The price of gold in India noted growth at the start of the new week. On Monday, March 13, gold futures traded at Rs 56,610 at 11 AM on the Multi Commodity Exchange (MCX) India. This is a positive movement of 82 basis points. Silver futures, too, saw an upward trend, trading at Rs 63,555, in the green by 106 basis points. The retail market kept up with the jump. The price of 10 grams of 24-carat gold climbed by Rs 330 compared to the previous session. It traded at Rs 57,220. Ten grams of the 22-carat variety cost Rs 290 more than previously recorded levels. This variety was selling at Rs 52,450. The rate of a kilogram of silver inched up by Rs 300. It cost Rs 66,000 on Monday.
The precious yellow metal was the costliest in Chennai, where 10 grams of the 24-carat variety cost Rs 58,090. The same quantity of 22-carat variety was selling at Rs 53,250. In the nation’s capital, Delhi, 10 grams of the superior 24-carat type was retailing at Rs 57,370, while the 22-carat type of the valuable metal cost Rs 52,600. Due to similar taxation policies, Mumbai, Hyderabad, and Kolkata recorded the same rates of gold. In these cities, the price of 24-carat gold was Rs 57,220 for 10 grams. For the same quantity of 22-carat gold, the price was Rs 52,450. In Bengaluru, ten grams of 24-carat and 22-carat gold cost Rs 57,270, and Rs 52,500.
India has a significant appetite for gold, making it one of the countries with the highest levels of global demand. The precious yellow metal is also a major import for the country, with a high tax rate that results in increased import prices. The value of the Indian Rupee in relation to the US dollar is a critical factor that impacts the price of both gold and silver in the country.
The price of precious metals is also affected by their level of global demand, as well as factors such as manufacturing expenses, labour costs, state-specific taxes, excise taxes, and an additional GST on finished jewellery. As a result, prices for gold jewellery can vary significantly from one state to another.
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