Gold prices in India showed a negative trend on Wednesday, March 29. As gold futures witnessed a decline, the retail rates also recorded a marginal weakening. According to the Multi Commodity Exchange (MCX) India data, gold futures fell by 0.22 per cent, trading at Rs 58,911 at 9:30 AM.
Silver future also recorded a similar trend, trading at Rs 70,426 following a drop of 0.22 per cent.
In the retail market, gold traded at Rs 54,490 for every 10 grams of the 22-carat variety. The superior 24-carat variety retailed at Rs 59,440. One kg of silver was trading at Rs 73,000 in India, witnessing no change from the last recorded level.
Among the major Indian cities, gold rates were highest in Chennai, trading at Rs 55,090 and Rs 60,100 for 10 grams of 22-carat and 24-carat varieties.
In Delhi, 10 grams of 24-carat gold was priced at Rs 59,600 whereas the same quantity of 22-carat gold was available for Rs 54,640.
Gold prices in Mumbai, Kolkata and Hyderabad recorded similar levels. In these cities, the price of 24-carat gold was Rs 59,440 for 10 grams and Rs 54,490 for a similar quantity of the 22-carat variety of the precious yellow metal.
In Bengaluru and Ahmadabad, ten grams of 22-carat and 24-carat gold were available for Rs 54,550 and Rs 59,500, respectively.
Meanwhile, in Jaipur, Lucknow and Chandigarh, 10 grams of 22-carat gold cost Rs 54,640. While 10 grams of 24-carat is priced at Rs 59,600 in all the above cities.
Gold rates change every day owing to numerous factors such as region-specific taxes, excise duties, production costs, labour expenses, and a supplementary Goods and Services Tax (GST) on the final product. All these important factors lead to an important variation in gold across several parts of India.
The much-in-demand metal has long been considered a hedge for difficult financial times. Apart from its value worldwide, gold is also regarded as a symbol of prosperity and wealth. India’s retail market has a great demand for gold, thus making the country among the biggest consumers.
In the international market, gold recorded a minor drop amidst easing worries caused by the fall of two banks in the US. Following a rise of 1 per cent on Tuesday, spot gold was trading 0.4 per cent lower at $1,966.48 per ounce, as of 0356 GMT. US gold futures also slipped 0.3 per cent to $1,967.50.
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