gold prices India remained stable and traded with minimal gains on Tuesday. On MCX India, gold futures traded at Rs 53,029, registering a gain of 0.43 per cent, at 10:45 am. Silver futures showed a similar trend and moved up by a little over 1 per cent to touch Rs 63,022. In the retail market, gold is trading with a slight decline and is trading at Rs 48.460 for 10 grams of 22 carat and Rs 52,880 for 24 carat. However, silver was trading at Rs 61,400 per kg, unchanged from yesterday.
Gold remained the costliest in Chennai at Rs 53,630 for 24 carat and Rs 49,160 for 10 grams of 22 carat. In Delhi, the 22-carat variety of the yellow metal is trading at Rs 48,610, while 24-carat gold is selling at Rs 53,040. Like the previous trends, gold registered similar price levels in Mumbai, Kolkata and Hyderabad. In these metros, gold was trading at Rs 48,460 for 22 carat and Rs 52,880 for 24 carat. In Bengaluru, gold traded at Rs 48,510 and Rs 52,930 for the 22 and 22 carat varieties, respectively.
Gold prices in India vary depending on the taxes and other charges levied by the government in different states. In the case of gold jewellery, the prices are higher as they also take into account factors like duties and additional GST on the finished product.
In the international market, gold remained flat at $1,741.13 per troy ounce, while US gold futures showed some movement at $1,739.60. Trading closed at the day’s low on Monday. Gold prices remained subdued on concerns over global demand for the metal amid recent unrest in India. Prices also appear to be affected by the US Federal Reserve’s accommodative stance on interest, indicating that rates will remain high to curb inflation. Officials have indicated that this rate may remain at a higher level till 2024.
Gold prices are expected to remain affected and remain volatile in the days to come.
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