The gold future in India on Monday, January 23, opened with a slight upward trend on the Multi Commodity Exchange (MCX) India, trading at Rs 56,757, 0.16 per cent in greens at 11:14 AM. The silver futures also saw a positive trend with a hike of 0.58 per cent, recording its price at Rs. 68,942. The gold and silver prices moved up marginally in the retail market as well.
Ten grams of the yellow metal were available for Rs 52,350, up by Rs 100 and Rs 57,110, up by Rs 50 in 22 and 24-carat varieties, respectively. Silver trading also remained flat, and a kilogram of the metal was available for Rs 72,300, the same as the previous day.
Gold remained the most expensive in Chennai, with the 24-carat type fetching Rs 58,070. Ten grams of 22-carat gold were offered in the city for Rs 53,230. In Delhi, 22-carat gold costs Rs 52,500 and 24-carat gold costs Rs 57,270. Gold was as always trading at a uniform level in Mumbai, Kolkata, and Hyderabad, according to the trend. In these three major cities, a gram of 22-carat gold cost Rs 52,350, while a gram of 24-carat gold cost Rs 57,110. In Bengaluru, gold prices reached Rs 52,400 for 22-carat gold and Rs 57,160 for 24-carat gold.
Several factors impact the price of gold in India, most notably the rupee’s exchange rate with the US dollar. The global demand for precious metals tends to always influence their price changes. Manufacturing costs, labour charges, excise taxes, state taxes, and the extra GST on completed jewellery all have an influence on the pricing of gold jewellery from one state to the next.
In the international market, as of 0255 GMT, spot gold was up 0.3% at $1,932.12 per ounce and the U.S. gold futures also rose 0.3% to $1,934.70. According to Reuters, traders anticipate the Federal Reserve will decrease the pace of rate hikes at its policy meeting on January 31-February 1 to 25 basis points, despite several Fed members indicating that the fight against inflation is far from done. After four consecutive 75-bp rises, the Fed hiked rates by 50 basis points last month.
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