Following a slow start to the trading week, gold prices in India edged up on Tuesday, April 11. At 10:46 AM, gold futures traded at Rs 60,383 with a 0.53 per cent gain. Silver futures showed a similar trend and gained 0.72 per cent to touch the level of Rs 74,858. The positive sentiments were also reflected in gold prices in the retail market. As per the latest updates, 10 grams of 22-carat gold is being sold at Rs 55,700 whereas a similar quantity of superior 24-carat gold touched the level of Rs 60,760, gaining Rs 330 from the last recorded level.
Silver prices in India also gained on Tuesday. The price of a kilogram of silver climbed Rs 300 to sell at Rs 76,300.
Out of all the tier-1 Indian cities, gold was the most expensive in Chennai. Here, 10 grams of the 22-carat variety cost Rs 56,300. In the national capital, 10 grams of 22-carat gold was retailing at Rs 55,850. Mumbai, Hyderabad and Kolkata recorded similar price levels due to uniformity in the taxation policies. In these metropolitan cities, the price of 22-carat gold was Rs 55,700 for 10 grams. In Bengaluru, ten grams of 22-carat gold were available at Rs 55,750.
It is worth noting that the term carat is used to measure the purity of gold. 24-carat gold is considered the purest grade of gold as it has 99.9 per cent purity. On the other hand, the 22-carat variety comprises 22 parts of gold mixed with two parts of other metals like copper and zinc.
In Chennai, 10 grams of 24-carat gold was available at Rs 61,420 whereas, in Delhi, it was being sold at Rs 60,910. The price of gold in Mumbai, Hyderabad and Kolkata again showed a similar level and touched Rs 60,760. In Bengaluru, 24-carat gold was available for Rs 60,810 for every 10 grams.
Gold has been used as a commodity, a global currency, an investment and simply an object of beauty for thousands of years.
In India, gold is the most prominent symbol of wealth and prosperity. India’s insatiable appetite for gold has made it among the biggest consumer of yellow metal in the world.
The prices of precious metals like gold and silver are also influenced by a complex interplay of factors which include production costs, labour expenses, region-specific taxes, excise duties, and a supplementary Goods and Services Tax (GST) on completed jewellery. The Indian rupee’s relative value against the US dollar plays a fundamental role in determining the prices of both gold and silver in the country.
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