Gold prices, which have faced some ups and many downs in recent months, rose over 1% on November 1 with the US dollar and bond yields witnessing a slight dip. The dollar index recoiled from its one-week peak alongside 10-year treasury yields, which slipped due to speculation that the Federal Reserve would slow down the pace of its policy tightening this week. The Fed is expected to hike interest rates by another 75 basis points. All eyes are on the Fed’s announcement on its change in the aggressive stance on interest rate hikes it has shown so far.
On MCX India, Gold futures today traded at Rs 50,602 as of 09:52 AM, up by 0.20%. Silver futures were on the rise too, in the green by 0.17%, trading at Rs 58,945. In the retail market, gold traded at Rs 51,110, recording a price rise of Rs 330 from Tuesday for 10 grams of the 24-carat variety. The 22-carat variety of gold was also up by Rs 300, retailing at Rs 46,850 for 10 grams. A kg of silver retailed at Rs 58,900, down by Rs 600 from November 1.
Gold was the most expensive in the South Indian city of Chennai, maintaining a price level of Rs 51,600 for 10 grams of the 24-carat variety and Rs 47,300 for the 22-carat type. In Delhi, 24-carat gold was sold at Rs 51,260 per 10 grams, while 22-carats traded at Rs 47,000. In Bengaluru, gold prices stood at Rs 51,160 for 24-carat variety and Rs 46,900 for 22 carats. The price of the yellow metal was the same for Kolkata, Hyderabad, and Mumbai. Ten grams of 22-carat gold were available for Rs 46,850, while the same quantity of 24-carat gold retailed at 50,110.
In India, prices of gold change from one state to another owing to changes in tax rates and other charges levied by state governments.
In other news, the World Gold Council on Tuesday revealed that the global demand for gold rose by 28% going to over 1,815 tonnes in the September quarter. According to Reuters, the council said that the central banks of Turkey, Uzbekistan, Qatar, and India were among the large buyers.
Read all the Latest Business News here