Gold prices saw some correction on Friday, January 5, following a week of a positive trend. On the Multi Commodity Exchange (MCX) India, the prices of gold futures saw a slight hike of 0.14 per cent taking it to trade for Rs 55,365 at 11:45 AM. Silver prices also jumped sharply on Friday. Silver futures were up after Thursday’s dip, trading at Rs 68,359, up by 0.14 per cent. The price of gold in the Indian retail market for 10 grams was recorded at Rs 50,900 for the 22-carat gold variety, down by Rs 400 and Rs 55,530 for the 24 carats gold variety which was also down by Rs 430. The silver prices were down by Rs 1000 and traded at Rs 71,000 for a kilogram.
In the international markets, spot gold was up 0.2% at $1,836.59 per ounce, as of 0534 GMT. U.S. gold futures were flat at $1,841.30.
Gold remained the priciest in Chennai, recording a level of Rs 56,620 for 24 carats and Rs 51,900 for 10 grams of the 22-carat variety. In Delhi, the 22-carat variety of the yellow metal traded at Rs 51,050 whereas the 24-carat gold is being sold at Rs 55, 680. Following the past trends, Mumbai, Kolkata and Hyderabad saw gold trading at uniform price levels with 22-carat gold priced at Rs 50,900 and the 24-carat variety of the yellow metal priced at Rs 55,530. The precious metal retailed at Rs 50,950 and Rs 55,580 for 22 and 24-carat varietie in Bengaluru.
The degree to which the price of the precious metal differs from state to state is determined by the taxes levied by the various state governments. It should be noted that the total cost when purchasing jewellery will vary and typically exceed the daily gold rates as making charges and other added costs are also factored into the price of the jewellery.
Price of the yellow metal has risen globally as the US dollar weakened. Speculators prepare for US job data that will affect the Fed’s policy course. All Federal Reserve officials concurred that the US central bank should ease off on its rapid interest rate hikes, according to the minutes of the most recent meeting.
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