Wednesday, December 7, 2022
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Gold Price Today: Check Rates of Yellow Metal In Your City Ahead of Dhanteras 2022

With Diwali and Dhanteras fast approaching, an uptick in gold and silver purchases is expected. Gold prices in the international market have seen a tumultuous time in recent weeks, dropping due to multiple reasons, primary among them the pressure from the monetary policy put in place by the US Federal Reserve. On MCX India, gold futures today traded at Rs 50, 302 as of 10:30 AM, up by 0.21 per cent. Silver futures also gained, going into the green by 0.18 per cent and trading at Rs 56,113. In the retail market, the precious yellow metal traded at Rs 50,560, witnessing a marginal drop from the level since Wednesday for 10 grams of the 24-carat variety. The 22-carat variety of gold was being sold at Rs 46,350 for the same quantity, recording no change in price from Wednesday. A kg of silver dipped by Rs 250 and traded at Rs 56,150.

In New Delhi, 24-carat gold was sold at Rs 50,730 per 10 grams, while 22-carats of the pricey yellow metal retailed at Rs 46,500 in the city. Amongst the metro cities in the country, gold was the most expensive in Chennai, maintaining a price level of Rs 51,270 and Rs 47,000 for the 24-carat and 22-carat varieties. In Bengaluru, gold prices stood still at Rs 50,620 for 24-carat variety and Rs 46,400 for 22 carats. In Kolkata, Hyderabad, and Mumbai, gold recorded equivalent price levels. Ten grams of 22-carat and 24-carat varieties of gold were available for Rs 46,350 and 50,560, respectively. There has been no change in gold prices since yesterday morning.

Gold prices could differ in different states in India owing to changing tax rates and various other charges imposed by state governments. Buyers also have to pay additional fees such as making charges and additional GST rates for jewellery made of gold.

Currently, the Federal Reserve’s focus on easing inflation, which has not been this high in the US in the past 40 years is a significant factor pushing and pulling gold prices. Speculations about a heavy Fed interest rate hike were virtually confirmed following the ballooned-up US consumer inflation print last week. Rising interest rates and bond yields pale the lustre of gold since it is a non-interest-bearing asset.

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