Gold prices in India opened the new trading week with a negative trend on Monday, March 27. On the Multi Commodity Exchange (MCX) India, gold futures were down by 0.60 per cent, trading at Rs 58,920 at 11:43 AM. Silver future showed a similar trend, trading at Rs 70,080, down by 0.47 per cent. In the retail market, the price of gold slipped by Rs 140 for the 22-carat variety. This grade of the precious yellow metal was retailing at Rs 54,710 for every 10 grams. The superior 24-carat quality traded at Rs 59,690, down by Rs 150 from the previously recorded level. One kg of silver was retailing at Rs 73,300 in India, a drop of Rs 100 from the last level.
The prices of gold were highest in Tamil Nadu’s capital Chennai where 10 grams of metal traded at Rs 55,350 and Rs 60,400 for 22 and 24 carats respectively. In Delhi, 10 grams of the finer 24-carat type was retailing at Rs 59,880, while the same quantity of 22-carat gold was retailing at Rs 54,900. The prices of gold in Mumbai, Hyderabad, and Kolkata recorded similar levels. In these cities, the price of 24-carat gold was Rs 59,690 for 10 grams. For the same quantity of 22-carat gold, the price was Rs 54,710. In Bengaluru, ten grams of 24-carat and 22-carat gold cost Rs 59,780 and Rs 54,800.
Gold prices are influenced by a variety of factors including production costs, labour expenses, region-specific taxes, excise duties, and a supplementary Goods and Services Tax (GST) on the final product. These dynamic factors can lead to a significant variation in gold in various parts of the country.
Gold has long been considered a hedge for difficult financial situations. It is also seen as a symbol of prosperity and wealth in Indian society. Hence, the country’s market has a great demand for the metal, making India among the biggest consumer of gold in the world.
Gold prices showed a similar trend in the international market and edged down further amidst a firmer US Dollar. Spot gold slipped by 0.1 per cent at $1,975.59 per ounce, as of 0350 GMT. U.S. gold futures also fell 0.3 per cent to $1,977.90.
Gold prices had shot over $2,000 following the sudden collapse of two US banks, leading to panic in the market.
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