Despite a weak trend in the international market, gold prices in India showed signs of stability on Thursday, December 8. On Multi-Commodity Exchange (MCX) India, gold futures today saw a negligible 0.01 per cent rise and traded at Rs 53,990 as of 10:35 AM. Silver futures were in the red by 0.19 per cent and traded at Rs 66,143. As of 0248 GMT, spot gold was down 0.2% at $1,783.50 per ounce after gaining more than 1% on Wednesday thanks to the weakening of the Dollar and U.S. government yields. The price of U.S. gold futures fell 0.2% to $1,795.10.
In the retail market in India, gold prices remained unchanged from Wednesday’s level, with the 24-carat gold trading at Rs 54,000 for 10 grams. A similar quantity of 22-carat of gold was available for Rs 49,500. Silver, however, gained Rs 700 kg and was trading at Rs 66,200.
The most expensive place to buy gold in India was Chennai, where 24-carat of yellow metal cost Rs 54,720. Here, the price of 22-carat gold was recorded at Rs. 50,160. Prices for 24-carat gold were Rs 54,050 whereas the 22-carat variety of the metal traded at Rs 49,550 in Bengaluru. The price of 22-carat gold per 10 grams in Delhi was Rs 49,650, compared to the 24-carat variety which retailed at Rs 54,150.
Gold rates were the cheapest in Kolkata, Hyderabad, and Mumbai, among India’s main cities. These three cities saw the same prices for 24-carat and 22-carat varieties of the yellow metal. Here, 22-carat gold cost Rs 49,500 whereas 24-carat gold would be sold for Rs 54,000.
The fluctuation seen in gold prices across multiple cities in India is a result of the various charges and tax rates imposed by the respective state governments. Depending on the level of craftsmanship and making charges, gold jewellery prices are likely to be higher.
The prices of gold have received some support from the opening up of the economy following a lockdown due to COVID-19 in China, which is the largest consumer of gold in the world. Gold prices are likely to remain volatile in the upcoming weeks.
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