Gold prices have been under pressure ever since the dollar started onwards on its hike. The yellow metal has been noting a drop in prices as the US Federal Reserve stood firm on its aggressive stance to curb inflation. The Fed has hiked the interest rates often, leading to the gold prices dropping since the bullion is a non-yielding asset.
In India, demand surges due to the festive season and upcoming wedding season helped gold prices regain some ground. However, investors remain cautious of global events and decisions, with an eye out for the US inflation data, which will affect the Fed’s response regarding the interest rate hike.
On Multi Commodity Exchange (MCX) India, Gold futures today traded at Rs 51,524 as of 10:19 AM, up by 0.03 percent. Silver futures declined, in the red by 0.49 percent, trading at Rs 61,262. In the retail market, gold traded at Rs 51,670, recording no price change from Wednesday’s levels for 10 grams of the 24-carat variety. The 22-carat variety of gold was also steady at November 9 levels, retailing at Rs 47,360 for ten grams. A kg of silver retailed at Rs 61,400, up by Rs 300 from its last recorded price.
Gold was the most expensive in the South Indian city of Chennai, maintaining a price level of Rs 52,580 for the 24-carat variety and Rs 48,200 for the 22-carat type. In Delhi, 24-carat gold was sold at Rs 51,770 per 10 grams, while 22-carats traded at Rs 47,460. In Bengaluru, gold prices stood at Rs 51,720 for 24-carat variety and Rs 47,410 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 47,360, while the same quantity of 24-carat gold retailed at 51,670.
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Gold prices in India vary from state to state due to the changes in tax rates and other charges levied by the government. One is also likely to see raised prices when buying gold jewellery since that involves making charges.
