The value of gold and silver in India noted a downward movement on the Multi Commodity Exchange (MCX) of India on Thursday, March 16. Gold futures slipped by 67 basis points, trading at Rs 57,936. Silver futures saw a fall only slightly less steep, in the red by 52 basis points. These are Rs 66,890 at 10:20 am.
In contrast, in the retail market, the price of both 24-carat and 22-carat types of gold went up. Ten grams of the 24-carat variety saw a price hike of Rs 550 and cost Rs 58,420. The same quantity of the 22-carat variety of gold cost Rs 53,550– up by Rs 500 since Wednesday.
The price of a kilogram of silver climbed up by Rs 200. It cost Rs 69,000 on Thursday.
Among major Indian cities, gold was the costliest down south in Chennai. Here, 10 grams of the 24-carat variety cost Rs 59,180. The same quantity of 22-carat variety was selling at Rs 54,250.
In Delhi, 10 grams of this type of the precious yellow metal cost Rs 53,700, while the superior 24-carat type retailed at Rs 58,570 on March 16.
In Hyderabad, Mumbai, and Kolkata, the rate of 10 grams of 24-carat gold was Rs 58,420. The cost of 22-carat gold in these three cities was Rs 53,550. Their prices are identical due to similar taxation policies by the state governments.
In Bengaluru, ten grams of 24-carat retailed for Rs 58,470 while that of 22-carat gold cost Rs 53,600.
The price of gold varies from state to state in India due to state-specific taxes, transportation costs, and other such charges.
Customers may notice that the price of the jewellery they buy in stores is higher than the retail value of raw gold. This is because stores levy making charges on the finished gold products they sell.
At the national level, gold rates are affected by national demand, exchange rates, import duties, and other such taxes. India is one of the biggest consumers of gold in the world. Thus, the demand generated by the country can cause significant changes in the price of the precious metal internationally.
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