Gold futures traded at Rs 55,579 as of 09:08 AM on Tuesday, December 3, rising by 0.73% on the Multi Commodity Exchange (MCX) India. The stable positive trend showed by gold were replicated by silver futures that gained 1.34%, to trade at Rs 70.502. In the global market, spot gold rose up 0.4% at $1,831.24 per ounce as of 0102 GMT. U.S. gold futures also saw a hike of 0.6% to $1,837.50.
The retail markets saw the 24-carat variety of the precious yellow metal trading at Rs 55,580, recording a positive price movement of Rs 540 for 10 grams. The same quantity of the 22-carat variety of gold retailed at Rs 50,950 after a gain of of Rs 500 for this variety from the last recorded prices of Monday. The price of silver, however, remained stable at Rs 71,300 for one kilogram.
Compared to all major Indian cities, Chennai reported the highest price for gold on the day. The price of 10 grams of 22-carat gold was Rs 51,910 and 10 grams of 24-carat gold was Rs 56,630. People in Delhi would have to shell out Rs 55,730 for 10 grams of the 24-carat variety. The price of 22-carat gold in Delhi was Rs 51,100. The cost of gold in Bengaluru was Rs. 55,630 for 24-carat gold and Rs. 51,000 for 22-carat gold. On the other hand, 24-carat gold was selling for Rs 55,580 and 22-carat gold was selling for Rs 50,950 in Hyderabad, Mumbai and Kolkata.
Due to the various taxes that state governments impose on the acquisition of this valuable commodity, gold prices in India differ from state to state. In addition, merchants impose additional making charges on handcrafted pieces of jewellery which leads to the cost of gold jewellery frequently exceeding its retail pricing.
Meanwhile, the US Federal Reserve’s December policy meeting, which is expected later this week, will give traders more information about the direction of the central bank’s tightening in the country. The announcement after the meeting will impact the global gold market trend. After four straight rises of 75 basis points each, the Fed increased rates by 50 basis points in December.
Read all the Latest Business News here