After a strong position on Wednesday, gold prices in India recorded some drop on Thursday, December 15. As of 10.30 am, gold futures traded at Rs 54,275 on the Multi Commodity Exchange (MCX) India, down by 0.73 basis points. Silver futures were in the red by 222 basis points, trading at Rs 67,763.
In the retail market, the 24-carat variety of gold traded at Rs 54,530 for 10 grams, down by Rs 350 from Wednesday’s level. The 22-carat variety of gold also saw a price dip, down by Rs 310 from December 14 levels and trading at Rs 49,990 for 10 grams. Silver prices slipped by Rs 1,700 per kg in the retail market with one kg of the metal priced at Rs 69,300.
Among the major cities of India, yellow metal was the cheapest in Kolkata, Hyderabad, and Mumbai. These three cities recorded the same prices for 24-carat and 22-carat types of precious metal. Here, 24-carat gold retailed at Rs 54,530 while 22-carat gold was priced at Rs 49,990. Gold was the costliest in the metropolitan city of Chennai, where a 24-carat variety of yellow metal retailed at Rs 55,640. The 22-carat type was priced at Rs 51,000 here. In Karnataka’s capital, Bengaluru, gold prices stood at Rs 54,580 for the 24-carat variety and Rs 50,040 for the 22-carat type. In Delhi, the 24-carat variety traded at Rs 54,670 while 22-carat gold was selling at Rs 50,140 per 10 grams.
The regional variation in the price of gold arises because of various taxes levied by the state governments. Additionally, buyers will notice that purchasing gold jewellery from stores will have higher price tags since making charges is also involved in the calculation of the overall worth of the item.
The slow trend in prices of gold globally is attributable to the US Federal Reserve announcing a 0.50 per cent hike in interest rates on Wednesday night. The Fed has also signalled towards more hikes in the future. The Bank of England and the European Central Bank are expected to go down the same path in terms of changing the rate of return on savings. Hike in interest rates on savings dim the lustre of gold, a non-yielding asset.
Read all the Latest Business News here
Comments
0 comment