On international markets, gold prices have reached a five-month high as a result of developments in China and the US. Over the weekend, Chinese cities loosened their rigid COVID-19 restrictions. China is the world’s largest consumer of gold, so removing limitations is likely to increase demand. The dollar index hitting a five-month low is the other event that has an impact on gold’s price. Due to this, foreign customers can now purchase bullion at lower prices in dollars. Gold prices have risen above $1,800 per ounce.
Gold futures today traded at Rs 54,141 as of 10:10 AM, up by 0.54 per cent on MCX (Multi Commodity Exchange) India. Silver futures, which traded at Rs 67,161, were also in the green by 1.07 per cent. In the retail market, gold traded at Rs 54,110 for 10 grams of the 24-carat type on Monday, December 5. There was a rise of Rs 160 from the last recorded levels. The 22-carat variety of gold retailed at Rs 49,600 for 10 grams. This variety recorded a price change of Rs 150. Silver prices climbed significantly. The price of one kg of silver went up by Rs 1,300 from the previous levels. Silver retailed at Rs 66,500 on Monday.
Among metropolitan Indian cities, gold was the costliest in Chennai, where 24-carat gold was retailing at Rs 55,040. The price of the 22-carat type of yellow metal was Rs 50,450 here. In Bengaluru, gold prices stood at Rs 54,160 for the 24-carat variety and Rs 49,650 for the 22-carat type. In Delhi, the 24-carat variety traded at Rs 54,260 while 22-carat gold was selling at Rs 49,750 per 10 grams. The prices for both types of gold were the same in Kolkata, Hyderabad, and Mumbai. These three cities recorded one of the lowest rates of gold among all major Indian cities. The cost of ten grams of 22-carat gold was Rs 49,600, while the same quantity of 24-carat gold retailed at 54,110.
In India, the cost of yellow metal varies from one state to another. The adjustments in tax rates and other charges levied by state governments are to blame for this. When jewellers add making fees to the equation, the price of gold in gold jewellery per gram may increase even more.
