Gold futures opened in the red on Thursday, February 23. As of 10:20 AM, the price of the precious yellow metal on the Multi Commodity Exchange (MCX) India had fallen by 0.34 per cent to trade at Rs 55,892. Silver futures maturing in March also saw a 0.26 per cent drop in value, trading at Rs 65,271. The Indian retail market followed a similar trend. On Thursday morning, the price of the 24-carat variety had dropped by Rs 220 per 10 grams. It traded at Rs 56,510 for 10 grams. The 22-carat variety of gold noted a price drop of Rs 200 for 10 grams and traded at Rs 51,800 for the same quantity. Silver prices did not take this hit to value, continuing at the same price as Wednesday. One kilogram of silver traded at Rs 68,800 in the retail market today.
The price of gold is not uniform across Indian states. Factors such as state taxes and charges on the precious metal affect its cost. Both prominent varieties of gold– 24-carat and 22-carat– are the most expensive in the south Indian city of Chennai. Today, the purest gold type here traded at Rs 57,220 for 10 grams, while 22-carat gold cost Rs 52,450 for the same quantity. In Delhi, ten grams of 24-carat gold traded at Rs 56,610 while 22-carat gold for the same quantity was sold at Rs 51,950.
In Kolkata, Hyderabad, and Mumbai, the pricing was similar. In these cities, 24-carat gold cost Rs 56,510, while 22-carat gold cost Rs 51,800 for 10 grams. Bengaluru, the gold prices per 10 grams recorded were Rs 52,050 for the 22-carat variety and Rs 56,780 for 24 carats. Kolkata, Hyderabad, and Mumbai recorded uniform prices of gold, with ten grams of 22-carat gold retailing for Rs 52,000, while the same quantity of 24-carat gold retails at Rs 56,730. In the national capital of Delhi, the price of 10 grams of 24-carat gold was Rs 56,610, while that of 10 grams of 22-carat variety was Rs 51,950.
The price of gold articles, especially jewellery, is usually higher than the price of the total weight of gold due to additional imposition of making charges on the finished product.
In the international market, prices of gold are influenced by supply-demand factors and the exchange rate between the Indian Rupee and the US Dollar. Higher demand, for instance, during the festive season, can push the prices up, while lower demand caused by rising interest returns on savings can pull them down. India has one of the highest global demands for gold worldwide and is a major importer of the precious yellow metal.
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