Gold prices in India opened with a downward trend on Friday. On the Multi Commodity Exchange (MCX) India, gold prices saw a slight movement in the red and were down by 0.12 %, trading at Rs 54,45 at 09:15 AM. Silver futures, however, remained stable and rose by 0.35% to touch Rs 67,758.
In the retail market, gold prices plunged on December 23 with the 24-carat variety trading at Rs 54,220 for 10 grams, down by Rs 600 from Thursday’s level. The 22-carat variety of gold was retailing at Rs 49,700 down by Rs 500 from the last recorded level. The prices of Silver also saw no change in the retail market and one Kilogram retails at Rs 70,100.
Spot gold saw a slight change at $1,792.80 per ounce as of 0238 GMT in the global market, while the U.S. gold futures climbed 0.4% to $1,801.80. Spot silver increased by 0.3%, platinum by 0.3%, and palladium by 0.2% to reach $23.63, $980.01, and $1,683.21, respectively.
Chennai, as usual, has recorded the highest gold prices with the yellow metal trading at a price level of Rs 55,260 for the 24-carat variety and Rs 50,660 for the 22-carat type. In Delhi, 24-carat gold traded at Rs 54,380 while 22-carat gold was sold at Rs 49,850 per 10 grams. In Bengaluru, the gold prices recorded were Rs 54,270 for the 24-carat variety and Rs 49,750 for 22 carats. The price of gold remained uniform for Kolkata, Hyderabad, and Mumbai. Ten grams of 24-carat gold retails for Rs 54,220, while the same quantity of 22-carat gold retails at Rs 49,750.
Additional taxes are levied by the Indian states on the purchase of gold, which causes price variations across the nation. Prices for gold jewellery are typically greater than rates since they take into account things like additional GST and making charges on the final good.
In the international market, Comex gold prices are set to finish nearly 2 per cent lower in 2022 due to aggressive monetary policy by central banks across the world. US Federal Reserve announced several interest rate hikes this year, resulting in slower movement in the prices of the yellow metal. After touching an all-time high of $2,075 in March, gold prices have maintained a decline curve due to geopolitical crises and other factors.
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