Bullion Prices Rise Slightly in Mumbai Today 

Mumbai. April 8: Indian retail rates for gold edged up on Thursday with the national benchmark going soft. As per the latest data released, the national level for 24K is ₹1,51,480 per 10 grams today. 22K is available at ₹1,38,850 per 10 grams and 18K touched ₹1,13,610 per 10 grams. On Wednesday, the national price of 24K was ₹1,53,820 per 10 grams, 22K at ₹1,41,000 per 10 grams, and 18K at ₹1,15,370 per 10 grams.

As far as the city-wise spread is concerned, Chennai continues to be one of the costliest in the country for gold. 24K’s rate in Chennai rose by a meagre ₹10 to ₹1,54,920 per 10 grams today as against ₹1,54,910 yesterday. As usual, Chennai retail has been bearing a very high premium over the national rate owing to healthy demand from the southern metropolis as well as high overheads and logistical costs.

In Delhi, the rate of 24K gold on Thursday is ₹1,53,980 per 10 grams against yesterday’s ₹1,53,970. As far as the metros are concerned, Mumbai, Kolkata, Bangalore and Hyderabad have recorded an equal rate of ₹1,53,830 per 10 grams for 24K gold on Thursday, which is ₹10 higher than yesterday’s ₹1,53,820. In western India, Vadodara and Ahmedabad have gone up by ₹10 to ₹1,53,880 per 10 grams today from yesterday’s ₹1,53,870.

The reason why the local bullion market remains sensitive despite no volatility in the international front is the fact that the domestic currency continues to trade at fresh lows on an almost daily basis. As the rupee slides against the dollar, the cost of imports rises which continues to be a big dampener for Indian consumers even when there is no activity in the international spot prices.

The current turmoil in the market continues to lack conviction as the US-Iran ceasefire in multiple fronts hit a fresh hurdle with no settlement on many key terms in peace negotiations in Islamabad, including a second-phase deal which requires Saudi Arabia’s engagement with Iran. The overnight news of a massive coordinated attack in Lebanon that has claimed at least 182 lives shook global markets while the Trump administration confirmed that the ceasefire does not cover military operations against Hezbollah in Lebanon.

Gold Rates in India (10 Grams) – Thursday

Source:

• Goodreturns.in