Gold prices in India has plunged by Rs 110 on Tuesday, hitting Rs 54,760 per 10 gram. On Monday, the price of the yellow metal stood at Rs 54,870 per 10 gm.
According to Good Returns, the price of 22-carat gold in New Delhi is Rs 50,200, while it costs Rs 50,300 in Mumbai and Rs 49,340 in Chennai. On the other hand, the cost of 24-carat gold in New Delhi stands at Rs 54,760, while it is priced at Rs 51,300 in Mumbai and Rs 53,820 in Chennai.
The prices of 22-carat and 24-carat in Kolkata are Rs 50,730 and Rs 53,430, while the rates in Bangalore are Rs 48,950 and Rs 53,400. In Ahmedabad, 22-carat gold costs Rs 50,300, while 24-carat comes at a price of Rs 53,700.
The prices of the yellow metal vary across the country due to change in tax rates and making price. On the Multi-Commodity Exchange (MCX), October gold futures dwindled 2.4 per cent, reaching Rs 50,471 per 10 gm, reported Business Standard.
Gold prices took a dive of three per cent on Monday, falling to its lowest level in more than a month. The price of spot gold also fell 3.2 per cent to $1,887.26 per ounce. It had earlier plunged to its lowest since August 12 to $1,882.69. Apart from this, US gold futures dropped to $1,906.80, falling 2.8 per cent.
One kilogram of Silver is trading at Rs 61,300, dwindling by Rs 5,700 as compared to Monday. Yesterday, it was priced at Rs 67,000, according to Good Returns.
On the MCX, silver December futures stood at Rs 61,316 per kg, reported Business Standard. The price of silver dropped to its lowest to $24.25, falling 9.4 per cent.
Gold prices in August moved past Rs 56,000 mark, but have witnessed fluctuations in recent weeks. Gold futures contract last week stood at Rs 51,715 per 10 gram, rising 2.05 per cent.
The prices of yellow metal are expected to go up because US Federal Reserve has offered hints of lower interest rates until 2023.