Gold and silver futures witnessed a downward trend on Monday, February 27, with the Multi Commodity Exchange of India (MCX), showing the gold futures at Rs 55,290, down by 0.26 per cent at 09:15 AM. Silver futures also witnessed a dip of 1.31 per cent to reach Rs 63,684.
In the Indian retail market, gold prices remained stable on February 27 with the 24-carat variety trading at Rs 56,180 for 10 grams. The 22-carat variety of gold was retailing at Rs 51,500 showing no change from the last recorded prices. Following a similar trend, the retail prices of silver also saw no changes and one kilogram traded at Rs 67,500.
International markets show that the gold prices fell to levels not seen in nearly two months as concerns about the Federal Reserve’s ability to control inflation with interest rate hikes increase from US economic data. By 0317 GMT, the spot price of gold was unchanged at $1,810.48 per ounce. At $1,817.40, US gold futures remained steady.
People stepping out to purchase gold in the southern city of Chennai will have to shell out the most amount of money as the gold rates are highest here. Ten grams of 22 carats of gold traded at Rs 52,100 and the same quantity of 24-carat gold traded at Rs 56,840. In New Delhi, 22-carat gold is trading at Rs 51,650 and the 24-carat variety trades for Rs 56,330.
The superior 24-carat gold retailed at Rs 56,180 for ten grams and the 22-carat gold retailed at Rs 51,500 for the same quantity in the cities of Mumbai, Hyderabad and Kolkata. Gold was priced at Rs 56,230 for the 24-carat variety and Rs 51,550 for the 22-carat variety in Bengaluru.
The cost of gold and silver in India is influenced by several variables, notably the rupee’s exchange rate with the US dollar. The worldwide demand for precious metals, which is very crucial, also has an impact on the precious metals price movements.
Indian states impose additional taxes on gold jewellery purchases, resulting in pricing disparities across the country. Due to factors like added tax and making charges on the finished gold items, prices for gold jewellery are often higher than their rates.
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