Gold prices have been taking hits this year due to high-interest rates taking a toll on the value of the non-yielding bullion. US Federal Reserve taking an aggressive stance to control inflation put gold’s status as a hedge against uncertainties such as inflation. Gold prices pulsed up in a narrow range on Wednesday as the dollar weakened slightly. According to Reuters, spot gold went up by 1 basis point, climbing to $1,773.17 per ounce as of 0247 GMT. India felt the impact of rising retail prices, too.
In the retail market, gold traded at Rs 54,000 for 10 grams of the 24-carat type and Rs 49,500 for 10 grams of the 22-carat variety, up from Tuesday’s level. However, gold futures today traded at Rs 53,720 as of 10:20 AM, in the red by 0.07 per cent on Multi Commodity Exchange (MCX) India. Silver futures, which traded at Rs 65,479, were in the green by 0.10 per cent. Silver prices, slipped by Rs 500 per kg in the retail market. The price of one kg of silver today was Rs 65,500 from Tuesday’s levels.
Among the major cities of India, yellow metal was the cheapest in Kolkata, Hyderabad, and Mumbai. These three cities recorded the same prices for 24-carat and 22-carat types of precious metal. Here, 24-carat gold retailed at Rs 54,000 while 22-carat gold was priced at Rs 49,500. Gold was the costliest in the Southern Indian city of Chennai, where a 24-carat variety of yellow metal retailed at Rs 54,720. The 22-carat variety of gold retailed at Rs 50,160 here. In Karnataka’s capital, Bengaluru, gold prices stood at Rs 54,050 for the 24-carat variety and Rs 49,550 for the 22-carat type. In Delhi, the 24-carat variety traded at Rs 54,150 while 22-carat gold was selling at Rs 49,650 per 10 grams.
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The variation in gold prices in cities that fall in different states of India is observed due to the differences in tax rates and other charges that the state governments levy. Gold jewellery’s price is likely to be higher still as the making charges are also included in the cost of articles that require craftsmanship.
