Yellow Metal Retailing at Rs 50,300, Silver at Rs 56,600 Ahead of US Fed Outcome

Ahead of the much-awaited US Federal Reserve policy meeting, a marginal change in the prices of precious metals including gold was recorded. In India, the price of the yellow metal went up to Rs 50,300 per 10 grams for the 24-carat gold, while the 22-carat gold was retailing at Rs 46,110 per 10 grams. Silver prices hovered at Rs 56,600 per kilogram.

Looking at the state-wise list of the prices, the yellow metal was being retailed as the priciest in Chennai with 24-carat gold priced at Rs 50,520 per 10 grams and the 22-carat gold retailing at Rs 46,310 for the same quantity.

The cheapest of all metropolitans was Kolkata where the cost of 10 grams of 24-carat gold was Rs 50,140 and that of the 10 grams 22-carat was Rs 45,960. Similar rates were noted in the financial capital, Mumbai, and Hyderabad. Prices in Bangalore were Rs 50,190 for 10 grams of 24-carat gold and Rs 46,010 for 22-carat gold.

In Delhi, 10 grams of 22-carat gold retailed at Rs 46,110 whereas the price for 24 carats of the precious metal was Rs 50,300

On MCX, the gold futures were seen slumping to nearly a six-month low and halted at Rs 49,374 per 10 grams. Silver contracts, on the contrary, saw a rise of 0.5 per cent and stayed at Rs 57,005 per kilogram.

In the international market, spot gold dipped 0.4 per cent and was down to $1669.80 per ounce as of 0839 GMT. Spot silver, too, slipped 1.4 per cent and retailed at $19.34 per ounce. Platinum and palladium weren’t static either. While platinum gained 0.2 per cent and traded at $920.56, palladium dropped 2.5 per cent and traded at $2,173.31 in the international market.

Making bullion more expensive for other currency holders, the dollar index was holding firmly to the spot close to the 20-year high that it hit last month. US gold futures traded 0.1 per cent higher at $1686.70.

Investors across the globe have their eyes set on the two-day policy meeting held by the US Federal Reserve. While the Fed was expected to deliver a hike of somewhere around 50bps, the Fed, in a bid to tame the possible inflation, may go higher than the expectations floating in the market. Some experts believe that the rate hike can go up to 100bps.

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