The decision to introduce a uniform price on 916 purity 22-carat gold has been taken at a meeting between officials of Malabar Gold and Diamonds, one of the largest gold and diamond retail chains in the country, and key members of All Kerala Gold and Silver Merchants Association which sets the board rate for gold.
Gold prices surged on Wednesday evening by Rs 311 to Rs 40,241 per 10 gram in New Delhi amid rupee depreciation and higher buying, reports stated.
“Spot gold for 24 karats in Delhi was trading up by Rs 311, reflecting Tuesday’s gains of international gold prices. Gold prices in India also got support from rupee depreciation with spot rupee trading around 13 paise weaker against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Gold had closed at Rs 39,930 per 10 gram on Tuesday.
On the other hand, silver plunged by Rs 468 to Rs 35,948 per kg against the previous close of Rs 36,416 per kg.
Both the precious metals in the international markets were trading lower at USD 1,490 per ounce and USD 12.38 per ounce, respectively.
Meanwhile, Sensex and Nifty dived to hit their lowest in three years in the final few minutes of the trade.
At close, Sensex plunged over 1,709.58 points at 28,869.51 and Nifty was down 498.25 points at 8,468.25.
(With input from agencies)