According to the Multi Commodity Exchange (MCX), the price of gold in India on Wednesday is Rs 54,820, representing a slight upward rise of 0.07% at 09:23 AM. On the other hand, a 0.20% hike in silver futures was also recorded taking its prices to Rs 69,780.
The retail market for gold on December 21 saw no change in the yellow metals price. While 22-carat gold was trading at Rs 50,250, the 24-carat variety retailed at Rs 54,820. Both of these prices are for 10 grams of the respective variety of gold. The price for one kilogram of silver remained stable at Rs 69,300 for yet another day. In the global market, spot gold was lowered at $1,816.94 per ounce as of 0031 GMT while the U.S. gold futures were stepped up 0.1% at $1,827.10.
Gold was the most expensive in the South Indian city of Chennai, maintaining a price level of Rs 55,280 for 10 grams of the 24-carat variety and Rs 50,680 for the 22-carat type. In the national capital Delhi, 22-carat gold was sold at Rs 50,250 per 10 grams, while 24-carat gold was traded at Rs 54,820. In Bengaluru, gold prices were recorded at Rs 54,160 for 24-carat variety and Rs 46,650 for 22 carats. The price of the yellow metal remained the same as yesterday in Mumbai, Kolkata and Hyderabad. 10 grams of 22-carat gold were available for Rs 49,600, while the same quantity of 24-carat gold retailed at Rs 54,110.
Due to variations in state tax rates and other charges imposed by state governments, gold prices in India fluctuate from one state to another. Prices when purchasing gold jewellery may be significantly higher based on the additional cost of the craftsmanship and making charges.
In the meantime, the issue price for the upcoming tranche of the Sovereign Gold Bond Scheme 2022-23 – Series III in India has been set at 5,409 per gram of gold and will be available for subscription from December 19–23, 2022. The minimum investment amount in SGBs is one gram of gold, and the maximum investment amounts have been established at four kilograms for individuals, four kilograms for Hindu Undivided Families, and twenty kilograms for trusts.
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