Gold prices in the international market recorded yet another slump due to a steady dollar and the possibility of a new rate hike by the US Federal Reserve to counter inflation. Spot gold was at the level of $1,638.59 per ounce at 0053 GMT, down by 0.3 per cent. The gold futures in India was also trading with a 0.8 per cent dip at 11:44 AM today. Gold futures were recorded at Rs 49,362.
In the retail market, 10 grams of 24-carat gold traded at Rs 50,200 whereas 22-carat of the yellow precious metal was priced at Rs 46,000 for the same quantity. Silver was trading at Rs 58,300 per kilogram.
Gold was the priciest in Chennai where it retailed at Rs 50,740 for 10 grams of 24-carat variety and Rs 46,510 for 22-carat. In the national capital Delhi, the yellow metal traded at Rs 50,350 and Rs 46,150 for the 24 and 22 carats.
Mumbai, Kolkata and Hyderabad recorded similar prices for Gold where 10 grams of 24 carats of the precious metal was being sold at Rs 50,200 and the 22-carat variety retailed at Rs 46,000.
The price of 22-carat gold in Bengaluru was Rs 46,050 and 24-carat gold retailed at Rs 50, 240.
Prices of gold and other precious metals, including silver, vary from state to state in India depending on the levied tax rates and other charges by the respective state government. Gold prices in the Indian retail market are expected to get some stability due to the upcoming festive season.
Meanwhile, the dollar index touched a 20-year high on Monday, making it more expensive for buyers holding other currencies. Around 9:56 am (IST), US Dollar Index Futures was up nearly 0.67 per cent. The strong dollar also led to the depreciation of the Indian Rupee by nearly 55 paise to record a new low of 81.54.
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