Gold prices have gone up on April 5, 2023. This is the second consecutive day the gold prices have risen in India after a dip on April 3, 2023. Check the latest gold prices in top cities here.
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New Delhi: Gold prices have risen for a second consecutive day. On Tuesday, 5 April 2023, ten grams of 22-carat gold in India cost Rs 56,250 as against Rs 55,300 yesterday and the same amount of 24-carat gold today costs Rs 61,360 as against Rs 60,330 yesterday, as per the latest data available on Goodreturns.
“COMEX Gold prices rose to a fresh 13 month high on Tuesday, up by 1.9% and closed at $2,038.2 per troy ounce, aided by a weaker greenback and plunging treasury yields. Recent set of economic data from US have pointed to a slowing economy and improved the conviction that the Fed may not need to raise rates much further and could even pause the tightening cycle in May,” said Ravindra V.Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd.
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He pointed out that the US ISM Manufacturing PMI released on Monday hints at a fifth straight month of contraction in factory activity, in a sign that tighter credit conditions are already hurting the economy.
The US JOLTs job openings also fell by 632,000 to a 21-month low to 9.9 million in February 2023, below market expectations of 10.4 million signaling the labour market might have started cooling.
According to Rao, investors now see a 59.2 per cent probability that the Fed will leave the rate steady during the May FOMC meeting.
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Apart from that, the yield on the 10-year US Treasury note fell below 4 per cent, approaching the six-month low of 3.37 per cent touched on 24th March, bolstering the non-yielding bullions.
“We expect gold prices to trade with a positive momentum, amid deteriorating macro cues. Investors might stay cautious ahead of US ADP data and ISM Services PMI data due later today,” Rao added.
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GOLD PRICES IN TOP INDIAN METROS ON 5 APRIL 2023
| Major Indian Cities | 22-Carat Gold Rates Today | 24-Carat Gold Rates Today |
| Chennai | ₹56,900 | ₹62,070 |
| Mumbai | ₹56,250 | ₹61,360 |
| Delhi | ₹56,400 | ₹61,510 |
| Kolkata | ₹56,400 | ₹61,360 |
| Bangalore | ₹56,300 | ₹61,410 |
| Hyderabad | ₹56,250 | ₹61,360 |
| Surat | ₹56,300 | ₹61,410 |
| Pune | ₹56,250 | ₹61,360 |
| Visakhapatnam | ₹56,250 | ₹61,360 |
| Ahmedabad | ₹56,300 | ₹61,410 |
| Lucknow | ₹56,400 | ₹61,510 |
| Nashik | ₹56,280 | ₹61,390 |
The local prices may differ from what is shown here. The enlisted table shows the data without including the TDS, GST, and other taxes that are levied. The above-mentioned list is of the gold prices for the day per 10 grams of 22 carats of gold and 24-carat of gold in various cities across India.
