Taking a cue from the trade in the international market, gold prices in India opened with a positive trend on Tuesday. On Multi Commodity Exchange, gold futures were up by 0.44 per cent touching the level of Rs 53,740 at 10:35 AM. Silver futures recorded a similar trend and were 0.75 per cent green, trading at Rs 65,673. The gold prices in the international market rose slightly amidst a pullback in the dollar. Spot gold was up by -0.4 per cent at $1,775.69 per ounce whereas the US gold futures rose 0.3 per cent to $1,787.10.
In the retail market in India, however, the yellow metal showed a slow trend. The 22-carat gold traded a Rs 49,300 for 10 grams, a drop of Rs 300 from the last recorded level. Similarly, the 24 carats of the gold also slipped to Rs 53,780, down by Rs 330 from Monday’s level. A kg of silver also slipped by Rs 500 to touch a level of Rs 66,000
Gold remained priciest in Tamil Nadu’s capital Chennai where it traded at Rs 54,650 for 10 grams of 24-carat and Rs 50,100 for 22-carat variety. In Delhi, gold retailed at Rs 49,450 and Rs 53,930 for 22-carat and 24-carat varieties on Tuesday. Continuing the trend, gold recorded similar price levels in Mumbai, Kolkata and Hyderabad. Gold prices in these three metropolitan cities were recorded at Rs 49,300 and Rs 53,780 for 22-carat and 24-carat respectively.
In India’s IT capital, Bengaluru, gold prices were Rs 49,350 for 22 carats and Rs 53,830 for 24 carats.
Gold prices in India change from state to state, depending on the tax rates and other charges levied by the government. In the case of ornaments made of yellow metal, the final prices tend to be higher as they factor in aspects like making charges and additional GST
The rebound of dollar comes after reports of a positive trued in the US Servies industry in November. The stronger postin has led to the expectation of a steeper interest rate hike by the US Federal reserve in weeks to come. The gold prices also have been helped by the opening of China, which is the largest consumer of gold in the world.
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