Gold Price In India: On March 21, 2023, the Multi Commodities Exchange (MCX) gold price in India showed a rising trend. Silver futures were trading at Rs 69,060, up Rs 222 on the MCX, while gold futures saw a 0.20% increase to 59,625 per 10 grammes.
In the meantime, gold prices continued to rise on the retail market. The price of 10 grammes of 24-carat gold in India is currently reported at Rs 60,000, up Rs 220. After a 200 rupee increase, the price of 10 grammes of 22-carat gold in India is now Rs 55,000.
In Chennai, price of 10 gram of 22 carat gold is Rs 55,700 and 24 carat gold is Rs 60,770. In Delhi, 10 gram of 22 carat is being sold at Rs 55,150 and 24 carat gold is Rs 60,150. In Kolkata, 10 gram of 22 carat gold is available for Rs 55,000 and 24 carat gold is Rs 60,000. In Mumbai, price of 10 gram of 22 carat gold is being sold for Rs 55,000 and 24 carat gold is being sold for Rs 60,000.
Gold prices witnessed highest jump on March 18 when price of 22 carat gold surged by Rs 1500 and price of 24 carat gold jumped by Rs 1630.
When it comes to price of silver in India, it has also registered a surge on March 21, 2023. Price of 1 kg silver is Rs 72,100 in India on Tuesday. Silver prices surged sharply on March 14 by Rs 2500 and on March 18 by Rs 2300.
According to Ravindra V.Rao, VP-Head Commodity Research, Kotak Securities, “After rising more than 5% in the previous week, gold prices are up 1.5% on Monday, amid broad risk off sentiments as UBS- CS deal failed to calm investor nerves. US bonds reversed early losses and yields on 2 year treasury notes fell more than 15 bps, to below 3.7%, the lowest since September 2022, signalling caution. During the weekend, Swiss authorities brokered a takeover of Credit Suisse Group AG by rival UBS Group AG, while, the Federal Reserve and five other central banks announced coordinated action to boost liquidity in US dollar swap arrangements. This raises concerns of a financial contagion and a hard landing in US, improving the appeal for the yellow metal for its safe haven status. This happens at a time when US Core CPI is at 5.5%, keeping US Fed in a tough spot. Extreme risk off sentiments and caution prevails in markets and gold is a major beneficiary of this crisis.”