Gold prices slipped once again on Monday after having recorded a three-week high in the previous session. The price of gold went up by 3 per cent on Friday after the US dollar fell close to 2 per cent. The slip in the currency came after US jobs data amped up hopes about the Federal Reserve adopting a less aggressive stance on rate hikes in the future. However, with the US dollar regaining some strength, the price of the bullion went down. Yet, it has become more expensive for those holding other currencies.
According to Reuters, as of 0449 GMT, spot gold was down 0.4% at $1,672.99 per ounce. US gold futures were flat at $1,676.30.
On Multi Commodity Exchange (MCX) India, Gold futures today traded at Rs 50,933 as of 10:29 AM, up by 0.13 per cent. Silver futures declined, in the red by 0.35 per cent, trading at Rs 60,324. In the retail market, gold traded at Rs 50,160, recording a price drop of Rs 120 from previous levels for 10 grams of the 24-carat variety. The 22-carat variety of gold was also down by Rs 100, retailing at Rs 46,900 for ten grams. A kg of silver retailed at Rs 60,400, down by Rs 100 from its last recorded price.
Gold was the most expensive in the South Indian city of Chennai, maintaining a price level of Rs 52,100 for the 24-carat variety and Rs 47,750 for the 22-carat type. In Delhi, 24-carat gold was sold at Rs 51,330 per 10 grams, while 22-carats traded at Rs 47,050. In Bengaluru, gold prices stood at Rs 51,210 for 24-carat variety and Rs 46,950 for 22 carats. The price of the yellow metal was the same for Kolkata, Hyderabad, and Mumbai. Ten grams of 22-carat gold were available for Rs 46,900, while the same quantity of 24-carat gold retailed at 51,160.
Gold prices in India vary from state to state due to the changes in tax rates and other charges levied by the government. One is also likely to see raised prices when buying gold jewellery since that involves making charges.
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