New Delhi: Gold prices increased by Rs 228 to Rs 56,103 per 10 grams in futures trade on account of fresh positions by speclators on basis of firm spot demand. Gold futures for February expiry are trading higher by Rs 228 or 0.41 per cent at Rs 56,103 per 10 grams on the MCX.
Read More: Budget 2023: PM Kisan Samman Nidhi scheme financial aid to be raised to Rs 8,000, say sources
According to analysts, the rise in gold prices is being attributed to fresh positions created by participants on account of firm spot demand. Globally, gold is trading 0.42 per cent higher at USD 1,906.80 per ounce in New York.
Read More:Union Budget 2023: What banks are expecting from this year’s budgeta
In New Delhi, gold was trading at s 56,236 per 10 grams. “Gold prices edged higher and were on track for a fourth weekly gain, supported by a weaker dollar and expectations of slower interest rate hikes by the US Fed Reserve,” said Navneet Damani, Senior VP Commodity Research at Motilal Oswal Financial Services, news agency PTI quoted.
Read More: Davos 2023: Why WEF is batting for investment in agri, education, green jobs
Gold Rates Today in Major Cities
| City | 22K Today | 24K Today |
| Chennai | ₹ 52,960 | ₹ 57,770 |
| Mumbai | ₹ 52,000 | ₹ 56,730 |
| Delhi | ₹ 52,150 | ₹ 56,980 |
| Kolkata | ₹ 52,200 | ₹ 56,730 |
| Bangalore | ₹ 52,050 | ₹ 56,780 |
| Hyderabad | ₹ 52,000 | ₹ 56,730 |
| Kerala | ₹ 52,000 | ₹ 56,730 |
| Pune | ₹ 52,000 | ₹ 56,730 |
| Vadodara | ₹ 52,050 | ₹ 56,780 |
| Ahmedabad | ₹ 52,050 | ₹ 56,780 |
| Jaipur | ₹ 52,150 | ₹ 56,980 |
| Lucknow | ₹ 52,150 | ₹ 56,980 |
| Coimbatore | ₹ 52,960 | ₹ 57,770 |
| Madurai | ₹ 52,960 | ₹ 57,770 |
| Vijayawada | ₹ 52,000 | ₹ 56,730 |
| Patna | ₹ 52,050 | ₹ 56,780 |
| Nagpur | ₹ 52,000 | ₹ 56,730 |
| Chandigarh | ₹ 52,150 | ₹ 56,980 |
| Surat | ₹ 52,050 | ₹ 56,780 |
| Bhubaneswar | ₹ 52,000 | ₹ 56,730 |
| Mangalore | ₹ 52,050 | ₹ 56,780 |
| Visakhapatnam | ₹ 52,000 | ₹ 56,730 |
| Nashik | ₹ 52,030 | ₹ 56,760 |
| Mysore | ₹ 52,050 | ₹ 56,780 |
| Cuttack | ₹ 52,000 | ₹ 56,730 |
| Davanagere | ₹ 52,050 | ₹ 56,780 |
| Bellary | ₹ 52,050 | ₹ 56,780 |
| Gurgaon | ₹ 52,150 | ₹ 56,980 |
| Ghaziabad | ₹ 52,150 | ₹ 56,980 |
| Noida | ₹ 52,150 | ₹ 56,980 |
| Salem | ₹ 52,960 | ₹ 57,770 |
| Vellore | ₹ 52,960 | ₹ 57,770 |
| Amaravati | ₹ 52,000 | ₹ 56,730 |
| Guntur | ₹ 52,000 | ₹ 56,730 |
| Nellore | ₹ 52,000 | ₹ 56,730 |
| Kakinada | ₹ 52,000 | ₹ 56,730 |
| Tirupati | ₹ 52,000 | ₹ 56,730 |
| Kadapa | ₹ 52,000 | ₹ 56,730 |
| Anantapur | ₹ 52,000 | ₹ 56,730 |
| Warangal | ₹ 52,000 | ₹ 56,730 |
| Nizamabad | ₹ 52,000 | ₹ 56,730 |
| Khammam | ₹ 52,000 | ₹ 56,730 |
| Berhampur | ₹ 52,000 | ₹ 56,730 |
| Rourkela | ₹ 52,000 | ₹ 56,730 |
| Rajkot | ₹ 52,050 | ₹ 56,780 |
| Vasai-Virar | ₹ 52,030 | ₹ 56,760 |
| Aurangabad | ₹ 52,000 | ₹ 56,730 |
| Solapur | ₹ 52,000 | ₹ 56,730 |
| Bhiwandi | ₹ 52,030 | ₹ 56,760 |
| Kolhapur | ₹ 52,000 | ₹ 56,730 |
| Latur | ₹ 52,030 | ₹ 56,760 |
| Tirupur | ₹ 52,960 | ₹ 57,770 |
| Tirunelveli | ₹ 52,960 | ₹ 57,770 |
| Trichy | ₹ 52,960 | ₹ 57,770 |
| Sambalpur | ₹ 52,000 | ₹ 56,730 |
| Amravati | ₹ 52,000 | ₹ 56,770 |
| Erode | ₹ 52,960 | ₹ 57,770 |
Damani further added that focus will be on UK GDP and US Michigan inflationary expectations. According to Quantum AMC’s Fund Manager- Alternative Investments Ghazal Jain, the factors responsible for the current uptrend in gold proces include – moderating US CPI numbers, cooling off of US yields, robust gold buying by global central banks and the potential increase in gold demand on account of the opening of Chinese markets.
Read More: Budget 2023: PM Kisan Samman Nidhi scheme financial aid to be raised to Rs 8,000, say sources
“While we are currently at all time high prices, rate hikes by the Fed over the next few months will spur volatility in gold prices and give investors opportunity to accumulate gold and build their allocation,” Jain told news agency IANS.
