Indian Gold Prices Dip Amid International Fluctuations
Gold and silver prices in India continued to decline on September 17. Gold was trading at ₹1,51,900 per 10 gm, down from its previous value. Silver costs ₹2,32,910 per kg, with a decrease of 0.74% in the Multi Commodity Exchange (MCX). This trend is attributed to various factors, including international gold prices and domestic jewellery demand.
The retail market saw a marginal difference in gold prices due to brand-specific pricing policies, procurement costs, and regional market conditions. Joyalukkas and Malabar Gold & Diamonds both quoted ₹14,065 per gm across major Indian states. Tanishq's 22K gold rate stood at ₹14,110 per gm.
The decrease in gold prices is expected to influence the festive season demand. However, this trend may be short-lived as gold prices are known to fluctuate based on various factors. The gold hallmarking fee has also seen a hike of 67%, affecting shares of Titan, Kalyan Jewellers, PC Jeweller, and Senco Gold.