Gold Prices Today: Gold prices had a slow start on Tuesday ahead of a possible hike in rates by the US Federal Reserve rate. Having been brought under pressure, the precious metal was down to Rs 50,200 per 10 grams for 24-carat and Rs 45,850 per 10 grams for 22-carat in India. Coming to silver, the metal was steady and remained at Rs 56,700 per kilogram.
State-wise, the metals showed subtle variations in the prices due to the different taxes and duties levied by the state governments. In Delhi, gold, for 10 grams of 24-carat, was priced at Rs 50,530, while for 10 grams of 22-carat, buyers would have to shell out Rs 46,000. In the financial capital, Mumbai, the 24-carat gold prices and 22-carat gold prices hovered at Rs 50,020 per 10 grams and Rs 45,850 per 10 grams.
Kolkata mirrored the prices in Mumbai as the 24-carat gold retailed at Rs 50,020 and the 22-carat gold was priced at Rs 45,850. Chennai, on the other hand, witnessed the price of the 24-carat yellow metal at Rs 50,530 and the price for 22-carat gold at Rs 46,320.
These prices are influenced by the international markets. Looking at the market overseas, spot gold was retailing at $1,676.80 per ounce, as of 0037 GMT, around 6 am in India. US Gold futures saw a rise of 0.5 percent and stayed at $1,686.70. Coming to spot silver, the international markets retailed the metal at $19.48 per ounce. Platinum, which dipped 0.1 percent, retailed at $918.29. Palladium, too, followed the trend and saw a dip of 1.5 percent, finally being priced at $2,191.75.
The US Fed is expected to raise interest rates by 75 basis points. As per a Reuters report, the markets are even expecting a bump of 19 percent and touch a 100 basis points increase. The increased bps rate is triggering fears of recession and inflation in the United States. As a result, investors are advised to maintain a cautious stance.
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