Gold prices in India continued their strong movement on Wednesday, January 4. On the Multi Commodity Exchange of India, gold futures traded at Rs 55,790 recording a 0.47 per cent gain at 11:50 AM. Silver futures were also seen rising towards the green by 0.34 per cent and traded at Rs 70,157 per kg. In the global market, Spot gold was up by 0.3% at $1,845.56 per ounce, as of 0558 GMT. On the other hand, U.S. gold futures were up 0.3% at $1,851.30.
The Indian retail market saw gold trading at Rs 51,100 for 10 grams of 22-carat variety and Rs 55,750 for 24 carats, both up by Rs 150 and Rs 160 respectively. Silver prices seem to be maintaining their stable trend with no change in prices for yet another day. A kilogram of silver retailed at Rs 72,000.
Gold was recorded as the highest in Chennai where it retailed at Rs 56,800 for 10 grams of 24-carat and Rs 52,080 for 22 carats. In Mumbai, Kolkata and Hyderabad, Gold recorded similar price levels. For 10 grams of 22-carat gold, people will have to shell out Rs 51,100 whereas the 24-carat variety is traded at Rs 55,750. In the national capital, New Delhi, gold retailed at Rs 51,250 and Rs 55,900 for the 22 and 24 carats variety of the yellow metal respectively. Gold prices in Bengaluru were recorded at Rs 51,150 for the 22-carat variety and Rs 55,800 for the 24-carat variety.
Due to different tax rules and other fees imposed by governments, gold prices in India vary from state to state. Gold jewellery costs more than the rates since they also include factors like production costs and extra GST rates that apply to completed ornaments.
The outcome of the US Federal Reserve’s meeting on Wednesday will impact the gold rates global. The US Central bank is likely to announce another interest rate hike, continuing its policy-tightening efforts. After four consecutive rate hikes of 75 basis points each, the U.S. central bank increased rates by 50 bps in December.
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