Gold price in India edged a bit higher on Friday, January 13 on the Multi-Commodity Exchange of India (MCX). The gold futures prices rose by 0.14 per cent to Rs 55,955 for ten grams at 10:00 am. Silver futures, however, saw a drop by 0.14 per cent to Rs 68,545 for one kilogram.
In the retail market, gold prices showed a hike on January 13 with the 22-carat variety trading at Rs 51,600 for ten grams, up by Rs 200. The 24-carat variety of gold was retailing at Rs 56,290 up by Rs 220 from the last record. The price of silver saw a marginal increase of Rs 100 in the retail market for one kilogram, which retails at Rs 72,000.
Chennai, as usual, has recorded the highest gold prices with the yellow metal trading at a price level of Rs 57,250 for the 24-carat variety and Rs 52,500 for the 22-carat type for ten grams. In Delhi, 22-carat gold was traded at Rs 51,750 while 24-carat gold was sold at Rs 56,440 per ten grams. Bengaluru had gold prices recorded at Rs 56,340 for the 24-carat variety and Rs 51,650 for the 22-carat variety of the precious metal. The price of gold maintained a uniform trend in Kolkata, Hyderabad, and Mumbai with ten grams of 22-carat gold retailing for Rs 51,600, while the same quantity of 24-carat gold retails for Rs 56,290.
India’s states impose additional taxes on gold jewellery purchases, resulting in pricing disparities across the country. Due to factors like added GST and making charges on the finished piece of gold jewellery, their prices are often higher than the general rates.
Reuters reported that India’s gold imports in December fell 79 per cent from last year to the lowest monthly level in at least 20 years as a rise in local prices close to record highs stifled demand. India’s overall gold imports decreased to 706 tonnes in 2022 from 1,068 tonnes in 2021.
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