The gold prices in India followed a positive trend on the On Multi Commodity Exchange (MCX) on Monday, February 6 where the gold futures traded at Rs 56,900 with a 0.56 per cent gain.
Silver futures also showed a similar upward trend to a 0.13 per cent rise recording a level of Rs 67,662. Spot gold prices on the global market saw a minimal change at $1,865.88 per ounce as of 00:45 GMT, hitting a more than four-week low. Futures for U.S. gold were up 0.2% to $1,879.40.
In the retail market, the pricing of gold saw no changes on February 6 and gold traded at Rs 52,400 for 10 grams of the 22-carat variety. The same quantity of 24-carat gold was being sold at Rs 57,160. The pricing of one kilogram of silver remained unchanged and retailed at Rs 71,200.
In India, Chennai had the highest gold rates, where ten grams of 22-carat gold was sold at Rs 53,350 and the same quantity of 24-carat gold for Rs 58,200. For 22 and 24-carat varieties, gold is offered for sale in Delhi at Rs 52,550 and Rs 57,310.
In Mumbai, Hyderabad, and Kolkata, the price of the yellow metal has consistently maintained at the same levels. Ten grams of 24-carat gold cost Rs 57,160, while 22-carat gold cost Rs 52,400. Bengaluru’s price for 24-carat gold was Rs 57,210 and for 22-carat gold it was Rs 52,450.
The pricing of gold and silver in India is influenced by a number of variables, the most significant of which is how much the rupee is valued in relation to the US dollar for exchange.
The amount of global demand for precious metals has an impact on their pricing as well. Additionally, variables that determine how much gold jewellery prices differ from state to state include production costs, labour costs, excise taxes, state-specific taxes, and an extra GST on finished jewellery.
India is a major importer of precious yellow metals and has one of the highest levels of global gold demand. As the second-largest imported good, gold has a high tax rate in India and greatly enhances the country’s import costs.
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