Gold prices in India slipped as the market opened for trading in the new week on Monday, April 10. On Multi Commodity Exchange (MCX) Indian, gold futures traded at Rs 60,119 following a dip of 0.65 per cent at 10: 21 AM. Silver futures also showed negative movement and were down by 0.26 per cent to trade at Rs 74,378.
The movement of gold in India followed cues from the international market where the precious yellow metal fell nearly 1 per cent to slip below $2000. The slowness in the international market came after employment data pointed to a tight labour market and raised expectations of another rate hike by the US Federal Reserve next month.
Spot gold dipped 0.9 per cent at $1,990.69 per ounce, as of 0402 GMT whereas U.S. gold futures slipped 1% to $2,006.30.
In the Indian retail market, the price of gold fell Rs 390 for 10 grams of 22-carat variety to trade at Rs 55,400. A similar quantity of the superior 24-carat gold was trading at Rs 48,344, down by Rs 344 from the last recorded level. A kg of silver retailed at Rs 76,300 down by Rs 300 from the last recorded level.
Gold remained the priciest in Chennai among all the major cities in the country. The price of 10 grams of 22-carat and 24-carat variety of gold was recorded to be Rs 56,000 and Rs 61,100 respectively. In Delhi, a 22-carat variety of gold traded at Rs 55,550 for every 10 grams whereas the 24-carat variety of gold was recorded at the level of Rs 60,580.
In Bengaluru, gold was trading at Rs 55,400 for 10 grams of 22-carat variety and Rs 60,480 for a similar quantity of Rs 24-carat variety.
The prices of gold in Mumbai, Kolkata and Hyderabad remained uniform due to similar tax levels. In these three cities, gold traded at Rs 55,400 and Rs 60,430 for 10 grams of 22-carat and 24-carat gold.
Gold prices in India are influenced by a variety of factors including the price in the international market, the conversion rate of Indian rupees to the US dollar, production costs, labour and expenses.
Further, the prices also vary from one state to another, depending upon the fluctuating tax rates.
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