Gold Price Today: Check Gold And Silver Rates in Your City on October 19
Gold Price Today: Check Gold And Silver Rates in Your City on October 19
A survey of the gold industry has revealed that people in the know believe the precious metal will rebound in the coming year, despite higher interest rates.

A survey of the gold industry has revealed that people in the know believe the precious metal will rebound in the coming year, despite higher interest rates. Since March, following the Russo-Ukraine conflict, gold has fallen about 20%. A more stringent monetary policy, especially the one put in force by the Federal Reserve, has burdened the non-yielding precious metal. However, the bullion has made modest gains with the dollar’s strength letting up a little.

On Multi Commodity Exchange (MCX) India, gold futures maturing on December 5 today traded at Rs 50,276 as of 10:45 AM, down by 0.27 percent. Silver futures also slipped, going into the red by 0.20% and trading at Rs 56,242. In the retail market, gold traded at Rs 50,780, recording an upward price change of Rs 140 since Tuesday’s level for 10 grams of the 24-carat variety. The 22-carat gold variety was being sold at Rs 46,550 for the same quantity- an increase of Rs 130 since yesterday. A kg of silver retailed at Rs 56,400, a drop of Rs 200 since yesterday’s level.

In New Delhi, 24-carat gold retailed at Rs 50,950 per 10 grams, whereas 22-carats of the pricey yellow metal recorded a level of Rs 46,700. Amongst the metropolitan cities, gold remained the costliest in Chennai, with a price level of Rs 51,270 and Rs 47,000 for the 24-carat and 22-carat varieties, respectively. Gold prices in Bengaluru moved to Rs 50,840 for 24-carat variety and Rs 46,600 for 22 carats. In Mumbai, Kolkata, and Hyderabad, gold recorded similar price levels. Ten grams of 22-carat and 24-carat varieties of gold were available for Rs 46,550 and 50,780, respectively.

Gold prices in India vary from state to state depending upon the changing tax rates and various charges levied by state governments. For jewellery made of gold, buyers would have to pay an additional price as they also factor in aspects like making charges and additional GST rates.

A major factor influencing gold prices is the Fed’s focus on easing inflation, which is at its highest in 40 years in the US. Speculations about a hefty Fed interest rate hike were cemented following the ballooned-up US consumer inflation print last week. Increasing interest rates and bond yields dull gold’s lure, increasing the opportunity cost of retaining the non-interest-bearing asset.

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