Gold prices in India recorded a slight dip on Wednesday. The gold futures traded at Rs 49,405 with a slump of 0.09 per cent at 9:12 AM amidst a sturdy dollar and the possibility of another interest rate hike by the US Federal Reserve. Silver futures were also down by 0.67 per cent and recorded a level of Rs 55,008. The prices of the precious yellow metal recorded slowness in the retail market as well. Ten grams of 22-carat gold was being sold at Rs 45,790 whereas 24-carat gold was priced at Rs 49,960. A kilo of silver retailed for Rs 55,000.
In the national capital, New Delhi, the 22-carat variety of gold recorded a level of Rs 45,940 whereas 24-carat of the precious metal was being sold at Rs 50,120 per 10 grams.
Among all major Indian cities, gold is the priciest in Chennai and retailed at Rs 50,280 for 10 grams of 24-carat variety and Rs 46,090 for 22-carat.
Gold prices in Mumbai, Kolkata and Hyderabad recorded similar levels and the precious metal traded at Rs 45,790 for the 22-carat variety and Rs 49,960 for 24-carat gold.
In Bengaluru, gold retailed at Rs 45,840 and Rs 50,010 for the 22-carat and 24-carat varieties respectively.
Gold prices in India are expected to regain some stability amidst the possibility of a spike in demand during the festive season. Gold prices in India vary in different states due to the tax rates and other charges levied by the respective state government.
The final prices of the jewellery made of gold are likely to be higher as it also factors in making charges and other applicable additional taxes.
The price of the precious metal has recorded a downward trend since February 2022 with some ups and downs. Gold prices globally have also been impacted due to the US Federal Reserve’s aggressive monetary tightening stance has kept the US dollar propped up.
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