Pawan Kumar
The Gold Price increased again
Gold Price Today: The price of gold is continuously falling after the budget. Despite the rise in the international market, the prices of gold and silver in India today fell sharply as soon as the market opened. However, later their strength was registered. Gold prices in India took a positive turn on the Multi Commodity Exchange (MCX) on February 6 after opening trade. Till the time of writing the news, gold futures were trading at Rs 56,900 with a gain of 0.56 per cent.
Sona Chandi Bhav Gold prices declined sharply on Friday as a result of positive US jobs report. The US Federal Reserve has raised fears of a further rate hike after strong jobs data. However, despite the global decline, April gold futures on MCX were trading higher by Rs 400, or 0.7%, at Rs 56,980 in morning trade.
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Silver futures were also trading at a level of Rs 67,662 with a gain of 0.13 per cent, showing a bullish trend.
Gold Rate Today: The dollar index climbed around 103 on Monday morning after jumping over 1% in the previous session. Spot gold prices in the global market saw little change at $1,865.88 an ounce as of 00:45 GMT, hitting a more than four-week low. US gold futures rose 0.2% to $1,879.40.
However, there was no sharp change in gold prices in the retail market. 10 grams of 24 carat gold was being sold for Rs 57,160. Silver remained unchanged at Rs 71,200 per kg.
Where is the Gold Price
Gold and silver rates are governed by international pricing. Chennai had the highest gold rates in India. Here ten grams of 22 carat gold is being sold for Rs 53,350 and the same quantity of 24 carat gold is being sold for Rs 58,200. In Delhi, gold is being sold at Rs.52,550 and Rs.57,310 for 22 and 24 carat standard.
India’s praise in the report of the World Gold Council
World Gold Council World Gold Council said that India is the world’s second largest consumer of gold, where the demand for lightweight and studded jewelry is increasing. The global body has called India a ‘strong pillar of support for global gold markets’. Gold jewelry exports from India have increased from $7.6 billion in 2015 to $12.4 billion in 2019. Bridal jewelry continues to dominate the gold jewelry landscape.
Gold accounts for 80-85% of the jewelery market, most of which is 22-karat, although the 18-karat jewelery market is growing. They have 40-45% share in the daily wear jewelry market. Plain gold jewelery exports accounted for 38% of gold jewelery exports from India in 2021.
