Gold prices in India showed a slower trend on Wednesday, January 25. On the Multi Commodity Exchange (MCX) India, gold futures traded at Rs 56,886, down by 0.15 per cent at 10:12 AM. Silver futures also showed a similar trend, trading 0.19 per cent in red at Rs 68,410. In the international market, the spot gold showed a flat trend trading at $1,936.39 per ounce, as of 0020 GMT following a 9-month high on Tuesday, January 24. U.S. gold futures were up by 0.1 per cent at $1,980.10. The slowness follows the expectation of another interest rate hike by the US Federal Reserve. The Fed is expected to raise rates by 25 basis points at the policy meeting next week.
The US central bank slowed down its pace of hike to 50bps in December after continuous 75 bp hikes.
In the Indian retail market, the prices of gold and silver showed a flat trend following a steady start to the week. Ten grams of 22-carat gold traded at Rs 52,710, following a marginal Rs 10 drop. The price of a similar quantity of 24-carat gold remained steady at Rs 57,500. The cost of one kg of gold remained unchanged at Rs 72,500
Following the previous, gold remained the priciest in Chennai with 24-carat variety trading at Rs 58,430 for 10 grams whereas 22-carat gold was available for Rs 53,560 for the same quantity.
For 10 grams of 22-carat gold in Delhi, buyers would have to shell out Rs 52, 860. The 24-carat variety of gold is available at Rs 57,660 per 10 grams.
In Bengaluru, the 22-carat and 24-carat varieties of gold were available at Rs 52,760 and Rs 57,560 respectively.
Mumbai, Kolkata and Hyderabad recorded similar price points for gold. In these three metro cities, 24-carat gold was available for Rs 57,500 per 10 grams whereas the same quantity of 22-carat gold traded at Rs 52,710.
Several factors impact the price of gold in India. This included the rupee’s exchange rate with the US dollar, global trends, and making costs among others. The global demand for the yellow metal tends to always influence their price changes. The prices vary in different states in the country due to fluctuating tax rates and other factors.
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