Gold prices in India maintained their upward trend and traded with gains on Monday. Gold futures rose to Rs 50,430 while recording a 0.47 per cent gain at 10:14 AM. Silver futures showed similar momentum and recorded a spike of 0.96 per cent to touch Rs 57,401. The prices of the precious metal will likely maintain their upward momentum in the domestic Indian market due to a spike in demand during Navratri and the festive season. The 22-carat gold traded at Rs 46,500 whereas the 24-carat variety of precious metal retailed at Rs 50,730 for the same quantity. Silver also rose by close to Rs 500 by yesterday’s level and traded at Rs 57,400 for a kilogram
Gold was the priciest in Delhi and traded at Rs 51,280 for 24 carat and Rs 47,000 for 10 grams of 22-carat variety.
In Mumbai, Hyderabad, and Kolkata, the precious metal recorded levels of Rs 51,110 and Rs 46,850 for 10 grams of 24 and 22 carats respectively.
Gold prices in Chennai moved to Rs 47,050 and Rs 51,160 for 22 carats and 24 carats respectively.
In Bengaluru, the precious yellow metal traded at Rs 46,900 for the 22-carat and Rs 51,160 for the 24-carat quality.
Gold prices vary from state to state due to changes in tax rates and others levied by the respective state government. The prices of jewellery made of gold are likely to be higher than the prices mentioned here as they also factor in aspects like making charges and additional GST rates applicable on the finished gold product.
Gold prices in India are expected to maintain upward momentum in the Navratri festive season due to higher demand during this period of the year. Gold prices had been recording a downward trend since February 2022 with some ups and down.
The prices of gold had been struggling globally due to the US Federal Reserve’s aggressive monetary tightening stance that has kept the dollar sturdy. The US Federal Reserve recently announced a hike in the interest rate with an eye to keeping inflation in control.