Gold price in India edged a bit higher on Tuesday, February 14. On the Multi-Commodity Exchange of India (MCX), gold futures rose by 0.30 per cent to Rs 56,664 at 09:58 AM. Silver futures, also, saw a hike by 0.40 per cent to Rs 66,409 for one kilogram.Gold showed a steady trend in the international market as well. After plunging to its lowest level since early January, spot gold gained 0.2% at $1,857.22 per ounce as of 03:05 GMT. Gold futures in the United States climbed 0.3% to $1,868.40. Investors fully prepared for U.S. inflation data, which might influence the Federal Reserve’s next measures in its monetary policy plans as the dollar plummeted.
In the Indian retail market, gold prices showed a marginal slowness on February 14 with the 22-carat variety trading at Rs 52,400 for ten grams, and the 24-carat variety of gold retailing at Rs 57,160, down by Rs 100 and Rs 70 respectively. The price of silver saw a marginal increase of Rs 200 in the retail market for one kilogram, which retails at Rs 70,200.
With the yellow metal selling at a price level of Rs 58,140 for the 24-carat variety and Rs 53,300 for the 22-carat variety for ten grams, Chennai has once again seen the highest gold prices. In Delhi, 24-carat gold was sold for Rs 57,310 per ten grams, while 22-carat gold was sold for Rs 52,550. Gold prices in Bengaluru were Rs 52,450 for the 22-carat variety and Rs 57,310 for the 24-carat variety of the precious metal. Gold prices remained consistent in Kolkata, Hyderabad, and Mumbai, with ten grams of 24-carat gold costing Rs 57,240 and the same amount of 22-carat gold costing Rs 52,400.
States in India levy extra taxes on gold jewellery purchases, resulting in price differentials throughout the country. Their costs are frequently higher than the normal rates due to considerations such as additional GST and making charges on the final item of gold jewellery.
Gold, the second-largest imported item into India, boosts the cost of imports significantly due to its high tax rate. How the Indian rupee performs against the US dollar as a currency unit of exchange is the most important factor affecting the price of gold and silver in India.
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