Gold prices showed an upward trend on Tuesday, January 10 on the Multi Commodity Exchange of India. The gold futures moved in the green with a 0.05 per cent gain, trading at Rs 55,894 at 10:30 AM. Silver futures were trading with a 0.53 per cent drop and recorded a level of Rs 68,533. Tuesday’s gold prices in the International Markets held steady as traders mostly focused on Federal Reserve Chair Jerome Powell’s speech for clues about the direction of the American central bank’s rate hike. In the international markets, Spot gold was stable at $1,872.79 per ounce as of 03:33 GMT. US gold futures remained unchanged at $1,877.70 per ounce.
In the Indian retail market, however, gold prices showed a slight drop from Monday’s level, recording Rs 51,450 for 10 grams of 22 carats of gold, down by Rs 150 and the 24-carat gold for the same quantity trading at Rs 56,130, down by Rs 160. Silver prices showed stability and traded at Rs 71,800 for one kilogram.
Gold was the priciest in the southern city of Chennai, where the 22-carat gold trades at Rs 52,370 and the 24-carat variety retails at Rs 57,130. In New Delhi, the 24-carat variety traded at Rs 56,290 for 10 grams and the 22-carat variety of the yellow metal was priced at Rs 51,600. Mumbai, Hyderabad, and Kolkata recorded uniform price levels for gold today. In these cities, the precious yellow metal retailed at Rs 51,450 and Rs 56,130 for 10 grams of the 22 and 24 carats, respectively. In Bengaluru, 24-carat gold was selling at Rs 56,180 whereas the 22-carat variety recorded a level of Rs 51,500.
Due to fluctuating tax rates and other extra costs imposed by state governments, gold prices in India can differ dramatically from state to state. Buyers will have to spend more on gold jewellery since its pricing also takes into account factors like manufacturing costs on intricate jewellery and higher GST rates.
The recent US data prompted optimism for a pause in the pace of rate hikes by the Federal Reserve. The weaker dollar is likely the key driver propelling gold prices higher.
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