Gold prices in India opened with a positive trend on Tuesday. On Multi Commodity Exchange (MCX) India, gold futures traded at Rs 54,172 at 10:40 AM, recording a positive movement of 0.07 per cent. Silver futures also saw themselves in the green and were up by 0.52 per cent, trading at Rs 68,141. In the retail market gold prices have remained unchanged from Monday’s level. Gold prices remained still at Rs 49,800 for 22-carat and Rs 54,330 for the 24-carat variety. A kilogram of silver was being sold at Rs 69,000.
Gold was the priciest in Chennai, trading at Rs 50,450 for 22 carats and Rs 55,040 for 24 carats of 10 grams. In Delhi, gold is being sold at Rs 49,950 and Rs 54,490 for 22 and 24 carats respectively. The prices of the yellow metal remained at similar levels in Mumbai, Hyderabad and Kolkata. Ten grams of 22-carat gold retailed at Rs 49,800 whereas the superior 24-carat traded at Rs 54, 330 in these metropolitan cities. The prices of gold in Bengaluru were recorded at the level of Rs 49, 850 for 22-carat and Rs 54,390 for 24-carat variety.
Due to factors like state taxes, excise duty, manufacturing costs, and the added GST on the finished product, the price of gold and silver varies from state to state.
Gold prices in the international market have remained weaker amidst the wait for the key inflation data and the expectation of another interest hike by the US Federal Reserve. Spot gold remained steady at $1,781.66 per ounce as of 0023 GMT whereas US gold futures GCv1 also moved up by 01. per cent to touch a level of $1,793.40.
The US Federal Reserve is expected to announce another interest rate hike to control inflation after its final meeting of 2022 on December 13 and 14.
The prices of gold are expected to remain volatile in the coming days. However, the opening up of the market in China, the largest consumer of gold, after COVID-19 curbs has helped the prices of the yellow metal.
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