Gold prices in India continued a bullish trend on Wednesday, April 12. On Multi Commodity Exchange (MCX) India, gold futures traded at Rs 60,925, following a spike of 0.69 per cent at 10:24 AM. Silver futures recorded a similar movement, scaling 1.24 per cent to Rs 75,973.
In the retail market too, gold showed consolidated its position and moved up by over Rs 500 per 10 grams across different varieties. As per the latest update, 10 grams of 22-carat gold in India retailed at Rs 56, 200 whereas the price of the superior 24-carat variety of the precious yellow metal traded at Rs 61,310, up by Rs 550 from the last recorded level.
A kg of silver retailed at Rs 77,350, up by Rs 750 from the last recorded level.
Among all major Indian cities, gold was the most expensive in Tamil Nadu’s capital, Chennai. Here, 10 grams of 22-carat gold cost Rs 56,800 where as 24-carat gold recorded a price level of Rs 61,960.
In Delhi, 10 grams of 22-carat and 24-carat of gold were retailing at Rs 56,350 and Rs 61, 460 respectively. Mumbai, Hyderabad and Kolkata recorded the same rates of gold due to similar state-level taxes. In these metropolitan cities, the price of 22-carat gold was Rs 56,200 for 10 grams and Rs 61,310 for a similar quantity of 24-carat gold.
In Bengaluru, ten grams of 22-carat gold was selling at Rs 56,250 whereas the price of 24-carat gold stood at Rs 61,310.
The term carat is used to measure the purity of gold. The 24-carat variety of gold is often called pure gold as it has 99.9 per cent purity. On the other hand, the 22-carat variety comprises 22 parts of gold mixed with two parts of other metals like zinc and copper. It is worth noting that Gold is the oldest precious metal known to mankind. Gold has been used as a commodity, a global currency and an investment for thousands of years.
In India, gold is among the most prominent symbol of wealth and prosperity.
The prices of precious metals like gold and silver also fluctuate due to a complex interplay of factors which include production costs, labour expenses, region-specific taxes, excise duties, and Goods and Services Tax (GST) on completed jewellery. The Indian rupee’s strength against the US dollar plays a fundamental role in determining the prices of both gold and silver in the country.
Read all the Latest Business News here
Comments
0 comment