Gold prices slipped on Wednesday in the domestic market as US dollar surged to a new high amid talks of more interest rate hikes by the US Fed. Gold prices in India were at Rs 49,970 for 10 grams of 24-carat gold. The price for 10 grams of 22-carat gold was Rs 45,800. The silver prices were at Rs 55,000 per kg.
On Wednesday, gold futures were trading down by 0.20 per cent at Rs 49,221 per 10 grams. Silver futures were trading sharply lower by 0.77 per cent at Rs 54,950 per kg.
In the international market, gold prices continued to struggle after US central bank said that it would continue to take a tough stand against soaring inflation by increasing base interest rates. Spot gold was down 0.3 per cent at $1,624.81 per ounce, as of 0132 GMT. US gold futures dipped 0.2 per cent to $1,632.4. The dollar index was up 0.3 per cent, edging closer to a 20-year high touched on Monday. Benchmark US 10-year Treasury yields rose to a 12-1/2-year high overnight.
|Gram||Price for 22-carat gold||Price for 24-carat gold|
|1 gram||Rs 4,580||Rs 4,997|
|10 grams||Rs 45,800||Rs 49,970|
In Mumbai and Kolkata, 24-carat gold is selling at Rs 49,970 per 10 grams, while 22-carat gold is trading at Rs 45,800, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 50,130 and Rs 45,950 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold are trading at Rs 50,450 and Rs 46,250, 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 46,250||Rs 50,450|
|Mumbai||Rs 45,800||Rs 49,970|
|Delhi||Rs 45,950||Rs 50,130|
|Kolkata||Rs 45,800||Rs 49,970|
|Bangalore||Rs 45,860||Rs 50,020|
|Hyderabad||Rs 45,800||Rs 49,970|
Will gold shine in festive season?
For ages, gold has been the most popular investment option for those looking for stable higher returns. Any time of the year, an investor can make a lot of money from gold depending on when he buys it and when he sells it. But the present situation seems to be different. Despite high market volatility, the prospect of a global recession, high-interest rates, and worsening geopolitical tensions, the yellow metal hasn’t given desired returns this year.
The World Gold Council has said the consumption of India, which is the world’s second-largest consumer, accounting for 20 per cent of global demand, will see a marginal increase in consumption despite the festive season. As per the council’s estimates, this year India’s gold demand could up to 800 tonnes this year, marginally up from 797.3 tonnes in 2021.
It noted that the consumption rose by 42 per cent in the first half of this year, it is expected to be muted in the second half due to higher consumer inflation.
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