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Gold, silver prices today: Gold prices dip to Rs 52,800, silver prices to Rs 61,000 as investors get cautious ahead of Fed meet

Gold, silver prices today: Gold prices dip to Rs 52,800, silver prices to Rs 61,000 as investors get cautious ahead of Fed meet

Gold, silver prices on November 23: On Tuesday, the price of 10 grams of 24-carat gold is Rs 52,800. The price of 10 grams of 22-carat gold is Rs 48,400 on average.

 In the international market, bullion prices were slightly picking up buoyed by a weaker greenback. In the international market, bullion prices were slightly picking up buoyed by a weaker greenback.

Strap: In the international market, bullion prices were slightly picking up buoyed by a weaker greenback.
Gold prices today: Gold prices dipped to Rs 52,800 early in the domestic market ahead of the US Federal Reserve meeting. The silver prices dipped to Rs 61,000. On November 23, Tuesday, the price of 10 grams of 24-carat gold is Rs 52,800. The price of 10 grams of 22-carat gold is Rs 48,400 on average. 

In the international market, bullion prices were slightly picking up buoyed by a weaker greenback. Global investors are now conscious about fresh China's Covid flare-ups and Federal Open Market Committee Minutes expected later on Wednesday. Reuters reported that Spot gold was flat at $1739.90 per ounce. US gold futures edged 0.1 per cent higher to $1741.60. 

“COMEX Gold trades flat near $1740/oz after a muted ending on Tuesday. Gold has been trading steady since it fell by 0.86 per cent at start of the week.US Dollar Index (DXY)is trading slightly lower after a 0.57 per cent drop in the previous session. DXY recovered to trade as high as 107.47 but didn’t sustain as 107.50 is good support turned resistance. Gold and US Dollar are driven by hopes of a smaller rate hike by Fed in its upcoming meetings. Focus will now shift to flash PMI numbers from US along with the FOMC meeting minutes,” said Ravindra V. Rao, CMT, EPAT VP-Head Commodity Research Kotak Securities Ltd.  

Domestic prices 

Gold prices change daily due to currency exchange rate, excise duty, state taxes, and making charges of jewellers, which vary from state to state. On Wednesday, 10 grams of 24-carat gold in Mumbai and Kolkata can be bought and sold at Rs 52,640. In Delhi, the same amount of gold can be bought at Rs 52,800 in New Delhi, whereas in Chennai, one can buy it for Rs 53,290, which is the highest among all metropolitan cities. 

Cities 22-Carat Gold Rates 24-Carat Gold Rates
Chennai  Rs 48,850 Rs 53,290
Mumbai  Rs 48,250 Rs 52,640
Delhi  Rs 48,400 Rs 52,800
Kolkata  Rs 48,250 Rs 52,640
Bangalore  Rs 48,300 Rs 52,700
Hyderabad  Rs 48,500 Rs 52,640

The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 48,250, Rs 48,250, Rs 48,400, and Rs 48,850, respectively. 

“In the Fed meeting, weaker PMI print and a dovish language in FOMC minutes might be supportive for gold. On the price front if the price sustains below the $1740-$1735 zone on a closing basis the correction might deepen towards $1706 or else recovery can be seen till $1762/oz,” added Rao.  

Published on: Nov 23, 2022, 11:46 AM IST
Posted by: Basudha Das, Nov 23, 2022, 11:35 AM IST