Gold prices in India scaled over one-month highs following a hike in global rates. The price of fold shot up by 2 per cent in the international market, recording a two-month high after US inflation data showed that the rate of inflation in the country rose by 0.4 per cent, less than the expected 0.6 per cent, in the month of October. The lower-than-expected rate of inflation fanned hopes that the US Federal Reserve would relax its aggressive stance on interest rate hikes. This has led to an easing in the US dollar and bond yields. The dollar index fell by 2 per cent, making gold less expensive for other currency holders.
On Multi Commodity Exchange (MCX) India, Gold futures today traded at Rs 52,225 as of 10:58 AM, up by 0.22 per cent. Silver futures also rose, in the green by 0.50 per cent, trading at Rs 62,219. In the retail market, gold traded at Rs 52,150, recording a price hike of Rs 480 from Thursday’s levels for 10 grams of the 24-carat variety. The 22-carat variety of gold also became more expensive compared to November 10 levels, recording a price rise of Rs 440 and retailing at Rs 47,800 for ten grams. A kg of silver retailed at Rs 61,900, up by Rs 500 from its last recorded price.
Gold was the most expensive in the South Indian city of Chennai, maintaining a price level of Rs 53,180 for the 24-carat variety and Rs 48,750 for the 22-carat type. In Delhi, 24-carat gold was sold at Rs 52,360 per 10 grams, while 22-carats traded at Rs 48,000. In Bengaluru, gold prices stood at Rs 52,000 for 24-carat variety and Rs 47,850 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 47,800, while the same quantity of 24-carat gold retailed at 52,150.
Gold prices in India vary in different states due to the changes in tax rates and other charges levied by the government. One is also likely to see raised prices when buying gold jewellery since that involves making charges.
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