Gold Futures in India recorded a marginal dip on Tuesday, January 17. On the Multi Commodity Exchange of India Ltd. (MCX), gold futures were down by 0.08 per cent and traded at Rs 56,438 at 09:40 AM. Silver futures also recorded a similar downward trend and recorded a drop of 0.21 per cent to trade at Rs 69, 642.
In the retail market, however, the prices continued their positive movement. Ten grams of 24-carat gold was available at Rs 56,950 up by Rs 210 from Monday’s price whereas buyers would have to spend Rs 52,200 for a similar quantity of the 22-carat variety of the precious yellow metal. The prices of the 22-carat variety saw an increase of Rs 190. A kilogram of silver retailed at Rs 72,900 up by Rs 150 from the level recorded on the last trading day.
In Chennai, gold remained the most expensive, trading at Rs 53,170 for 10 grams of the 22-carat variety and Rs 58,000 for its 24-carat variety. In Delhi, 24-carat gold was being sold at Rs 57,100 whereas the 22-carat variety of the precious metal recorded a level of Rs 52,350. For 10 grams of the 24-carat gold, buyers would have to spend Rs 57,000 in Bengaluru whereas 22 carats of the metal would cost Rs 52,250 for the same quantity. Retail prices for 22-carat and 24-carat gold in Mumbai, Kolkata, and Hyderabad were identical, at Rs 52,200 and Rs 56,950, respectively.
The cost of gold and silver in India is influenced by several variables, notably the rupee’s exchange rate with the US dollar. The worldwide demand for precious metals also has an impact on their price movements. The cost of manufacturing, labour charges, excise taxes, state taxes, and the added GST on completed jewellery all have an impact on determining the pricing of gold jewellery from one state to another.
In the international market, the price of spot gold was constant and stood at $1,917.24 per ounce at 00:34 GMT. These prices rose to $1,929 on Monday, the highest level since late April 2022. U.S. gold futures were essentially unchanged at $1,920.80.
At the upcoming policy meeting of the US Federal Reserve, most investors anticipate a rate increase of 25 basis points (bps). Before slowing to a 50 bps hike in December, the U.S. central bank increased rates by 75 bps four times in 2022.
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