Gold prices in the domestic market on Wednesday, January 11 showed a positive trend and maintained a stable rise. On the Multi Commodity Exchange of India (MCX), gold futures traded at Rs 55,786, up by 0.13 percent as of 09:50 AM. Silver futures climbed 0.29 per cent to Rs 68,564. In the Indian retail market, gold traded at Rs 51,440 recording a minimal price change of Rs10 since Tuesday’s level, for 10 grams of the 22-carat variety. The 24-carat gold was being sold at Rs 56,120 for the same quantity. Following its trend of maintaining stable pricing for a few days now, silver also recorded the same price as yesterday, with a kilogram of the metal retailing at Rs 71,800. The changes seen in the price of precious metals are also heavily influenced by global demand.
As of 00:23 GMT, spot gold was barely changed at $1,876.49 per ounce in the global market which is nearly around the eight-month high that was touched on Monday. Futures for U.S. gold rose by 0.3% to $1,881.30.
In New Delhi, 22-carat gold retailed at Rs 51,590 per 10 grams, whereas 24-carat of the precious yellow metal recorded a level of Rs 56,280. Gold prices in India were recorded as the highest in Chennai with a level of Rs 57,050 and Rs 52,300 for the 24-carat and 22-carat varieties. Gold prices in Bengaluru moved to Rs 51,490 for 22-carat variety and Rs 56,170 for 22 carats. Mumbai, Kolkata, and Hyderabad are known to have the same prices and ten grams of 22-carat and 24-carat varieties of gold were available for Rs 51,300 and 55,960, respectively.
India’s gold price differs from state to state due to fluctuating tax rates and other fees imposed by local governments. Buyers of gold jewellery would be required to invest higher amounts than the gold rates in their state as these rates do not take into consideration the making charges and higher GST rates that are added on finished intricate jewellery.
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