Gold prices in India showed a strong trend on Thursday, February 2, moving up on the Multi Commodity Exchange (MCX).
Gold futures recorded a 1.11 per cent movement in the green, trading at Rs 58,525 at 10:22 AM. Silver futures traded at a high of 2.14 per cent touching the Rs 71,336 mark.
The Indian retail market on February 2 saw gold prices up by Rs 600, with 10 grams of the 22-carat gold trading at Rs 53,600 and the same quantity of 24-carat variety retailing at Rs 58,470, up by Rs 650. The price for one Kilogram of silver which is being sold at Rs 74,400 saw an increase of Rs 1,100 from its level on Wednesday.
For every 10 grams of 24-carat gold, one would need to pay Rs 59,730 in Chennai, the city with the highest gold prices in the country. On the other hand, 22-carat gold of 10 grams in Chennai would cost Rs 54,750. In Delhi, the 24-carat variety of precious yellow metal is being sold at Rs 58,610 whereas the 22-carat variety trades at Rs 53,750.
Prices of a similar quantity of gold in Bengaluru were at Rs 58,510 for the 24-carat variety and Rs 53,650 for the 22-carat variety. Continuing the trend, Mumbai, Kolkata and Hyderabad saw the prices of gold remain the same, with 10 grams of the 24-carat gold selling at Rs 58,470 and the 22-carat variety of gold retailing at Rs 53,600.
As of 0206 GMT, Spot gold was up 0.2% at $1,953.76 per ounce on the international market, reaching its highest level since April 2022. Futures for U.S. gold were up 1.3% to $1,967.50.
The cost of gold and silver in India is influenced by a number of variables, chief among them being the rupee’s exchange rate value against the US dollar. How much demand there is for precious metals on a global scale also has an impact on their pricing.
The price of gold jewellery varies from state to state depending on a number of other elements, including the cost of manufacture, labour costs, excise taxes, state-specific taxes, and an extra GST on completed jewellery.
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