Gold prices rose marginally on Thursday in the domestic markets amid festive rush and demand. The price of 10 grams of 24-carat gold is Rs 51,430 on Thursday, 27 October. The price of 10 grams of 22-carat gold is Rs 47,750 on an average. One kilogram of silver can be purchased for Rs 58,130.
In the international market, gold prices shot up further after hitting a two-week high on Wednesday as the US dollar and Treasury yields fell on mounting expectations of slower monetary policy tightening by the US Fed Reserve in the coming months. Spot gold rose 0.3 per cent to $1,669.16 per ounce early on Friday. US gold futures were up 0.3 per cent at $1,673.30.
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“Gold and silver prices are trading near their highest level in two weeks on Thursday, with metal markets rallying as the dollar retreated on growing expectations that the Federal Reserve will soften its hawkish stance this year. The dollar index fell 0.1 per cent yesterday after tumbling more than 1 per cent in the previous session. Silver is getting support from the rally in industrial metals, while copper prices traded flat on Thursday after rallying over 4 per cent in the previous session. The core PCE is projected to increase to 5.2 per cent in September from 4.9 per cent,” said Rahul Kalantri, Vice President, Commodities, Mehta Equities.
Domestic prices
Gold prices change every day due to excise duty, state taxes, and making charges, which vary from state to state. On Thursday, 10 grams of 22-carat gold in Mumbai and Kolkata are being bought and sold at Rs 47,000. In Delhi, the same amount of gold can be bought at Rs 47,150 in New Delhi, whereas in Chennai, one can buy it for Rs 47,650.
The prices for 24-carat gold in Mumbai, Kolkata, Delhi and Chennai are Rs 51,280, Rs 51,280, Rs 51,430, and Rs 51,980, respectively.
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| Cities | 22-Carat Gold Rates | 24-Carat Gold Rates |
| Chennai | Rs 47,650 | Rs 51,980 |
| Mumbai | Rs 47,000 | Rs 51,280 |
| Delhi | Rs 47,150 | Rs 51,430 |
| Kolkata | Rs 47,000 | Rs 51,280 |
| Bangalore | Rs 47,050 | Rs 51,330 |
| Hyderabad | Rs 47,000 | Rs 51,280 |
Gold investment going ahead
As per Multi Commodity Exchange (MCX) data, gold futures, which will mature on 5 December 2022, rose by 0.13 per cent to Rs 50,648.00 on Thursday. Silver futures, which will also mature on that same day, rose 0.59 per cent to Rs 58,091.00. As per experts, the dollar index, which measures the currency against six major peers, was down about 0.9 per cent, gold can see some growth at last.
“Gold and silver prices might witness some profit booking in today’s session. Gold has support at $1,655-1,642, while resistance is at $1,678-1,688. Silver has support at $19.22-19.05, while resistance is at $19.62-19.80. In rupees, gold has support at Rs 50,520-50,350, while resistance is at Rs 50,840, 51,080. Silver has support at Rs 57,480-56,910, while resistance is at Rs 58,480–58,810,” added Kalantri.
