Gold price today fell sharply by Rs 210 per 10 grams of 24-carat gold while the prices of silver also declined in the country.
In India, 10 grams of 24-carat gold is priced at Rs. 51,440 as against yesterday’s Rs 51,650 while 10 grams of 22-carat gold is priced at Rs. 47,150 as against Rs 47,350 a year ago.
The price of 1 kg of silver is at Rs 57,500 in India, down Rs 500 from yesterday’s price.
Meanwhile, 10 grams of 22-carat gold is priced at Rs 47,300 in Delhi, Rs 47,150 Mumbai, Rs 48,020 in Chennai, and Rs 47,150 in Kolkata.
On the other hand, 10 grams of 24-carat gold is priced at Rs 51,600 in Delhi, Rs 51,440 in Mumbai, Rs 52,390 in Chennai, and Rs 51,440 in Kolkata.
The gold and silver rates fluctuate every day due to the change in international market currency prices, inflation, gold reserves at central banks, interest rates, among other factors. The rate of gold jewellery also differs across the country due to taxes imposed by states, excise duty and varying making charges.
The price of silver in India is determined by changes in prices internationally. It also depends on the movement of the rupee against the dollar.
In the international market, Gold prices rose on Wednesday as a pullback in the dollar and Sino-U.S. tensions helped counter pressure from a rise in US Treasury yields after hawkish comments from Federal Reserve officials on interest rate hikes, according to Reuters.
Spot gold was up 0.4% at $1,766.59 per ounce, as of 0309 GMT. On Tuesday, bullion rose to a near one-month high of $1,787.79 before closing down 0.6% on the day.
