Gold prices in India stayed above Rs 60,000 in a lot of places, but today they went down again. Around 9 a.m., 10 grams of 24-karat gold cost Rs 60,330, the same as yesterday. The same amount of 22-carat gold cost Rs 55,300 (the same as yesterday). On the other hand, one kg of silver cost Rs 73,000. Gold is a very important thing in India because of its cultural value, its value as an investment, and the usual role it plays in weddings and festivals.
Price of Gold in Stores on June 5
In Chennai, 10 grams of 22-karat gold cost Rs 55,700. In the same way, 10 grams of 24-carat gold cost Rs 60,760 in the capital city of Tamil Nadu. Both types of gold also cost about the same in Coimbatore.
In terms of retail prices in different places, the price of 22-carat gold in the western city of Ahmedabad is Rs 55,350. The price of 10 grams of 24-carat gold in the city is Rs 60,380.
On June 5, gold futures with a due date of August 5, 2023, were traded on the Multi Commodity Exchange at Rs. 59,411. On the other hand, Rs 71,823 was the price of Silver that was due on July 5.
Gold prices in India are usually affected by a number of things, such as the global economy, inflation rates, currency changes, and the way demand and supply work in the country.
In the meantime, new government data shows that India’s gold imports, which affect the current account deficit, fell by 24.15 per cent to USD 35 billion in 2022-23 because of economic uncertainty around the world.
In 2021-22, the imports of the yellow metal were worth USD 46,200,000,000.
During the last fiscal year, however, silver purchases went up by 6.12% to USD 5.29 billion.
India is the biggest country that brings in gold, which is mostly used to make jewellery. The country receives between 800 and 900 tons of gold every year.
During 2022-23, the exports of gems and jewellery went down by 3%, to about USD 38 billion.
Last year, to reduce the current account deficit (CAD), the Centre raised the tax on gold imports from 10.75% to 15%.
Gold to Remain Volatile
“The price of gold and silver couldn’t keep the early gains they made and fell again. The US dollar and yields went up because of the new jobs report, and valuable metals went down because of it. We think that both gold and silver will be very unpredictable today. Gold has support between $1932 and $1911, and resistance between $1954 and 1961. Support for silver is between $23.38 and $23.20, and resistance is between $23.71 and $23.85. Gold has support between Rs 59,540 and Rs 59,380, and it meets resistance between Rs 59,920 and Rs 60,150. Support for silver is between Rs 71,380 and Rs 70,820, and resistance is between Rs 72,340 and Rs 72,720, according to Rahul Kalantri, VP of Commodities at Mehta Equities.