The gold prices in India seem to be on a positive trend on Monday, January 16. On Multi Commodity Exchange (MCX) India gold futures traded at Rs 56,507, with a 0.32 per cent gain at 10:28 AM. Silver futures also showed a similar trend climbing to a 0.72 per cent high recording a level of Rs 69,930. In the retail market, gold traded at Rs 56,950, with a gain of Rs 210 for 10 grams of the 24-carat variety. The same quantity of 22-carat gold was being sold at Rs 52,200 which was up by Rs 190. A kilogram of silver saw a hike of Rs 450 and retailed at Rs 73,200.
In India, the highest gold rates were recorded in the southern city of Chennai where ten grams of 24 carats of gold traded at Rs 58,000 and the same quantity of 22-carat gold traded at Rs 53,170. In Delhi, gold is sold at Rs 52,350 and Rs 57,100 for 22 and 24 carats respectively. The prices of the yellow metal as always remained at similar levels in Mumbai, Hyderabad and Kolkata and Ten grams of 22-carat gold retailed at Rs 52,200 whereas the superior 24-carat traded at Rs 56, 950. Gold was priced at Rs 52, 250 for 22-carat and Rs 57,000 for 24-carat variety in Bengaluru.
The price of gold reached a nearly nine-month high on the international market on Monday, helped by a weaker dollar and speculation that the U.S. Federal Reserve will raise interest rates. As of 03:11 GMT, spot gold was up 0.3% to $1,926.07 per ounce, which is a record high since late April 2022. Futures for U.S. gold increased 0.5% to $1,930.30.
Several factors, including the exchange rate of the rupee against the dollar, affect the price of gold and silver in India. The trends in the price of precious metals are influenced by global demand, which is equally important. State taxes, excise taxes, manufacturing costs, as well as the additional GST on the finished jewellery affect the price of gold and silver jewellery from state to state.
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