Gold prices in India opened with a positive trend on Tuesday. On the Multi Commodity Exchange (MCX) India, gold prices saw a slight movement in the green and were by 0.28 per cent, trading at Rs 54,410 at 10:26 AM. Silver futures, however, slipped by a negligible 0.05 per cent to touch Rs 67,476.
In the retail market, gold prices saw no change on December 20, with 10 grams of the 24-carat gold trading at Rs 54,110 and the same quantity of the 22-carat variety retailing at Rs 49,600. The price for one Kilogram of Silver dropped by Rs 200 in the retail market and now retails at Rs 69,300. In the global market, U.S. gold futures dropped down 0.1% at $1,795.10 as of 0217 GMT, while spot gold fell by 0.1% at $1,785.98 per ounce.
Buying gold in the national capital Delhi would require one to invest Rs 49,750 for every 10 grams of 22-carat gold, while 24-carat gold for the same 10 grams would cost Rs 54,260. In Chennai, the city known to have the most expensive gold pricing, the 24-carat variety of the yellow metal is being sold at Rs 55,250 whereas the 22-carat variety is traded at Rs 50,650. Prices of gold In Bengaluru were locked at Rs 54,160 for the 24-carat variety and Rs 49,650 for the 22-carat type. The prices of gold remained uniform in Hyderabad, Mumbai and Kolkata with 10 grams of both the 24 and 22-carat varieties of gold retailing at Rs 54,110 and Rs 49,600 respectively.
Every state in India imposes its tax rates upon the purchase of gold causing fluctuations in the pricing across the country. While buying gold jewellery, prices could be much higher depending on the added cost of craftsmanship and making charges.
Meanwhile, the Reserve Bank of India’s Sovereign Gold Bond Scheme 2022-23 – Series III, opened for subscription on Monday, December 19, in India. While the minimum investment allowed in the SGBs will be one gram of gold, the upper limit has been set for categories as follows– Individuals (4 Kg), Hindu Undivided Family (4 Kg) and Trusts (20 Kg). The SGBs will have an eight-year term with the option of an early redemption after the fifth year.
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