Gold prices in India witnessed a slight dip on Friday, February 10. Gold futures traded at Rs 56,550 as of 10:11 am, down by 0.53 per cent, on the Multi Commodity Exchange (MCX) India. Silver futures also slipped towards the red significantly by 1.01 per cent and traded at Rs 66,351.
In the retail market as well, the prices of gold were down on Friday, trading at Rs 52,900 for 10 grams of the 22-carat variety, following a dip of Rs 500. The 24-carat gold variety was being sold at Rs 57,710 for the same quantity, down by Rs 550. A kg of silver retailed at Rs 70,800, which is a drop of Rs 550.
Chennai continued to have the highest price for gold among the major cities, with prices for 22 and 24-carat varieties coming in at Rs. 53,200 and Rs. 58,040, respectively for 10 grams. In New Delhi, the price of 10 grams of 22-carat gold was Rs 52,450, while the price of 24-carat gold was Rs 57,310. In Bengaluru, 22-carat gold now costs Rs 52,450, while 24-carat gold costs Rs 57,210. Gold prices in Mumbai, Kolkata, and Hyderabad were uniform with the cost of ten grams of gold in 22- and 24-carat variants being Rs 52,400 and Rs 57,160, respectively.
State-to-state variations in gold prices in India are caused by fluctuating tax rates and other government-imposed charges. Customers will have to pay more for gold jewellery since they also take into account things like manufacturing costs and higher GST rates.
Numerous variables, like the dollar’s exchange rate versus the rupee, the global economic downturn, geopolitical tensions, etc., can be credited for the fluctuations in gold prices. India is a significant importer of precious yellow metals and ranks among the countries with the highest levels of global gold demand. Gold, India’s second-largest imported product, is subject to a high tax rate, which dramatically escalates import prices.
In the international market, Spot gold was trading lower, down by 0.1 per cent, at $1,859.70 per ounce as of 0324 GMT. The metal has fallen 0.3 per cent so far this week. Futures for U.S. gold declined 0.4 per cent to $1,871.10.
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