After a strong performance during the Navratri, gold prices in India have been on a slump. The precious metal continued its dip on Tuesday. Following a weak trend in the international market, gold prices in India fell sharply, seeing their biggest single-day fall in three months. On MCX India, gold futures traded at Rs 50,811, recording a dip of 0.42 per cent at 10:30 AM. Silver futures also showed similar trends and fell by 1.20 per cent to Rs 58,393. In the retail market, gold traded at Rs 51,160 for 10 grams of the 24-carat variety, down by Rs 770 from yesterday’s level. The 22 carats of the precious yellow metal were being sold at Rs 46,900 for 10 grams. Silver prices also fell by Rs 600 on a kg from yesterday’s level and traded at Rs 58,900
The 24-carat variety of gold was the priciest in Chennai where it traded at Rs 51,710 for 10 grams. The 22 carats, on the other hand, were available for Rs 47,400
In Mumbai, Hyderabad and Kolkata, gold recorded similar price levels. For 10 grams of 22-carat gold buyers would have to spend Rs 46,900 whereas the 24-carat variety traded at Rs 51,160.
In New Delhi, gold was sold at Rs 47,050 and Rs 51,330 for 22 carats and 24 carats respectively.
Gold prices in Bengaluru also dropped to Rs 46,950 for 22-carat and Rs 51,220 for 24-carat variety.
The price of the precious yellow metal varies from state to state due to taxes and other charges imposed by the respective state government. In the case of jewellery made of gold, the prices are higher than the rates as they also factor in aspects like making charges and additional GST rates applicable on finished ornaments.
Gold prices have been weak in the international market due to a firmer dollar and the possibility of another interest rate hike by the US Federal Reserve. The dollar index was up 0.2%, making it more expensive for those holding other currencies. After Spot gold fell by 1.6 per cent on Monday, it recorded a level of $1,668.29 per ounce, as of 0143 GMT.
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