Gold prices in India continued to fall on Wednesday. After a good gain during Navratri, the precious yellow metal has been in a slump due to a weak trend in the international market. On MCX India, gold futures recorded a 0.57 per cent dip to the level of Rs 50,805 at 11:00 AM. Silver futures also recorded similar trends and dropped by 1.58 per cent to trade at Rs 57,609. In the retail market, 22 carats of gold traded at Rs 46,650 for 10 grams after falling by Rs 250 from yesterday’s level.
The 24-carat variety of the precious yellow metal is being sold at Rs 50,890 for 10 grams, down by Rs 270 from yesterday’s level. A kg of silver retailed at Rs 58,500.
Chennai recorded the highest price level for the precious yellow metal. In the Tamil Nadu capital, 24 carats of gold retailed at Rs 51,600 for 10 grams whereas the 22-carat variety was being sold at Rs 47,300.
In Mumbai, Hyderabad and Kolkata, gold recorded similar price levels. For 10 grams of 22-carat, gold buyers would have to spend Rs 46,650 whereas the 24-carat variety traded at Rs 50,890.
In the national capital, New Delhi, gold retailed at Rs 46,800 for the 22-carat variety and Rs 51,050 for the 24-carat.
Gold prices in Bengaluru also dropped to Rs 46,700 for 22-carat and Rs 50,950 for 24-carat variety.
The prices of gold in India vary from state to state depending upon tax rates and other charges levied by the respective state governments. In the case of jewellery made of the precious yellow metal, the prices go higher than the daily rates as the final amount factors in aspects like making charges and additional GST on the finished product
The international market also witnessed a dip in gold prices as traders awaited US Federal Reserve minutes and key inflation data. Spot gold dropped to $1,663.60 per ounce, as of 0055 GMT, recording a 0.1 per cent fall. The prices remained around Tuesday’s level after gold recorded its one-week low. US gold futures were trading at $1,673.30, down by 0.8 per cent. The precious yellow metal has shown a weak trend in the international market due to a sturdy dollar amidst the possibility of another interest rate hike by the US Federal Reserve.
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