Last Update: January 05, 2023, 12:45 PM IST
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Gold prices in India showed a marginal upward trend on Thursday, January 5. Gold futures on the Multi Commodity Exchange of India were at 0.09 per cent.
gold prices India Thursday, January 5 showed a slight upward trend. On the Multi Commodity Exchange of India, gold futures were trading 0.09 per cent higher at Rs 55,815. Silver futures traded in opposite direction with a fall of 0.14 per cent to trade at Rs 69,220 at 11:00 am. In the Indian retail market, gold prices for 10 grams of 22 and 24 carats were recorded at Rs 51,110 and Rs 55,760 respectively. Both these prices saw a marginal increase of Rs 10 each. Silver, however, showed stability and was trading at Rs 72,000 per kg.
In the global market, US gold futures rose 0.1% to $1,861.20 and spot gold was up 0.1% at $1,856.11 an ounce, by 0302 GMT.
Gold was recorded costliest in the southern city of Chennai, where 10 grams of 24 carat was trading at Rs 57,030 and the same quantity of 22 carat was selling at Rs 52,280. 10 grams of the 24-carat variety was recorded at Rs 56,110 in the national capital Delhi. The 22-carat variety of the yellow metal was priced at Rs 51,450, which is lower than many other cities in the country. Gold price in Bengaluru was Rs 51,350 for 22 carat and Rs 56,010 for 24 carat. Mumbai, Hyderabad and Kolkata recorded similar price levels for gold. In these cities, the yellow metal was priced at Rs 51,300 and Rs 55,960 for the 22 and 24 carat varieties, respectively.
Taxes and other charges imposed by various state governments determine how much the price of the precious metal varies from state to state. It should be mentioned that while buying jewellery, the total cost will vary and will generally be higher than the daily rates as making charges and other taxes are also included in determining the price of ready made jewellery.
The minutes of the most recent meeting of the Federal Reserve were revealed, and it was established that all its officials were committed to combating inflation and also agreed on the need for slower rate hikes in 2023. Following the release of the minutes of the meeting, gold declined to near seven-month highs on Wednesday.
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