Gold prices in India were in a state of flux on Thursday, April 13. On Multi Commodity Exchange (MCX) India, gold futures were trading 0.27 percent higher at Rs 60,790.00 at 10:28 am. Silver futures also rose 0.21 percent to trade at Rs 76,075.00.
The price of gold witnessed an increase in the retail market at the start of the day, but fell later. As per the latest update, the price of ten grams of 22-carat gold fell by Rs 100 to Rs 56,100. The rate of the same quantity of 24-carat variety also witnessed a declined and decreased by Rs 110 to Rs 61,200.
On the other hand, the price of silver was up by Rs 650, with one kilo retailing at Rs 78,000.
If we look at major Indian cities, the price of gold was highest in Chennai. In the southern metropolis, 10 grams of 22-carat gold was priced at Rs 56,760. The same amount of 24-carat gold was being sold at Rs 61,920.
In Delhi, 10 grams of 22-carat was retailing at Rs 56,250, while 24-carat gold cost Rs 61,350. Gold recorded a similar rate in Hyderabad, Kolkata and Mumbai due to similarity in state-level taxes in the cities. The price of 10 grams of 22-carat gold was Rs 56,100. A similar quantity of the 24-carat variety was being sold at Rs 61,200.
In Bengaluru and Ahmedabad, 10 grams of 22-carat gold was retailing at Rs 56,150, while 24-carat gold cost Rs 61,250.
Gold has been used as a precious commodity, a global currency and investment for centuries. In India, gold is seen as a symbol of wealth and prosperity. It has long been seen as a hedge against inflation. India is among the largest consumers of gold in the world and retail market drives a large section of its demand.
The prices of precious metals like gold and silver fluctuates due to the interplay of several factors including labour expenses, production costs, region-specific taxes, excise duty, and Goods and Services Tax (GST) on jewellery. India imports most of its gold. This means that the price is also dependent on the strength of the Indian rupee against the US dollar.
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