After many days of consistent increase, gold prices in India experienced a mild decline on Wednesday, February 8. As of 09:10 AM on the Multi Commodity Exchange (MCX) India, gold futures were down 0.10 per cent at Rs 57,197.

At Rs 67,502, silver futures experienced a 0.14 per cent decline. For 10 grams of 24-carat gold, the price of gold in the retail market was Rs 57,550, a rise of Rs 110 from Tuesday’s levels.

The price of 10 grams of 22-carat gold increased marginally by Rs 100 to Rs 52,750. Retail price for a kilogram of silver increased by Rs 100 to Rs 71,300.

In the South Indian city of Chennai, where 10 grams of gold is priced at Rs 53,730 for the 22-carat variety and Rs 58,620 for the 24-carat form, the yellow metal continues to be the most expensive.

In Delhi, 10 grams of 24-carat gold retail for Rs 57,700, while 22-carat gold costs Rs 52,900. For 22-carat gold, the price in Bengaluru was Rs 52,800, while for 24-carat gold, it was Rs 57,600.

Hyderabad, Kolkata, and Mumbai all had the same gold pricing. The cost of ten grams of 24-carat gold was Rs 57,550, as opposed to the retail price of Rs 52,750 for the same quantity of 24-carat gold.

Spot gold was up 0.1% on the global market and trading at $1,876.14 per ounce at 00:58 GMT. US gold futures gained by 0.2% to $1,887.90.

After Federal Reserve Chair Jerome Powell decided against adopting a more aggressive tone in spite of last week’s shocking employment data, the dollar declined.

One of the nations with the greatest levels of worldwide demand for gold is India, which also imports a significant amount of precious yellow metal.

Due to its high tax rate, gold—the second-largest imported item into India—raises the cost of imports greatly. The most significant factor determining the price of gold and silver in India is how the Indian rupee compares to the US dollar as a unit of exchange.

Prices of gold jewellery vary from state to state due to a number of additional factors, such as production costs, labour costs, excise taxes, state-specific taxes, and an additional GST on completed jewellery.

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