Speculations about the Fed easing up its aggressive interest rate hikes to control inflation have been a major driving force behind the rise in gold prices. However, with Federal Reserve Governor Christopher Waller saying that the Fed is not softening its fight against inflation, gold prices slid back from their 3-month-high reached in the previous session. Last week, gold prices recorded their biggest weekly gain since March 2020, pushed by hopes that the Fed would ease its stance on interest rate hikes after the market showed signs of cooling inflation, reported Moneycontrol.
As of GMT 0239, spot gold slipped 0.5% to $1,761.86 per ounce. US gold futures also tumbled by 0.3% to $1,764.80.
Gold futures today traded at Rs 52,492 as of 10:22 AM, up by 0.30 percent, on Multi Commodity Exchange (MCX) India. Silver futures, which traded at Rs 61,790, were also in the green by 0.36 percent. In the retail market, gold traded at Rs 52,640, recording no change from the last recorded price levels for 10 grams of the 24-carat variety. The 22-carat variety of gold also did not record any price change, retailing at Rs 48,260 for ten grams. A kg of silver retailed at Rs 61,700.
The Southern Indian city of Chennai recorded the highest gold prices. Here, the yellow metal maintained a price level of Rs 53,470 for the 24-carat variety and Rs 49,010 for the 22-carat type. In the national capital of Delhi, 22-carats traded at Rs 48,360 while 24-carat gold was sold at Rs 52,760 per 10 grams. In Bengaluru, gold prices stood at Rs 52,670 for 24-carat variety and Rs 48,290 for 22 carats. The price of gold was the same for Kolkata, Hyderabad, and Mumbai. Ten grams of 22-carat gold were available for Rs 47,260, while the same quantity of 24-carat gold retailed at 52,640.
State-to-state variation in gold prices in India is observed due to the changes in tax rates and other charges imposed by the state governments. At shops, the price of gold jewellery might be further inflated as that involves making charges.
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