There has been a drop in the price of gold in the Indian retail market today, Wednesday, September 23, while that of silver increased. This has been attributed to shifts in global market sentiments due to developments in relation to US-Iran talks and variations in oil prices.
Price of Gold 24 carat stood at ₹1,52,770 per 10 grams in Delhi, while the price of gold 22 carat stood at ₹1,40,039 per 10 grams. Likewise, the price of 24 carat gold was ₹1,53,030 per 10 grams in the city of Mumbai, whereas in the case of 22 carat gold, the price stood at ₹1,40,278 per 10 grams.
The price of 24 carat gold was ₹1,52,940 per 10 grams in Kolkata, while in the case of 22 carat gold, the price was ₹1,40,195 per 10 grams. It can be easily concluded from the above prices that some variations exist in prices in all the above three cities.
Now moving onto the price of silver, obviously, there would be some difference as compared to the domestic market. In Delhi, the price of 999 purity silver was ₹2,39,790 for 1 kilogram, while in Mumbai, the price of silver was ₹2,40,210 for 1 kilogram, and in Kolkata, the price was ₹2,39,970.
The gold future on MCX was trading at ₹1,53,420 for 10 grams, down by 0.13% at around 9:22 am, while the silver future on MCX had increased by 0.31% to ₹2,40,720 per kg.
The prices of gold have remained quite sensitive to international incidents, exchange rates, and politics.
Similarly, apart from investments, silver rates are also affected by its industrial use.
There may be some differences in retail rates between jewellers due to local taxes, making costs and premiums, among others. It is therefore advised that consumers must verify the current price at their jeweller before buying.
