Gold Prices Dip on Jan 7: Find 24K & 22K Rates in Major Indian Cities

• Gold prices eased on January 7 due to profit-booking, with 24K gold in Mumbai at Rs 1,38,830/10g.
• MCX gold futures fell 0.14%, while silver futures rose 0.21% for respective contracts.
• High prices and making charges are prompting Indians to shift from gold jewelry to coins and bars.
• Global gold prices surged 67% this year, driven by safe-haven demand and US interest rate cuts.
• International market rates, import duties, taxes, and exchange rates influence Indian gold prices.

Why It Matters: Gold prices eased on Jan 7, leading Indians to favor coins over jewelry due to high costs and cultural significance.