Gold prices in India recorded a marginal drop on Monday. On MCX India, gold futures were down by 0.11 per cent and traded at Rs 52,530 at 10:26 AM. Silver future recorded similar trends and dripped 0.69 per cent to trade at Rs 60, 454.
In the retail market, 10 grams of 22-carat gold was available at Rs 48,500 whereas buyers would have to spend Rs 52,920 for a similar quantity of the 24-carat variety of the yellow metal. A kg of silver retailed at Rs 60,600 down by Rs 400 from the level recorded on the last trading day.
Gold remained the priciest in Chennai, trading at Rs 53,670 for 24 carat and Rs 49,200 for a 22-carat variety. In Delhi, 22-carat gold was being sold at Rs 48,700 whereas the 24-carat variety recorded a level of Rs 53,070. For 10 grams of the 22-carat gold, buyers would have to spend Rs 48,550 in Bangalore whereas 24 carats of the metal would cost Rs 52,970 for the same quantity.
In Mumbai, Kolkata and Hyderabad gold recorded similar price levels, retailing at Rs 48,500 for 22-carat and Rs 52,920 for 24-carat variety.
Gold prices in India differ from state to state, depending on the various tax rates and other charges levied by the state government. In the case of jewellery made of gold, the final price is likely to be higher than the rates mentioned here as it also factors in aspects like making charges and GST.
While gold prices have remained somewhat stable in India, the yellow metal closed with a 1.30 per cent dip in the international market last week after touching a 3-month high. On Monday, spot gold fell another 0.40 per cent to $1,747.50 per ounce as of 7:25 am. The drop in gold prices may continue ahead of the US Fed minutes release this week. The US Federal Reserve is likely to announce another interest hike to tame inflation.
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