On Multi Commodity Exchange (MCX) India, gold futures maturing on June 5, 2023 were trading at Rs 60324 (+0.24%) at around 11:40 am on Tuesday. Silver futures maturing on May 5, 2023 also rose 0.30% to trade at Rs 75,033.
However, retail gold prices registered a lower trend in the early trade on April 18. The rate of 10 grams of 24 carat gold was Rs 60,920 around 11.30 am. 22 carat recorded the rate at Rs 55.850.
Retail gold price refers to the price at which gold is sold to end consumers, including individuals, jewellers, and other retailers. This price is determined based on various factors such as the international gold price, the value of the Indian rupee, import duties, transportation costs, and local taxes.
The retail gold price in India can vary depending on the purity of the gold, the weight of the item, and the location of the purchase. It is an important factor to consider for those who wish to buy or sell gold in India.
Gold price (In Rs) in different cities on April 18 (22 carat)
When the market closed on April 17, the prices of gold and silver stood at Rs 60,180 per 10 grams and Rs 74,812 per kg respectively.
On Monday, the price of gold increased in the retail market at the start of the day, but fell later.
The prices of precious metals like gold and silver fluctuates due to the interplay of several factors including labour expenses, production costs, region-specific taxes, excise duty, and Goods and Services Tax (GST) on jewellery. India imports most of its gold. This means that the price is also dependent on the strength of the Indian rupee against the US dollar.
The term carat is used to measure the purity of gold. The 24-carat variety of gold is often called pure 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 zinc and copper. It is worth noting that Gold is the oldest precious metal known to mankind. Gold has been used as a commodity, a global currency and an investment for thousands of years.
Gold has been used as a precious commodity, a global currency and investment for centuries. In India, gold is seen as a symbol of wealth and prosperity. It has long been seen as a hedge against inflation. India is among the largest consumers of gold in the world and retail market drives a large section of its demand.
In India, gold is among the most prominent symbol of wealth and prosperity.
The prices of precious metals like gold and silver also fluctuate due to a complex interplay of factors which include production costs, labour expenses, region-specific taxes, excise duties, and Goods and Services Tax (GST) on completed jewellery. The Indian rupee’s strength against the US dollar plays a fundamental role in determining the prices of both gold and silver in the country.
Read all the Latest Business News, Tax News and Stock Market Updates here
Comments
0 comment