Gold Price Today: Yellow Metal Prices Gain Stability, Check Rates in Delhi, Mumbai and Other Cities

By Jessica On Oct 16, 2022

Gold prices in the domestic market gained some stability on Friday. On MCX India, gold futures traded at Rs 50,883 as of 10:20 AM. Silver futures climbed 0.19 per cent to Rs 57,250. In the retail market, gold traded at Rs 51,000 recording no price change since Thursday’s level, for 10 grams of the 24-carat variety. The 22-carat gold was being sold at Rs 46,750 for the same quantity- again. Following gold’s stability trend, silver also retained the same price as yesterday, with a kg of the metal retailing at Rs 57,300. The prices of gold domestically have dipped by over Rs 1,000 this week. With Dhanteras and Diwali fast approaching, the Indian gold and silver markets are likely to see a sharp jump in purchases of these two precious metals. Gold recorded a strong level in the domestic market during the festive season of Navratri as well

In New Delhi, 24-carat gold retailed at Rs 51,150 per 10 grams, whereas 22-carats of the precious yellow metal recorded a level of Rs 46,900. Gold price remained the highest in Chennai with a level of Rs 51,650 and Rs 47,350 for the 24-carat and 22-carat. Gold prices in Bengaluru moved to Rs 51,050 for 24-carat variety and Rs 46,800 for 22 carats. In Mumbai, Kolkata, and Hyderabad, gold recorded similar price levels. Ten grams of 22-carat and 24-carat varieties of gold were available for Rs 46,750 and 51,000, respectively.

Gold prices in India vary from state to state depending upon the changing tax rates and various charges levied by state governments. For jewellery made of gold, buyers would have to pay an additional price as they also factor in aspects like making charges and additional GST rates.

Gold prices, in the international market, have recorded a dip after US Inflation data and the possibility of yet another interest rate hike by the US Federal Reserve. Spot gold recorded the level of $1,660.10 per ounce, after recording a dip of 0.3 per cent While gold remains vulnerable to more corrective moves amid the Fed’s aggressive posturing to tame inflation, global slowdown concerns and geopolitical tensions might support the prices at lower levels.

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