Despite inflationary pressures, gold sales rose by 35 per cent on this Dhanteras, which lasted from Saturday to Sunday, as compared to last year. Apart from Diwali festivities, the upcoming wedding season also saw an increase in sales. There was a spurt in the purchase of bridal jewelery for the wedding season, which usually runs from November 15 to December 15. Another area of precious metal growth has been in the context of digital platforms. Of these, an increase of 35-40 per cent has been registered, with young people preferring to buy gold online.
Gold prices have recently seen a fall due to the extraordinary strength of the dollar.
Gold futures on MCX India were trading 0.06 per cent higher at Rs 50,610 till 10:30 am today. Silver futures were also trading 0.32 per cent higher at Rs 57,930. In the retail market, the yellow metal was trading lower by Rs 180 at Rs 51,110 for 10 grams of the 24-carat variety. The 22 carat variety of gold was being sold in the same quantity at Rs 46,850, registering a fall of Rs 160 since yesterday. On the other hand, one kg of silver rose by Rs 300 to retail at Rs 58,000 compared to yesterday.
In the national capital Delhi, 24 carat gold was sold at Rs 51,310 per 10 grams, while 22 carat gold was trading at Rs 47,050. Gold was the most expensive in South Chennai, maintaining a price level of Rs 51,720 for the 24-karat variety and Rs 47,400 for the 22-carat variant. In Bengaluru, the price of the precious metal was Rs 51,160 for the 24-carat variety and Rs 46,900 for the 22-carat variety. Gold was sold at the same rate in Kolkata, Hyderabad and Mumbai. Ten grams of 22 carat gold was available for Rs 46,850, while the same quantity of 24 carat gold was sold for Rs 51,110.
The price of gold varies from state to state due to the difference in tax rates and other charges levied by the state governments. Apart from the charges levied by these states, gold buyers also have to pay additional charges, such as making charges for jewelery and other GST rates.
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