Gold prices in India continued their strong movement on Thursday. On MCX India, gold futures traded at Rs 51,942 for 10 grams, recording a 0.57 per cent gain at 12 noon. Silver futures were also up by 1.25 per cent and traded at Rs 61,525 per kg. The momentum seems to be backed by a spike in demand for the precious yellow metal in the festive season. Gold consolidating its position in the international market due to a drop in US Treasury yields also seems to have helped the prices in the Indian market. However, gains in the international market were limited after US economic data strengthen the expectation of the Federal Reserve will retain its hawkish narrative. Spot gold was up 0.2% at $1,719.19 per ounce at 0144 GMT.
In the Indian retail market, Gold traded at Rs 47,850 for 10 grams of 22-carat variety and Rs 52,200 for 24 carats. Silver prices, however, recorded a slight correction. A kg of silver retailed at Rs 61,500, down by Rs 500 from yesterday’s level
Gold was the priciest in Chennai where it retailed at Rs 52,800 for 10 grams of 24-carat and Rs 48,400 for 22 carats.
In Mumbai, Kolkata and Hyderabad, Gold recorded similar price levels. For 10 grams of 22-carat gold buyers would have to spend Rs 47,850 whereas the 24-carat variety traded at Rs 52,200
In the national capital, New Delhi, gold retailed at Rs 48,000 and Rs 52,360 for the 22 and 24 carats variety respectively.
Gold prices in Bengaluru also moved to Rs 47,900 for 22-carat and Rs 52,250 for 24-carat variety.
Gold prices in India vary from state to state due to changing tax rates and other charges levied by the respective state government. The prices of jewellery made of gold are higher than the rates as they also factor in aspects like making charges and additional GST rates applicable on finished ornaments
Gold prices had been struggling globally because of US Federal Reserve’s aggressive stance that kept the Dollar sturdy. The Federal Reserve recently hike the interest rate with an aim of keeping inflation in control.