Gold prices on Wednesday were subdued in the domestic market despite a buzz that the yellow metal may regain its shine in the coming weeks. On November 9, Wednesday, the price of 10 grams of 24-carat gold was Rs 51,040. The price of 10 grams of 22-carat gold is Rs 46,790 on average. One kilogram of silver can be purchased for Rs 61,700, which is almost Rs 850 more than Monday’s price.
In the international market, gold was trading low as the US dollar index was scaling higher on Tuesday. Treasury yields remain elevated too. As per data, December gold was last down $4.20 at $1,676.20 and December silver was down $0.034 at $20.88.
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Domestic prices
Gold prices change daily due to excise duty, state taxes, and making charges, which vary from state to state. On Wednesday, 10 grams of 24-carat gold in Mumbai and Kolkata can be bought and sold at Rs 51,040. In Delhi, the same amount of gold can be bought at Rs 51,190 in New Delhi, whereas in Chennai, one can buy it for Rs 51,890.
The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 46,790, Rs 46,790, Rs 46,940, and Rs 47,570, respectively.
| Cities | 22-Carat Gold Rates | 24-Carat Gold Rates |
| Chennai | Rs 47,570 | Rs 51,890 |
| Mumbai | Rs 46,790 | Rs 51,040 |
| Delhi | Rs 46,940 | Rs 51,190 |
| Kolkata | Rs 46,790 | Rs 51,040 |
| Bangalore | Rs 46,840 | Rs 51,090 |
| Hyderabad | Rs 46,790 | Rs 51,040 |
In the domestic market, gold gained on Friday reversing the entire week’s loss, but this week it started on a weak note.
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“COMEX Gold gained by 1.93% on a weekly closing basis. Gold was under pressure in the first few sessions weighed down by Fed’s hawkish stance and persistent decline in SPDR gold holdings to fresh 31-month lows. However, Fridays fall in US Dollar after mixed mix payrolls report that indicated slowing pace in job additions supported the yellow metal that rose to three weeks high of $1686.4/oz,” said Ravindra V Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.
Gold prices in 2022
Despite the fluctuations and market volatility, gold prices have risen 62 per cent in the last six months, with a median return of 2 per cent, according to a World Gold Council report. As per experts, investors are conscious of the US interest rate hike and its after-effects as the US Fed has continued with its hawkish stand over controlling inflation. Most markets are under the impression that the Fed will slow the pace of rate increases by delivering a 50 basis point rate hike in December after raising interest rates by an outsized 75 basis points in the last four meetings. Then one can expect some steady growth in gold prices.
