Gold prices in India showed a negligible upward trend on Thursday, January 5. On the Multi Commodity Exchange of India, the gold futures were at 0.09 per cent gain and were trading at Rs 55,815. Silver futures were in contrast trading with a 0.14 per cent dip and recorded a level of Rs 69,220 at 11:00 AM. In the Indian retail market, prices for 10 grams of 22 and 24 carats of gold respectively were recorded at Rs 51,110 and Rs 55,760. Both of these prices saw a small hike of Rs 10. The silver prices, however, showed stability and traded at Rs 72,000 for a kilogram.
In the global market, U.S. gold futures moved to 0.1% higher at $1,861.20 and the spot gold was up 0.1% at $1,856.11 per ounce, as of 0302 GMT.
Gold was recorded to be the priciest in the Southern city of Chennai where 10 grams of the 24-carat variety traded at Rs 57,030 and the same quantity of the 22-carat variety retailed at Rs 52,280. In the national capital, New Delhi, the 24-carat variety was recorded at Rs 56,110 for 10 grams. The 22-carat variety of the yellow metal was priced at Rs 51,450, lower than many other cities in the country. Gold prices in Bangalore were Rs 51,350 for the 22-carat and Rs 56,010 for the 24-carat variety. Mumbai, Hyderabad and Kolkata recorded the same price levels for gold. In these cities, the yellow metal cost Rs 51,300 and Rs 55,960 for the 22 and 24-carat varieties respectively.
The taxes and other fees imposed by the various state governments determine how much the price of the precious metal varies from state to state. It should be mentioned that while buying jewellery, the total cost will differ and generally be higher than the daily rates because the making charges and other taxes are also included in determining the price of a finished piece of jewellery.
The minutes of the Federal Reserve’s most recent meeting was revealed, and it was established that all of its officials remained committed to battling inflation and had also concurred on the need to slow rate hikes in 2023. After the release of the meeting minutes, gold held close to a seven-month high on Wednesday.
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