Following a slump due to a sturdy dollar, gold prices received some stability on Tuesday. The gold future in India was trading at Rs 49,223 up by 0.15 per cent at 9:20 AM. Silver futures were also up by 0.12 per cent and traded at Rs 55,416. In the retail market, 10 grams of 22-carat gold was being sold at Rs 46,000 whereas 24-carat gold was priced at Rs 50,200. The prices remain unchanged from yesterday’s level. A kg of silver was being sold at Rs 56,300.
Gold was the priciest in Chennai among all major Indian cities and retailed at Rs 50,740 for 10 grams of 24-carat variety and Rs 46,510 for 22-carat.
In Mumbai, Kolkata and Hyderabad, the precious metal traded at similar price levels. Ten grams of 24-carat gold is being sold at Rs 50,200 whereas the 22-carat variety retailed at Rs 46,000.
In the national capital, New Delhi, 10 grams of 24-carat gold traded at Rs 50,200 whereas the 22-carat variety retailed at the level of Rs 46,150 for the same quantity. The price of 22-carat gold in Bengaluru was Rs 46,050 and 24-carat gold retailed at Rs 50, 240.
Prices of gold in the retail market in India are expected to maintain a steady level due to the possibility of a spike in demand due to the upcoming festive season. The prices of the precious metal vary from state to state in India, depending upon the various taxes and charges levied by the respective state governments.
Gold prices in India have been on a slump since February 2022. The prices of the precious yellow metal have struggled globally as well due to the US Federal Reserve’s aggressive monetary tightening stance has kept the US dollar propped up. To control inflation, the US Federal Reserve has increased the key interest rates by 0.75 percentage points.
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