at a price level of Rs 52,790 for the 22-carat variety and Rs 57,590 for the 24-carat variety, Chennai has once again seen the highest gold prices in the country.
In Delhi, 22-carat gold was sold for Rs 52,140 per 10 grams, while 24-carat gold was sold for Rs 56,870. In Bengaluru, gold prices were Rs 52,040 for 22-carat gold and Rs 56,770 for 24-carat gold.
Gold prices were uniform across Kolkata, Hyderabad, and Mumbai. 10 grams of 22-carat gold costs Rs 51,990, whereas 10 grams of 24-carat gold costs Rs 56,720.
Indian states levy additional taxes on gold purchases, causing pricing disparities throughout the country. Prices for gold jewellery are often higher than rates since they include additional taxes and manufacturing costs on the finished commodity.
India, which also imports a sizeable quantity of the pricey yellow metal, is one of the countries with the highest levels of global demand for it.
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