Gold prices in India showed a mixed trend on Tuesday, March 28. While gold futures moved up, the retail rates recorded a marginal decline. As per the Multi Commodity Exchange (MCX) India data, gold futures rose by 0.19 per cent, trading at Rs 58,637 at 10:00 AM. Silver future also exhibited a similar trend, trading at Rs 70,016 following a surge of 0.13 per cent.
The price of gold dropped by Rs 210 for the 22-carat variety. This grade of the much-in-demand yellow metal was retailing at Rs 54,500 for every 10 grams. The superior 24-carat variety traded at Rs 59,450, down by Rs 240 from the previously recorded level. Meanwhile, one kg of silver was being sold at Rs 73,000 in the country, after a fall of Rs 300 from the last level.
Gold prices were highest in Chennai where 10 grams of 22-carat variety traded at Rs 55,100 whereas the 24-carat variety retailed at Rs 60,110 for 10 grams. In Delhi, 10 grams of the higher 24-carat gold retailed at Rs 54,650, while the same quantity of the 22-carat variety was being sold at Rs 59,600. The prices of gold in Mumbai, Kolkata and Hyderabad recorded similar levels. In these cities, the rate of 24-carat gold was Rs 59,450 for 10 grams. For the same amount of 22-carat gold, the rate was Rs 54,500. In Bengaluru, ten grams of 22-carat and 24-carat gold cost Rs 54,550 and Rs 59,500, respectively.
Gold prices differ every day because of numerous factors such as production costs, region-specific taxes, excise duties, labour expenses, and a supplementary Goods and Services Tax (GST) on the final product. These important factors lead to a significant variation in gold in several parts of the country.
The precious yellow metal has long been considered a hedge for hard financial situations. Gold is also observed as a symbol of prosperity and wealth, especially in Indian society. That is why, India’s retail market has a great demand for gold, making the country among the biggest consumer of the precious yellow metal in the world.
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