Gold prices in India recorded a slight gain on Friday, February 3, with the Multi Commodity Exchange of India (MCX) showing gold futures up by 0.18 per cent trading at Rs 57,800 at 10:25 AM.
Meanwhile, silver futures witnessed a movement towards green by 0.19 per cent recording its pricing at Rs 70,339.
In the retail market in India, February 2 saw gold prices drop by Rs 500 with 10 grams of the 22-carat gold trading at Rs 53,100 and 10 grams of the 24-carat variety selling at Rs 57,930, also down by Rs 540. The price for 1 kilogram of silver also witnessed a dip of Rs 700 and is now being sold at Rs 74,000.
In the global market, spot gold increased by 0.2% to $1,916.31 per ounce at 02:33 GMT after falling by 2% on Thursday due to a sell-off fueled by a stronger dollar and profit-taking. The price of U.S. gold futures was unchanged at $1,915.80.
In Chennai, the city with the highest gold prices in the nation, one would have to spend Rs 54,400 for every 10 grams of 22-carat gold. On the other hand, 10 grams of 24-carat gold in Chennai would set you back at Rs 59,340.
The price of 24-carat precious yellow metal in Delhi is Rs 58,080, while the price of 22-carat precious yellow metal is Rs 53,250.
In Bengaluru, the cost of 10 grams of gold was Rs 53,150 for the 22-carat kind and Rs 57,980 for the 24-carat variety. The price of gold remained the same in Mumbai, Kolkata, and Hyderabad, with 10 grams of 22-carat gold costing Rs 53,100 and 24-carat gold costing Rs 57,930, continuing the pattern.
The price of gold jewellery varies from state to state depending on many other elements, including the cost of manufacturing, labour costs, excise taxes, state-specific taxes, and an extra GST on completed jewellery.
The cost of manufacturing, labour costs, excise taxes, state-specific taxes, and an additional GST on finished jewellery all affect the price of gold jewellery.
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