Gold prices dropped to their lowest level of the month last week. Ahead of Dhanteras and Diwali, the gold price is expected to bounce back stronger with the possibility of a rise in demand during the festive season. On Multi Commodity Exchange (MCX) India, gold futures on Monday, October 17, traded at Rs 50,415 as of 10:12 AM, having marked a gain of 0.31%. Silver futures showed a rise as well, gaining 0.67% and trading at Rs 55,596. In the retail market, gold traded at Rs 50,680, recording an almost similar level since Sunday, for 10 grams of the 24-carat variety. The 22-carat gold variety was being sold at Rs 46,460 for the same quantity. A kg of silver retailed at Rs 60,500, a rise of Rs 5,200 since Sunday’s level.
In New Delhi, 24-carat gold retailed at Rs 50,830 per 10 grams, whereas 22-carats of the pricey yellow metal recorded a level of Rs 46,610. Amongst the metropolitan cities, gold remained the costliest in Chennai with a price level of Rs 51,170 and Rs 46,910 for the 24-carat and 22-carat. Gold prices in Bengaluru moved to Rs 50,730 for 24-carat variety and Rs 46,510 for 22 carats. In Mumbai, Kolkata, and Hyderabad, gold recorded similar price levels. Ten grams of 22-carat and 24-carat varieties of gold were available for Rs 46,460 and 50,680, respectively.
Gold price in India differs from state to state depending upon tax and other charges levied by the governments. For jewellery made of gold, buyers would have to pay an additional price than the daily rates as its also factors in aspects like making charges and additional GST rates.
The price rise in gold rates can be attributed to multiple factors, including the strengthening of the dollar against the rupee, global economic factors such as slowdown, geopolitical tensions, etc. Rising demand, especially during the time of festivities such as Diwali, also pushes up the rates of the precious metal.
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