Gold prices continued their upward momentum on Tuesday. Gold futures traded at Rs 51,285 recording a 0.24 per cent gain at 10:00 AM on MCX. Silver futures also gained 0.98 per cent and were trading at Rs 61,505. Gold prices in the retail market witnessed similar trends banking on a spike in demand due to Navratri and the festive season. The 22-carat variety of the precious yellow metal traded at Rs 47,350 for 10 grams, showing a spike of Rs 500 from yesterday’s level. Silver in the retail market shot up by Rs 4400 from yesterday’s level and traded at Rs 61,800 for a kg
The 24-carat gold after a Rs 550 jump from yesterday’s level retailed at Rs 51,660 for 10 grams.
Gold was priciest in Chennai where it retailed at Rs 52,100 for 24 carat and Rs 47,750 for the 22-carat variety.
In the national capital, New Delhi, gold traded at Rs 47,350 and 51,820 for the 22-carat and 24-carat variety respectively.
Gold prices in Bengaluru moved to Rs 47,400 for 22 carats and Rs 51,710 for 24 carats variety.
In Mumbai, Hyderabad and Chennai, the precious metal recorded similar price levels. The 22-carat variety of the precious yellow metal retailed at Rs 47,350 whereas the 24-carat variety traded at Rs 51,660.
Gold prices in India differ from state to state depending upon the tax rates and other charges levied by the respective state government. The prices of jewellery made of gold are likely to be higher than the rates as they factor in aspects like making charges and additional GST rates applicable on ornaments made of precious yellow metal.
While gold prices in India had been showing a downward trend since February 2022, the prices have regained stability due to the spike in the demand during Navratri and the festive season across the country. The prices of the precious yellow metal had been struggling globally due to the US Federal Reserve’s aggressive monetary tightening stance that has kept the dollar sturdy. The Federal Reserve recently announced a hike in the interest rate with an eye on controlling inflation.
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