Due to the affinity for yellow metal and the possible protection against inflation it offers, gold is one of the most popular commodities among Indian investors. Gold prices in India recorded a marginal growth of 0.33 per cent on Tuesday, November 22. On MCX India, gold futures traded at Rs 52,465 at 10:31 AM. Silver futures saw a slightly higher increase of 1 per cent to trade at Rs 61,240.
In the retail market, 10 grams of 22-carat gold was available at Rs 48,350 whereas buyers would have to spend Rs 52,750 for a similar quantity of the 24-carat variety of the yellow metal down. A kg of silver retailed at Rs 61,200 up by Rs 600 from the level recorded on the last trading day.
Gold remained the priciest in Chennai, trading at Rs 53,510 for 10 grams of the 24-carat and Rs 49,050 for a 22-carat variety. In Delhi, 24-carat gold was being sold at Rs 52,900 whereas the 22-carat variety recorded a level of Rs 48,500. Buyers of 22-carat gold would have to spend Rs 48,350 in Bangalore, Mumbai, Kolkata and Hyderabad whereas 24 carats of the metal would cost Rs 52,750.
Depending on the varying tax rates and other fees imposed by the state government, gold prices in India vary from state to state. The ultimate price for gold jewellery is likely to be greater than the prices listed here since it takes into account other costs including making charges and GST.
Before this week’s release of the US Fed minutes, the price of gold may continue to be volatile. To control inflation, the US Federal Reserve is poised to announce another interest rate increase. However, the increase, this time around, is likely to be slower. The gain in gold prices today comes as the dollar slipped by 0.11 per cent, recording a level of 107.612 around 11 AM. The Indian Rupees also appreciated and gained 12 paise from its previous close to 81.72 against the US dollar on Tuesday.
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