Gold makes it to most people’s list of favourite commodities for investment purposes. The yellow metal is believed to serve as a good hedge against inflation. The fact that it is an appreciating asset also allures investors. Gold jewellery is also an essential part of celebrations such as festivals and marriages for a large section of the population. It is not surprising, then, that India is the second-largest consumer of gold, following China. If you want to invest in bullion, check today’s gold prices in India here.
Gold futures today traded at Rs 52,671 as of 12:16 PM, up by 0.42 percent on MCX (Multi Commodity Exchange) India. Silver futures, which traded at Rs 62,209, were also in the green by 0.94 percent. In the retail market, gold traded at Rs 52,970, recording an upward price movement of Rs 330 from Wednesday’s price for 10 grams of the 24-carat type. The 22-carat variety of gold also recorded a price hike of Rs 300, retailing at Rs 48,550 for 10 grams. In keeping with the trend, the price of silver also rose by Rs 1,200 per kg compared to November 23 levels. Silver retailed at Rs 62,200.
Among metropolitan Indian cities, gold was the costliest in Chennai, where 24-carat gold was retailing at Rs 53,780. The price of the 22-carat type of yellow metal was Rs 49,310 here. In Bengaluru in Karnataka, gold prices stood at Rs 53,020 for 24-carat variety and Rs 48,600 for the 22-carat type. In the nation’s capital, Delhi, the 24-carat variety traded at Rs 53,120 while 22-carat gold was selling at Rs 48,700 per 10 grams. Both types of gold prices were consistent in Kolkata, Hyderabad, and Mumbai. In these cities, ten grams of 22-carat gold were available for Rs 48,550 while the same quantity of 24-carat gold retailed at 52,970. These were some of the cheapest rates among the major Indian cities.
State-to-state variation in gold prices in India is observed due to the changes in tax rates and other charges imposed by the state governments. The price of gold jewellery might be further inflated at a jeweller’s as making charges are included in the price tag while buying such products.
Read all the Latest Business News here