Gold prices in India opened with an upward trend on Friday. On MCX India, gold futures traded at Rs 52,700, recording a positive movement of 0.06 per cent, at 9:52 AM. Silver futures, however, was in red, recording a level of Rs 61,903 after a 0.15 per cent drop. In the retail market, the prices of gold remained flat. Ten grams of the precious metal was available for Rs 48, 560 and Rs 52,980 in 22 and 24-carat varieties, respectively. Silver trading also remained flat and a kg of the metal was available for Rs 62,000 following a marginal drop in the rates.
Gold remained the priciest in Chennai, trading at Rs 53,790 for the 24-carat variety. Ten grams of 22-carat gold were available for Rs 49,320 in the city. In Delhi, gold retailed at Rs 48, 710 and Rs 53, 130 for 22 and 24-carat varieties respectively. As per the trend, gold traded at a similar level in Mumbai, Kolkata and Hyderabad. In these three metropolitan cities, 10 grams of 22-carat gold was available for Rs 48, 560 whereas the 24-carat variety of the bullion retailed at Rs 52,980. In Bengaluru, gold prices touched the level of Rs 48,610 for 22-carat and Rs 52,030 for 24-carat variety.
Gold prices in India vary in different states depending upon the taxes and other charges levied by the government. In the case of any ornaments made of gold, the prices tend to be higher than the rates as they also factor in aspects like making charges and additional GST on finished products.
Gold prices in the international market remained flat on Friday. Following a slight movement, spot gold traded at $1,753.47 per ounce at 0016 GMT. The US gold futures moved up by 0.5 per cent to touch the level of $1,753,30. The trading remained mute on Thursday due to the Thanksgiving holidays in the US. However, Gold prices are expected to finish the week with some gains amidst the expectation of another interest hike by the US Federal Reserve. However, there has been signalling that the interest rate cuts may be slower this time around.
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