Gold prices have risen to a five-month high in international markets following developments in China and the US. Chinese cities relaxed their strict COVID-19 restrictions over the weekend. China is the biggest consumer of gold in the world and easing up restrictions is likely to give a boost to demand. The other development affecting the price of gold is the dollar index hitting a five-month low. This has made the dollar-priced bullion cheaper for overseas buyers. Spot gold gained past $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.
There is a variation in the price of yellow metal in India from state to state. This can be attributed to the changes in tax rates and other charges that the state governments levy. The price of gold in gold jewellery per gram might be further inflated as jewellers then add making charges to the mix.
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