Gold prices in India followed a positive trend on Friday, February 24, with the Multi Commodity Exchange (MCX) of India recording a 0.24 per cent hike in the rate of gold futures at 09:10 AM, taking it to Rs 55,720. Silver futures also showed a minimal upward trend of 0.06 per cent rise recording pricing of Rs 64,390.
Spot gold prices on the global market edged up 0.1 per cent to $1,826.96 per ounce as of 1253 GMT. Futures for U.S. gold were down by 0.3 per cent to $1,835.30.
In the retail market, the pricing of gold saw a movement toward the red on February 24. Gold traded at Rs 51,700 for 10 grams of the 22-carat variant, down by Rs.100. The same quantity of 24-carat gold was being sold at Rs 56,510, unchanged from the previously recorded level. The price of one kilogram of silver also remained unchanged on Friday and retailed at Rs 68,800.
Chennai recorded the highest gold rates among the metropolitan cities, with ten grams of 24-carat gold retailing at Rs 57,220 and the same quantity of 22-carat gold for Rs 52,450. The 22 and 24-carat varieties of gold is available for retail in Delhi at Rs 51,950 and Rs 56,610.
The price of the yellow metal has consistently maintained uniform levels In Mumbai, Hyderabad, and Kolkata, with ten grams of 24-carat gold costing Rs 56,510, and 22-carat gold costing Rs 51,700. Bengaluru recorded prices of 24-carat gold at Rs 56,560 and 22-carat gold at Rs 51,850.
Gold is the second-largest imported item in India despite the high taxes levied on its import. The value of the Indian rupee in comparison to the US dollar as a unit of exchange is one of the most significant variables influencing the price of gold and silver in India.
The price of precious metals is also influenced by the degree of global demand. On the other hand, prices of gold jewellery vary from state to state due to a number of extra components, such as making charges, labour costs, excise taxes, state-specific taxes, and an additional GST on finished jewellery.
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