Gold prices for both 22 and 24-carat weights have increased marginally to Rs 46,550 and Rs 50,780, respectively in the domestic markets ahead of the festive boom. On Thursday, one gram of 22-carat gold is available at Rs 4,655. Meanwhile, an equal quantity of 24-carat gold is available at Rs 5,078. Silver prices touched Rs 56,400 per kg.
In the international market, gold suffered a blow and almost touched a three-week low due to a stronger dollar and worries about another round of rate hikes by the US Fed. The spot gold dipped by 0.1 per cent and touched $1,627.04 per ounce. This is its lowest since September 26, when it touched $1,624.98. At present, the US gold futures is at $1,632.60. On the other hand, the dollar index rose by 0.8 per cent on Wednesday.
Domestic prices
The states in India have different gold rates as the state governments levy charges and taxes as per their standards. Besides, buyers have to pay additional money to the jewellers as making charges and additional GST.
On Thursday, the rate for 24-carat gold in Mumbai and Kolkata is Rs 50,780, while the price for 24-carat gold is Rs 46,550. In Delhi, the prices for 24-carat and 22-carat are Rs 50,950 and Rs 46,700, respectively. In Chennai, where gold is sold at the highest rates, 24-carat and 22-carat gold is trading at Rs 51,270 and Rs 47,000, respectively.
| Cities | 22-Carat Gold Rates | 24-Carat Gold Rates |
| Chennai | Rs 47,00 | Rs 51,270 |
| Mumbai | Rs 46,550 | Rs 50,780 |
| Delhi | Rs 46,700 | Rs 50,950 |
| Kolkata | Rs 46,550 | Rs 50,780 |
| Bangalore | Rs 46,660 | Rs 50,840 |
| Hyderabad | Rs 46,550 | Rs 50,780 |
As per experts, the gold price is inching towards a month-low, which can be a great trigger for buyers in the domestic market amid the festive rush.
“COMEX Gold is trading weak today inching closer towards the low of $1622.2/oz hit in September. In Wednesday’s session gold tested three weeks low as the US Dollar reversed most of its recent losses to trade near 113.US Treasury yields gained and tested new highs as traders dumped bonds on the Fed’s aggressive rate hike expectations. As per the Fed watch tool markets are pricing in a 97.1 per cent chance of a 75-bps hike in the upcoming FOMC meeting. It will be important to see whether US Dollar holds on to the gains or it falters once again as seen in the previous few sessions. On the price action front, COMEX gold is inching toward the September low near $1622.2/oz. If that is taken out on a daily closing then the price would head towards the all-important $1603/oz 252 WMA support,” Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities.
How is gold priced?
The gold rates depend on many factors like the US dollar’s price versus the Indian rupee, global economic weather, geopolitical tensions, supply chain issues, and others. Gold rates are determined at the London Bullion Market Association on a daily basis twice a day, at 10:30 am BST and 3 pm BST.
