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Gold prices in India remained stable and traded with a minimal gain on Tuesday. On MCX India, gold futures traded at Rs 53,029, recording a 0.43 per cent gain at 10:45 AM. Silver futures showed similar trends and were up by a little over 1 per cent to touch the level of Rs 63,022. In the retail market gold traded with a marginal slip and traded at Rs 48.460 for 10 grams of 22-carat and Rs 52,880 for 24-carat variety. A kg of silver, however, traded at Rs 61,400, recording no change from yesterday.
Gold remained the priciest in Chennai, recording a level of Rs 53,630 for 24 carat and Rs 49,160 for 10 grams of 22-carat variety. In Delhi, the 22-carat variety of the yellow metal traded at Rs 48,610 whereas the 24-carat gold is being sold at Rs 53,040. Like previous trends, gold recorded similar price levels in Mumbai, Kolkata and Hyderabad. Gold traded at Rs 48,460 for 22-carat and Rs 52,880 for 24-carat variety in these metropolitan cities. In Bengaluru, gold recorded levels of Rs 48,510 and Rs 52,930 for 22 and 22-carat varieties.
Gold prices in India vary in different states depending upon the taxes and other charges levied by the government. In the case of ornaments made of gold, the prices tend to be higher as they also factor in aspects like making charges and additional GST on the finished product.
In the international market, gold remained flat trading at $1,741.13 a troy ounce while US gold futures recorded some movement to touch the level of $1,739.60. On Monday, ended the trade at the day’s low. Gold prices have remained slow due to worries about the demand for metals globally amidst the recent unrest in India. The prices also seem to carry the effect of the US Federal Reserve’s aggressive stance on the interest, signalling that the rates will remain high to contain inflation. The officials have indicated that the rate may continue to be on the higher side till 2024.
The gold prices are expected to carry the effect and remain volatile in the upcoming days.
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