Gold Prices Witness Upward Trend; Check Rates in Delhi, Mumbai and Other Major Indian Cities

Gold prices on Friday continued its climb for a second week with as data in the US economy flared expectations that the Federal Reserve could possibly ease its aggressive pace of increasing interest rates from December onwards. The growing interest rate in the US to control a historic 40-year surge in inflation has been building up pressure on gold, which is a non-yielding asset. The central bank is still expected to announce yet another 75 basis-point rate increase next week at its meeting. However, the Fed is also expected to slow this aggressive pace in December. Following the hope for a less hawkish Fed stance in December, Spot gold stood at $1,663.22 per ounce as of 0130 GMT, noting a gain of 0.4% for the week.

On MCX India, gold futures today traded at Rs 50,762 as of 10:20 AM, up by 0.05%. Silver futures also rose, recording a rise of 0.15% and trading at Rs 58,364. In the retail market, the yellow metal traded at Rs 51,380, recording a price gain of Rs 100 from Thursday for 10 grams of the 24-carat variety. The 22-carat variety of gold was being sold at Rs 47,100 for the same quantity, recording no change in price since Thursday. A kg of silver was being sold at Rs 58,300.

Prices of gold change from state to state in India, depending primarily on the differences in tax rates and other charges levied by state governments.

In the national capital of Delhi, 24-carat gold was sold at Rs 51,530 per 10 grams, while 22-carats traded at Rs 47,250. In Bengaluru, the prices of the precious metal stood at Rs 51,430 for 24-carat variety and Rs 45,150 for 22 carats. Gold retailed at the same price in Kolkata, Hyderabad, and Mumbai. Ten grams of 22-carat gold were available for Rs 47,100, while the same quantity of 24-carat gold retailed at 51,380. Gold was the most expensive down south in Chennai, maintaining a price level of Rs 51,760 for the 24-carat variety and Rs 47,450 for the 22-carat type.

Over the taxes and other charges levied by the state, customers buying gold jewellery also have to shell out extra bucks in the form of making charges and other GST rates for jewellery.

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