Gold has been a popular investment for people to park their excess capital. While traditionally this was limited to buying gold coins, biscuits, jewellery or even ingots, a chunk of the money being invested in gold has also moved to digital alternatives such as sovereign gold bonds. Currently, mixed global cues such as a hawkish Fed stance on interest rates in the US and rising demand in pockets of Asia have left gold rendering a fair performance.
Gold futures today traded at Rs 54,725 as of 10:51 AM, up by 0.28 per cent on Multi Commodity Exchange (MCX) India. Silver futures, which traded at Rs 67,072, were also in the green by 0.06 per cent. In the retail market, gold traded at Rs 54,480 for 10 grams of the 24-carat type on Monday, December 26. There was a rise of Rs 100 from the last recorded levels. The 22-carat variety of gold retailed at Rs 49,950 for 10 grams, recording an upward price movement of Rs 100. Silver prices, however, remained unchanged from the last recorded levels. The price of one kg of silver on December 26 was Rs 71,100.
Among India’s metropolitan cities, gold was the costliest in Chennai, where the 24-carat variety of the precious metal was retailing at Rs 55,500. The price of the 22-carat type gold was Rs 50,890 here. In Bengaluru, the price of gold stood at Rs 54,510 for the 24-carat type and Rs 50,000 for the 22-carat variety. In Delhi, while the cost of the 24-carat variety of gold was Rs 54,630, that of 22-carat gold was Rs 50,100 per 10 grams. Kolkata, Hyderabad, and Mumbai recorded the same prices for gold. Additionally, these three cities also had one of the lowest rates of gold among all big Indian metros. The cost of ten grams of 22-carat gold was Rs 49,950, while the same quantity of 24-carat gold retailed at 54,480.
The variation in the price of gold from city to city is because of the different rates of taxes levied on these items. Moreover, per gram prices of gold jewellery are usually higher than retail prices because jewellers tend to add making charges on gold jewels.
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