The price of gold in India increased on Thursday, February 9 on multi-commodity exchange (MCX) India. The cost of gold has recently been fluctuating owing to speculation surrounding US Federal Reserve’s stance on interest rates following shocking employment data. Banks in India, China, and other parts of the world making heavy gold purchases have also offered a boost to the precious metal in recent days.
At 10:33 am on Thursday, gold futures traded at Rs 57,250, up by 0.06 per cent on MCX India. Silver futures, on the other hand, were down by 0.09 basis points, trading at Rs 67,575. In the retail market, 10 grams of 24-carat gold saw an uptick of Rs 160 from Wednesday, trading at Rs 57,710. The 22-carat variety of gold also recorded a price hike of Rs 150, retailing at Rs 52,900 for ten grams. The price of a kg of silver remained unchanged compared to February 8 levels and retailed at Rs 71,400.
Among metropolitan Indian cities, gold was the most expensive in Chennai, where the 24-carat type cost Rs 58,850 for 10 grams. The price of the 22-carat variety for the same quantity of yellow metal was Rs 53,950 here. The second-second highest rates were observed in New Delhi, where the cost of 10 grams of the 24-carat variety was Rs 57,860 and the price of the same quantity of 22-carat gold was Rs 53,050. In the close by city of Bengaluru, gold prices stood at Rs 52,410 for 24-carat variety and Rs 48,050 for 22 carats. In Bengaluru, the rate of 24-carat gold was Rs 57,760 for 10 grams. For 10 grams of 22-carat gold, the price was Rs 52,950. The cost of 10 grams of the 24-carat variety was Rs 67,710 in Kolkata, while that of 10 grams of 22-carat gold was Rs 52,900. Hyderabad and Mumbai recorded the same prices for both varieties, too.
The price of gold fluctuates every day based on multiple factors such as the exchange rate, fiscal policies of governments, and supply and demand. It is also affected by festive seasons and what are considered to be inauspicious times to make such purchases in India. The variations in the price differ from one state to another due to differing tax regimes put in place.
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