Gold prices showed an upward trend on Friday. On MCX, the gold futures, with a 0.06 per cent gain, were trading at Rs 50,219. Silver futures were trading with a 0.40 per cent gain and recorded a level of Rs 56,383 at 9: 40 AM. The prices of the precious yellow metal had seen a dip amidst a sturdy dollar after the recent interest hike by the US Federal Reserve. In the Indian retail market, gold prices showed stability and traded at Rs 46,410 and Rs 50,630 for 10 grams of 22 and 24 carats gold respectively. The silver prices, however, saw a dip from yesterday’s level at traded at Rs 56,100 for a kg
Gold was the priciest in the national capital, New Delhi, for the 24-carat variety and traded at Rs 50,790 for grams. The 22-carat variety of the yellow metal, however, was priced at Rs 46,560, lower than many other cities in the country.
Mumbai, Hyderabad and Kolkata recorded similar price levels for gold today. In these cities, the precious metal cost Rs 46,410 and Rs 50,630 for the 22 and 24 carats, respectively.
In Bengaluru, 22-carat gold retailed at Rs 46,460 whereas the 24-carat variety recorded a level of Rs 50,680.
Gold prices in Chennai were Rs 46,810 for 22-carat and Rs 51,060 for 24-carat variety.
The prices of the precious yellow metal change from state to state depending upon the taxes and other charges levied by the respective state governments. It must be noted that in the case of purchasing a jewellery item, the final price will be higher than the daily rates as it also factors in the making charge and other additional taxes.
Gold prices are likely to see an upward trend with the expectation of a demand surge in the ongoing festive season. Gold prices globally had been struggling due to the US Federal Reserve’s aggressive monetary tightening stance that has kept the dollar sturdy.