Gold and silver prices rose again in the Indian commodity market on Tuesday after both precious metals began the week with a decline. On the Multi Commodity Exchange (MCX), gold traded around Rs 1,50,000 per 10 grams, while silver was around the Rs 2.40 lakh per kg level.
Gold prices recorded a marginal decline in the international market on Tuesday. During trading on COMEX, gold was down around 0.07% at approximately $4,473.50 per ounce. The movement in international gold prices remains relevant for the domestic market.
In contrast to gold, silver gained in the international market. On COMEX, silver rose around 1.01% to $67.425 per ounce.
In the Indian futures market, gold recorded a rise of around Rs 737. On MCX, gold traded at approximately Rs 1,53,499 per 10 grams. The increase followed weakness in the previous trading session.
Silver recorded a larger gain than gold in the domestic futures market. At around 9 am, silver on MCX was up approximately Rs 1,855 at around Rs 2,40,871 per kg.
In the retail market, gold prices vary according to purity. Twenty-four-carat gold is considered the purest, while 22-carat and 18-carat gold are commonly used for jewellery. According to the available market rates, 24-carat gold was around Rs 1.54 lakh per 10 grams, 22-carat gold was approximately Rs 1,41,167 per 10 grams and 18-carat gold was around Rs 1,15,500 per 10 grams. The retail price of silver was reported at approximately Rs 2,40,170 per kg.
Prices may vary across cities and jewellery retailers due to taxes, making charges, local fees and other costs. Buyers should therefore check the final applicable price with the seller before purchasing jewellery.
