Gold prices for both 22 and 24 carat weights have increased marginally to Rs 46,910 and Rs 51,160, respectively, in the domestic markets amid looming inflation fears across the world. On Friday, one gram of 22 carat gold is available at Rs 4,691, up from Rs 4,690 a day ago. Meanwhile, an equal quantity of 24-carat gold is available at Rs 5,116, as against Rs 5,115 on Thursday. Silver prices dropped to Rs 57,170 per kg. The MCX futures were trading at a low of Rs 50,848 per 10 grams. Silver futures were flat at Rs 57,282 per kg.
In the international market, gold prices fell on Friday, adding to the weekly decline, as a hotter-than-expected US inflation reading cemented bets of another hefty Federal Reserve interest rate hike next month. Spot gold fell 0.3 per cent to $1,660.10 per ounce, as of 0123 GMT. US gold futures dropped 0.6 per cent to $1,666.80. The dollar index was down about 0.1 per cent, while benchmark U.S. 10-year Treasury yields were slightly off a 14-year peak touched on Thursday.
Domestic prices
In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,000 per 10 gram, while 22-carat gold is trading at Rs 47,000, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,150 and Rs 46,900 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold is trading at Rs 51,930 and Rs 47,600, respectively.
| Cities | 22-Carat Gold Rates | 24-Carat Gold Rates |
| Chennai | Rs 46,750 | Rs 51,650 |
| Mumbai | Rs 46,750 | Rs 51,000 |
| Delhi | Rs 46,900 | Rs 51,160 |
| Kolkata | Rs 46,750 | Rs 51,000 |
| Bangalore | Rs 46,800 | Rs 51,050 |
| Hyderabad | Rs 46,750 | Rs 51,000 |
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Bearish futures for gold, silver
Gold prices have dropped sharply into negative territory as US consumer prices rose more than expected in September, raising prospects that the Federal Reserve will maintain its aggressive monetary policy stance through the rest of the year.
On Thursday, the US Labor Department said its much-anticipated Consumer Price Index rose 0.4 per cent last month after a 0.1 per cent rise in August. Economists were looking for an increase of 0.2 per cent.
The gold market has been unable to withstand solid momentum in the US dollar and rising bond yields. December gold futures last traded at $1,666 an ounce, down 0.69 per cent on Thursday.
As per experts, the rising interest rates, supporting the US dollar at a 20-year high will continue to pose strong headwinds for gold prices.
(With agency inputs)
