Despite inflationary pressure, the sales of gold rose by 35 per cent this Dhanteras, which lasted from Saturday to Sunday, compared to last year.
Also Read – Nykaa Falls Below Issue Price as Lock-In For Pre-IPO Investors Expires Soon; Know Details
Despite inflationary pressure, the sales of gold rose by 35 per cent this Dhanteras, which lasted from Saturday to Sunday, compared to last year. On the festive occasion, jewellery saw a rise in sales. Besides the Diwali festivities, sales also saw a boost due to the upcoming wedding season. There was an uptake in bridal jewellery purchases for the marriage season, which usually goes from November 15 to December 15. Another area of development for the precious metal has been in terms of digital platforms. These have recorded a growth of 35-40 per cent, with younger people choosing to buy gold online.
Gold prices have seen a downward trend recently due to the dollar gaining exceptional strength.
On MCX India, gold futures today traded at Rs 50,610 as of 10:30 AM, up by 0.06 per cent. Silver futures also rose, recording a rise of 0.32 per cent and trading at Rs 57,930. In the retail market, the yellow metal traded at Rs 51,110, recording a price drop of Rs 180 from Monday for 10 grams of the 24-carat variety. The 22-carat variety of gold was being sold at Rs 46,850 for the same quantity, recording a price drop of Rs 160 since yesterday. On the other hand, a kg of silver recorded an upward trend, retailing for Rs 58,000, a price rise of Rs 300 from yesterday.
In the national capital of Delhi, 24-carat gold was sold at Rs 51,310 per 10 grams, while 22-carats traded at Rs 47,050. Gold was the most expensive down south in Chennai, maintaining a price level of Rs 51,720 for the 24-carat variety and Rs 47,400 for the 22-carat type. In Bengaluru, the prices of the precious metal stood at Rs 51,160 for 24-carat variety and Rs 46,900 for 22 carats. Gold retailed at the same price in Kolkata, Hyderabad, and Mumbai. Ten grams of 22-carat gold were available for Rs 46,850, while the same quantity of 24-carat gold retailed at 51,110.
Also Read – Bank Strike: Banking services across India to get affected on November 19 amidst nationwide protests
The price of gold varies from state to state due to the differences in tax rates and other charges levied by state governments. In addition to these state-levied charges, those purchasing gold also have to pay additional fees, such as making charges and other GST rates for jewellery.
