Gold Price In India: Rates Up In All Major India Cities On March 23

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Gold futures on MCX traded at Rs 59,160 in the green by 0.69 per cent, silver futures also saw an upward movement of 0.75 per cent at Rs 69,829

Gold and silver prices showed positive trends on Thursday, March 23. On the Multi Commodity Exchange of India, gold futures traded at Rs 59,160, in the green by 0.69 per cent. Silver futures, too, saw an upward movement of 0.75 per cent at 11:14 am. They traded at Rs 69,829. In the retail market, the price of 10 grams of 24-carat gold jumped by Rs 650. It was selling at Rs 59,780 per ten grams. The cost of the 22-carat variety shot up by Rs 600, with 10 grams costing Rs 54,800 on Thursday. A kilogram of silver cost Rs 72,600– a hike of Rs 1000.

With the US Federal Reserve hiking interest rates once more, the dollar has hit a seven-week low. The fall in the greenback’s value has pushed gold prices higher.

Out of all the major cities in India, the valuable yellow metal was the most expensive in Chennai. Here, 10 grams of the 24-carat variety cost Rs 60,430. For the 22-carat variety, the same quantity cost Rs 55,400. In Delhi, the national capital, 10 grams of the finer 24-carat type was retailing at Rs 59,930, while the same quantity of 22-carat gold was retailing at Rs 55,950. Mumbai, Hyderabad, and Kolkata recorded the same rates of gold due to similar state-level taxes. In these cities, the price of 24-carat gold was Rs 59,780 for 10 grams. For the same quantity of 22-carat gold, the price was Rs 54,800. In Bengaluru, ten grams of 24-carat and 22-carat gold cost Rs 59,830, and Rs 54,850.

Gold is considered a prominent symbol of wealth, prosperity, and power in India. The country’s insatiable appetite for gold has made it one of the foremost nations driving global demand for the precious metal. Despite being a major importer of gold, the country’s high tax rate has resulted in inflated import prices. The Indian rupee’s relative value against the US dollar plays a crucial role in determining the prices of both gold and silver in the country.

The prices of precious metals are also influenced by a variety of other factors, such as production costs, labour expenses, region-specific taxes, excise duties, and a supplementary Goods and Services Tax (GST) on completed jewellery. This complex interplay of factors can cause significant variations in gold jewellery prices across different Indian states.

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