Gold prices have been facing immense pressure due to the Federal Reserve Bank’s hawkish stance on controlling inflation.
Gold prices have been facing immense pressure due to the Federal Reserve Bank’s hawkish stance on controlling inflation. Soaring interest rates have led to a dip in the prices of gold in the international market. However, gold prices in India might find some space to breathe with demand on the rise. The pandemic had induced a period of lull in the country, with big celebrations being extremely limited. With normalcy returning, and the wedding season nearing, Indian families are buying the precious yellow metal. According to the news agency PTI, the World Gold Council said that the period from July to September was marked by gold jewellery demand worth 191.7 tonnes up by 14 per cent from the corresponding period of last year.
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On MCX India, Gold futures today traded at Rs 50,340 as of 10:00 AM, up by 0.31%. Silver futures were on the rise too, in the green by 0.62%, trading at Rs 58,686. In the retail market, gold traded at Rs 50,290, recording a drop of Rs 660 from Thursday’s level for 10 grams of the 24-carat variety. The 22-carat variety of gold also dipped by Rs 600 and retailed at Rs 46,100 for 10 grams. A kg of silver retailed at Rs 58,400, up by Rs 300 from November 3.
Gold was the most expensive in the South Indian city of Chennai, maintaining a price level of Rs 51,340 for the 24-carat variety and Rs 47,060 for the 22-carat type. In Delhi, 24-carat gold was sold at Rs 50,440 per 10 grams, while 22-carats traded at Rs 46,250 In Bengaluru, gold prices stood at Rs 50,340 for 24-carat variety and Rs 46,150 for 22 carats. The price of the yellow metal was the same for Kolkata, Hyderabad, and Mumbai. Ten grams of 22-carat gold were available for Rs 46,110, while the same quantity of 24-carat gold retailed at 50,290.
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In India, prices of gold change from one state to another owing to changes in tax rates and other charges levied by state governments. The cost of jewellery made of gold is also likely to be higher with factors like making charges and GST kicking in.
