Gold Prices In India Set For Another Day Of decline

After seeing a high on Wednesday, gold prices have dropped sharply on the occasion of Makar Sankranti on Thursday, while rate of silver witnessed a rise for the second consecutive day today.

After dropping yesterday, the gold price has increased on January 13 by Rs 27 per gram.

Gold prices gained Rs 286 to Rs 48,690 per 10 gram in the national capital on Friday following recovery in global price of the precious metal and rupee depreciation, according to HDFC Securities.

But, gold jewellery price has a varied price list across India, due to excise duty, state taxes, and making changes. Gold for Feb delivery was trading lower by Rs 445 at Rs 48,860 per 10 grams.

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In New Delhi, the gold price of 22-carat gold is at Rs 48,350 per 10 gm, while in Chennai it fell to Rs 46,800.

Gold prices in India are likely to open lower, when shops and establishments selling gold, open-up for operations.

Gold on the MCX was down nearly by Rs 445, and with the Indian currency stable, it would not be a surprise to see gold rates dip by almost Rs 400 per 10 grams. In the worldwide market, gold was trading with gains at $1,857 per ounce, while silver was quoting flat at $25.48 per ounce. In order to purchase 10 grams of 24-carat gold, one has to spend Rs 51,680.

Gold price today jumped to Rs 52,750 from Rs 52,420, while the silver price was trending at Rs 65,800 per kg, according to the Good Returns website. It now stands at Rs 658 per 10 grams and one kilogram of silver can be bought at Rs 65,800 in places like Delhi, Mumbai and Kolkata.

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