Gold rates in India slipped on Friday, January 27, on the Multi Commodity Exchange (MCX) as well as in the retail market. On MCX India, gold futures saw a dip of 0.40 per cent, trading at Rs 56,735 as of 10:17 AM. Silver futures showed an opposite trend, noting a gain of 0.18 per cent and trading at Rs 68,800. The price of the precious yellow metal in the international market changed little as investors eyed US inflation data. The US Federal Reserve’s stance on interest rates will depend on inflation reduction (or lack thereof) so far. On Thursday, January 26, gold rates tumbled after data showed the US economy grew faster in the December quarter, spurring bets that the Fed would keep interest rates higher for longer.
The fall in the valuation of the bullion was seen in the Indian retail market as well. Ten grams of 24-carat gold traded at Rs 57,270, a Rs 600 drop from levels last recorded. The price of a similar quantity of 22-carat gold also fell by Rs 600, retailing at Rs 52,500. The cost of a kg of silver remained steady at Rs 72,600.
Region-wise rate variation in the country meant that the cost of 24-carat gold was the highest in Chennai, where 10 grams of the precious metal were being sold at Rs 58,310. In Delhi, the price for the same quantity of 24-carat gold was Rs 57,420. The rate of this variety in Bengaluru was Rs 57,320 for 10 grams. In Mumbai, Kolkata, and Hyderabad 10 grams of the 24-carat gold variety cost Rs 57,270.
The 22-carat variety was also the most expensive in Chennai, costing Rs 53,450 per 10 grams. For 10 grams of 22-carat gold in Delhi, buyers would have to shell out Rs 52,650. Purchasing 10 grams of this variety of gold in Bengaluru costs Rs 52,550. Those in Mumbai, Kolkata, and Hyderabad had to spend Rs 52,500 for 10 grams of 22-carat gold.
Supply and demand factors, speculations regarding future valuation, and exchange rates affect gold prices. The rate of the precious yellow metal in the country varies from region to region since it is subject to differing tax regimes and charges.
Read all the Latest Business News and Budget Live Updates here
Comments
0 comment