Gold prices opened the week with a positive trend on Monday, January 9. On MCX India, gold futures were up by 0.55 per cent, trading at Rs 56,047 at 10:28 AM. Silver futures showed similar movement and climbed 0.73 per cent to trade at Rs 69,657. In the retail market, the price of 10 grams of 22-carat gold rose Rs 300 to touch a level of Rs 51,600. The 24-carat variety of the yellow metal traded at Rs 56, 290, up by Rs 330 on Monday. The prices, however, did not record any change in the retail market. A kg of silver retailed at Rs 71,800 in the Indian market
Following previous trends, gold was the priciest in Tamil Nadu’s capital Chennai, trading at Rs 52,600 for 22 carats and Rs 57,380 for a 24-carat variety. In Delhi, buyers would have to spend Rs 51,750 for 10 grams of 22-carat gold and Rs 56,440 for 24-carat.
In Mumbai, Kolkata and Hyderabad, gold prices recorded similar levels. Here, gold traded at Rs 51,600 and Rs 56,290 for 22-carat and 24-carat types.
In Bengaluru, 24-carat gold retailed at Rs 56,290 whereas 22-carat of the yellow metal recorded a level of Rs 51,650.
Gold prices in India vary in different states, depending upon the various taxes and charges levied by the government. The final price of ornaments also tends to be on the higher side than the daily rates after variations in aspects like making charges and other GST rates.
Gold price in the international market touched a right month high with a weaker dollar. Spot gold was up 0.7 per cent at $1,878 per ounce as of 0256 GMT, reported Reuters. The US gold futures were also up with a similar trend at 0.7 per cent to $1,883.20.
All eyes are now on the US Federal Reserve’s consumer price index slated to be out on Thursday, January 12.
The US Federal Reserve is expected to announce yet another interest rate hike, eyeing to keep inflation in control in the country. In November, consumer inflation was at 7.1 per cent in the USA. The US Fed Reserve announced an interest rate hike by 50 basis points (bps).
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