Gold prices in India recorded a slight dip on November 23, after a few days of steady increase. On Multi Commodity Exchange (MCX) India, Gold futures today traded at Rs 52,205 as of 10:47 AM, down by 0.16 percent. Silver futures saw a decline by 0.13 percent, trading at Rs 60,908. In the retail market, gold traded at Rs 48,250, recording a price decrease of Rs 100 from Tuesday’s levels for 10 grams of the 22-carat variety. The 24-carat variety of gold also saw a minor dip on Rs 110, retailing at Rs 52,640 for ten grams. A kilogram of silver retailed at Rs 61,000, down by Rs 200 from its recorded price on Tuesday.
The yellow metal still remains the most expensive in the South Indian city of Chennai, at a pricing of Rs 53,290 for the 24-carat variety and Rs 48,850 for the 22-carat type. In Delhi, 22-carat gold is sold at Rs 48,400 per 10 grams, while 22-carat gold trades at Rs 52,800. In Bengaluru, gold prices stood at Rs 52,700 for 24-carat variety and Rs 48,300 for 22 carats. The price of gold was the same in Mumbai, Hyderabad and Kolkata. Ten grams of 22-carat gold were available for Rs 48,250, while the same quantity of 24-carat gold retailed at Rs 52,640.
The price of gold on the international market was static on Wednesday as investors refrained from placing large wagers in anticipation of the US Federal Reserve’s most recent policy meeting minutes, which may provide information on future interest rate increases.
The Fed is anticipated to raise interest rates by 50 basis points, which is expected to put pressure on gold prices. By 0121 GMT, spot gold was unchanged at $1,739.90 per ounce. American gold futures increased by 0.1% to $1,741.60.
State-wise changes in tax rates and other government fees are the reason behind the difference in gold prices across India. The making charges imposed when purchasing gold jewellery also lead to an increase in the pricing of gold.
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