Last Updated: February 22, 2023, 11:32 IST
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India is one of the countries with the highest levels of global gold demand and is a significant importer of precious yellow metal.
Gold prices in India opened with a negative trend on Wednesday, February 22. At 09:15 AM, the Multi Commodity Exchange of India (MCX), recorded the gold futures prices going down to the red by a marginal 0.10 per cent, trading at Rs 56,110.
Silver futures also witnessed a drop of 0.33 per cent to trade at Rs 65,836. In the Indian retail market, gold prices remain unchanged on February 22, with the 22-carat variety trading at Rs 52,000 for 10 grams, and the 24-carat variety of gold retailing at Rs 56,730 for the same quantity. The prices of silver also remained stable in the retail markets where one kilogram of silver retails for Rs 68,500.
The south Indian city of Chennai holds the top spot for having the most expensive pricing for gold with the yellow metal retailing at Rs 52,750 for the 22-carat variety and Rs 57,550 for the 24-carat variety.
In Delhi, ten grams of 22-carat gold traded at Rs 56,880 while 22-carat gold for the same quantity was sold at Rs 52,150.
In Bengaluru, the gold prices per 10 grams recorded were Rs 52,050 for the 22-carat variety and Rs 56,780 for 24 carats. Kolkata, Hyderabad, and Mumbai recorded uniform prices of gold with ten grams of 22-carat gold retailing for Rs 52,000, while the same quantity of 24-carat gold retails at Rs 56,730.
India’s states impose additional taxes on gold purchases, resulting in pricing disparities across the country. Due to factors like added tax and making charges imposed on the finished item, prices for gold jewellery are often higher than the gold rates.
Numerous factors, the most important of which is the rupee’s exchange rate value against the US dollar, affect the cost of gold and silver in India. India is one of the countries with the highest levels of global gold demand and is a significant importer of precious yellow metal.
Meanwhile, Spot gold recorded a slight change of 0.1% at $1,836.43 per ounce at 0056 GMT in the international market while the US gold futures gained by 0.2% to $1,845.20.
Investors are currently looking forward to the minutes of the US Federal Reserve’s most recent meeting which will provide signals about potential interest rate increases.
Prior to this, the central bank of the United States had increased interest rates by 25 basis points during their January 31 and February 1 meetings.
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