Last Update: January 10, 2023, 13:26 IST
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Gold prices showed an uptrend on the Multi Commodity Exchange of India on Tuesday, January 10
On Tuesday, January 10, gold prices showed an uptrend on the Multi Commodity Exchange of India. Gold futures moved in the green, up 0.05 per cent, to trade at Rs 55,894 at 10:30 am. Silver futures were trading at Rs 68,533, down 0.53 per cent. Gold prices held steady in international markets on Tuesday as traders focused mostly on a speech by Federal Reserve Chairman Jerome Powell for clues about the direction of the US central bank’s rate hikes. In international markets, spot gold was steady at $1,872.79 an ounce as of 03:33 GMT. US gold futures were flat at $1,877.70 an ounce.
In the Indian retail market, however, gold prices saw a marginal decline from Monday’s levels, recording a decline of Rs 51,450 for 10 grams of 22 carat gold, down by Rs 150 and for the same amount of 24 carat gold. 56,130 was trading at Rs. Silver prices showed stability and was trading at Rs 71,800 per kg.
Gold remained costliest in the southern city of Chennai, where 22-carat gold was trading at Rs 52,370 and 24-carat gold at Rs 57,130. In New Delhi, the 24 carat variety was trading at Rs 56,290 for 10 grams and the 22 carat variety of the yellow metal was priced at Rs 51,600. Mumbai, Hyderabad and Kolkata recorded similar price levels for gold today. In these cities, the precious yellow metal closed at Rs 51,450 and Rs 56,130 for 10 grams of 22 and 24 carats, respectively. In Bengaluru, 24 carat gold was selling at Rs 56,180 while 22 carat gold touched a record level of Rs 51,500.
Fluctuating tax rates and other additional costs imposed by state governments have led to a fall in gold prices India Can vary dramatically from state to state. Buyers will have to spend more on gold jewelery as its price also takes into account factors like manufacturing cost and higher GST rates on intricate jewellery.
Recent US data inspired optimism that the Federal Reserve would halt the pace of rate hikes. Gold prices are likely to rise due to weak dollar.
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