Gold prices were unchanged on Tuesday, remaining close to a one-week low that had been reached in the previous trading session. This was due to the fact that a strong dollar and the possibility of additional oversized rate hikes by the US Federal Reserve reduced the allure of the asset that offered no yield. Gold is frequently thought of as a hedge against inflation; but, as interest rates in the United States continue to rise, the opportunity cost of storing non-yielding gold increases.
Gold prices in India have experienced a precipitous drop over the past several days, with the drop being largely attributed to foreign cues and the fluctuating prices of other commodities. On Tuesday, October 11, 2022, gold prices on the Multi Commodity Exchange (MCX) went down. In the Indian market, gold futures were being traded at Rs 50,900.00 per 10 gm, which was 123 points or 0.24% lower than their previous price. Futures contracts for silver were being traded at Rs 58,495.00 per kg, which was a decrease of 607 points, or 1.03%.
On the international financial markets, the price of an ounce of gold was $1,667.48, while the price of silver was $19.42. The price of trading platinum was $894.00, while the price of trading palladium was $2,180.50. Copper futures were trading at Rs 651.25, an increase of 0.13 percent, while natural gas futures and aluminum futures were trading at Rs 539.70 and Rs 196.90 per Kg, respectively, on MCX. According to the Indian Bullion and Jewellers Association, the price of 22-carat gold on the spot market was Rs 49,890 per 10 grams on Monday, while the price of silver was Rs 58,949 per kilogram.
According to the website Good Returns, the going rate for ten grams of gold with a 22-karat purity is currently Rs 46,900 in both Mumbai and Kolkata. For the same amount of yellow metal, one may acquire it in Chennai for the price of Rs 47,400. In New Delhi, the price as of right now is Rs 47,050. In both Kolkata and Mumbai, the price of 24k gold is Rs 51,161 for every 10 kilos of the precious metal. The same quantity of gold may be bought and sold in Chennai for Rs 51,710 per ounce. In New Delhi, one may get it for the price of 51,330 rupees.
The price of ten grams of gold with a 22-carat purity is Rs 46,930 in Pune and Rs 47,050 in Jaipur respectively. In Jaipur, the same quantity of valuable metal is worth Rs 51,330, however in Pune it is only worth Rs 51,190. The price of gold in Vijayawada, Bhubaneswar, and Vishakhapatnam is 46,900 rupees for ten grams of 22-karat purity. The same quantity may be purchased in Mysore, Mangalore, and Surat for a total price of Rs 46,950. The price of ten grams of 24-karat gold is Rs 51,160 in Vijayawada, Bhubaneswar, and Vishakhapatnam respectively. The exact same quantity of gold that is 24 carats may be bought for Rs 51,220 in Mangalore, Mysore, and Surat.
In Patna, the price of ten grams of gold with a 22-carat purity is Rs 46,930, whereas in Madurai it is Rs 47,400. Patna charges 51,190 rupees for the same quantity of 24-carat pure gold. In Madurai, it would cost 51,710 rupees. The price of buying and selling ten grams of gold with a 22-carat purity in Chandigarh and Lucknow is Rs 47,050. The same quantity of 24-carat purity can be purchased for Rs 51,330 in either of the cities.
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