Gold Price Today 11 May 2023: The prices of gold and silver are also making noise amid the noise of bands on the streets and the echo of shehnais in wedding pavilions. See, today the prices of both are cheap or expensive?
Gold and silver prices continue to fluctuate amid the wedding season. As compared to Wednesday, the trend of gold in the bullion markets is already warmer and that of silver is looking softer. On the other hand, there is softening in the price of gold and silver on MCX.
Today, 24 carat gold became costlier by just Rs 44 in bullion markets and opened at the rate of Rs 61539 per 10 grams. Whereas, its futures price on MCX was trading down 0.20 percent at 61150. Similarly, in bullion markets, silver opened at Rs 75688 with a fall of Rs 573 per kg. On the other hand, silver was trading at Rs 75888 on MCX.
Gold is now cheaper by Rs 200 from its all-time high in bullion markets. Let us tell you that on May 6, the spot price of 24-carat gold had reached an all-time high of Rs 61,739 in bullion markets. GST and jewelery making charges are not applicable on this rate of gold and silver.
Metal latest rate Rs per 10 grams 3 percent GST market rate rate after jeweler’s profit
Gold 999 (24 Carat) 61539 1846.17 63,385.17 69,723.69
Gold 995 (23 Carat) 61293 1838.79 63,131.79 69,444.97
Gold 916 (22 Carat) 56369 1691.07 58,060.07 63,866.08
Gold 750 (18 Carat) 46154 1384.62 47,538.62 52,292.48
Gold 585 ( 14 Carat) 36000 1080 37,080.00 40,788.00
Silver 999 75688 (Rs/Kg) 2270.64 77,958.64 85,754.50
Why gold price fell on MCX: After the release of Labor Department’s report on Consumer Price Inflation in April, gold prices on MCX declined marginally today and came down to 61150. The report showed that its consumer price index climbed 0.4% in April after rising 0.1% in March.
Core consumer prices, excluding food and energy prices, also rose 0.4% in April, matching the increase seen in March as well as economists’ estimates. The annual rate of consumer price growth declined to 4.9% in April from 5.0% in March, while the annual rate of core consumer price growth also declined from 5.6% in March to 5.5% in April. This slight decline matches the estimates of economists.
