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Gold and silver both posted lower prices in Indian markets on Wednesday as global investors may be worried about the US Federal Reserve’s next steps following the release of inflation data later this week. week. On Wednesday, a gram of 22-carat gold is available at Rs 4,680, up from Rs 4,705 a day ago. Meanwhile, an equal amount of 24-karat gold is available at Rs 5,105, down from Rs 5,133 on Tuesday.
On the MCX, the price of gold futures expiring on December 5 stands at 50,814 rupees per 10 grams, registering a decline of 0.60% today.
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In international markets, the yellow metal fell 0.7% to $1,682 an ounce as renewed bets of sharp rate hikes by the Fed lifted the US dollar. The dollar index rose 0.2%, making gold more expensive for buyers holding other currencies. In India, gold prices are always dependent on international prices and the performance of the Indian rupee against the US dollar.
Domestic prices
In Mumbai and Kolkata, 24 karat gold sells for Rs 50,890 per 10 grams, while 22 karat gold trades at Rs 46,650, respectively. In Delhi, 24 karat and 22 karat gold are trading at Rs 51,050 and Rs 46,800 for 10g, respectively.
In Chennai, 24 karat and 22 karat gold are trading at Rs 51,600 and Rs 47,300, respectively.
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It should be noted that gold prices vary from city to city and depend on taxes and duties levied by the state government.
| Cities | 22 karat gold price | 24 karat gold price |
| Chennai | 47,300 rupees | 51,600 rupees |
| Bombay | 46,650 rupees | 50,890 rupees |
| delhi | 46,800 rupees | 51,050 rupees |
| Kolkata | 46,650 rupees | 50,890 rupees |
| bangalore | 46,700 rupees | 50,950 rupees |
| Hyderabad | 46,650 rupees | 50,890 rupees |
Price and performance
Gold is seen as a hedge against inflation and economic uncertainty. But rising interest rates reduce the attractiveness of the asset, which pays no interest.
According to global analysts, traders expect interest rates to rise another 75 basis points at the Fed meeting next month. Traders are now mostly worried about US inflation data due later this week. Analysts say although US consumer price inflation is slowing, the Fed may continue its hawkish policy, at least for now. They added that the yellow metal is seeing a decline as upbeat US data supports the dollar index and US bond yields.
In international markets, gold prices have fallen more than $350 since breaking above the $2,000 mark in March amid aggressive US monetary policy tightening.
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