India is one of the countries with the highest levels of global gold demand and is a significant importer of precious yellow metals.
Gold prices in India remained stable with a positive trend on Tuesday, February 7.
At the Multi Commodity Exchange (MCX) of India, gold futures traded at Rs 57,025 at 09:15 AM, showing a positive movement of 0.12 per cent. Silver futures saw a steady hike in green by 0.25 per cent, trading at Rs 67,570.
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In the retail market too, gold prices saw a marginal increase with the 22-carat variety selling for Rs 52,650 up by Rs 250 and the 24-carat variety selling for Rs 57,440 up by Rs 280. One kilogram of silver retailing at Rs 71,200.
The costliest 10 grams of gold continued to trade at Rs 53,650 for 22 carats and Rs 58,530 for 24 carats in Chennai. Gold is being sold in Delhi for Rs 57,590 for 24 carats and Rs 52,800 for 22 carats. In Mumbai, Hyderabad, and Kolkata, the price of the precious metal remained uniform.
The higher quality 24-carat gold traded at Rs 57, 440 for ten grams and the same quantity of 22-carat gold cost Rs 52,650. In Bengaluru, the cost of gold remained steady at Rs 52,700 for 22-carat gold and Rs 57,490 for the 24-carat gold variety.
Meanwhile, as of 0316 GMT, spot gold was up 0.4% at $1,873.96 per ounce on the international markets. The previous session saw it fall to its lowest level since January 6. A 0.4% increase brought US gold futures to $1,886.60.
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India is one of the countries with the highest levels of global gold demand and is a significant importer of precious yellow metals. Gold, India’s second-largest imported product, has a high tax rate that significantly raises the country’s import prices. The value of the Indian rupee in relation to the US dollar for exchange is the most important factor affecting the price of gold and silver in India.
The level of worldwide demand for precious metals also affects how much they cost. In addition, factors including manufacturing expenses, labour costs, excise taxes, state-specific taxes, and an additional GST on completed jewellery affect how much gold jewellery prices vary from state to state.
