Gold prices for both 22 and 24 carat weights have slightly increased, although the futures remained weak on inflation fears. On Thursday, one gram of 22 carat gold is available at Rs 4,690, up from Rs 4,680 a day ago. Meanwhile, an equal quantity of 24-carat gold is available at Rs 5,115, as against Rs 5,115 on Wednesday. Silver prices dropped to Rs 57,300 per kg. Domestic gold rates have gone by Rs 1,000 in the last four days. The MCX futures were trading at a low of Rs 50,891 per 10 grams. Silver futures were flat at Rs 57,335 per kg.
In the international market, the yellow metal prices were steady on Thursday as market participants refrained from making big moves ahead of key US inflation reading that could influence the size of the Federal Reserve's next interest rate hike.
Spot gold held its ground at $1,672.79 per ounce, as of 0026 GMT, while US gold futures were up 0.1 per cent at $1,679.80. The dollar fluctuations directly affect gold prices in India.
In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,000 per 10 gram, while 22-carat gold is trading at Rs 46,750, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,150 and Rs 46,900 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold is trading at Rs 51,710 and Rs 47,400, respectively.
It is to be noted that gold prices vary from city to city and depend on taxes and duties levied by the state government.
|Cities||22-Carat Gold Rates||24-Carat Gold Rates|
|Chennai||Rs 47,300||Rs 51,000|
|Mumbai||Rs 46,750||Rs 51,000|
|Delhi||Rs 46,900||Rs 51,150|
|Kolkata||Rs 46,750||Rs 51,000|
|Bangalore||Rs 46,800||Rs 51,050|
|Hyderabad||Rs 46,750||Rs 51,000|
Bullion futures in a bearish market
Gold and silver prices sank this week amid more hawkish signals from the Federal Reserve, as well as growing safe haven demand for the dollar. Markets and traders are now waiting for US CPI inflation data, which will be out on Thursday, for more cues on the path of US monetary policy. The reading is expected to show that inflation remained near 40-year highs in September, traders feel.
Minutes of the Fed’s September meeting, released on Wednesday, showed that policymakers unanimously agreed to push monetary policy into restrictive territory, and are likely to keep interest rates high for a longer period.
Metal markets fell sharply this year as rising inflation and interest eroded demand for both precious and industrial goods. With most global central banks turning hawkish, this trend is expected to continue in the near term.
(With agency inputs)
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