The Gold jewelry prices vary across India, the second largest consumer of the metal which is due to excise duty, state taxes, and marketing charges.
Gold and silver prices in India hit all the time high on Wednesday tracking the upward trend in the international market. Gold has risen to 1 percent of a highest record of Rs. 50,010 per 10 gm.
This has been the first time where the gold has reached above Rs. 50,000. Gold futures were up 0.16 percent or Rs. 78 at Rs. 49,105 per 10 grams.
Among other all the precious metals, silver prices edged higher today. Silver gained 5.06% to $22.4 per troy ounce.
Gold rates in India, depends on a host of factors including international gold price, fluctuation of currency rate and also the local tariffs.
Silver rate is directly affected on the global demand and supply scenario of the commodity. More than 80% of total silver production in the world is as by product of the other commodities. Silver futures rise 2.06 percent or Rs. 1,113 to Rs. 55,118 per kg.
Further, platinum price has shown an uptick. The precious metal platinum rise 0.51% to $890.0 per Troy ounce.
Globally, gold jumped up a scaling near nine-year high in the previous session, as demand has boosted by worries over a point in coronavirus cases and expectations of higher inflation from more incentive measures to edge of the economic blow.
Meanwhile, domestic equity indices traded flat on Wednesday after rising for five straight sessions. The dollar index fell to a more than four months low against a basket major currency.