Gold prices have been under pressure since the US currency began to rise.
Ever since the dollar started moving up in value, gold prices have been under pressure. The price of the yellow metal has been declining as the US Federal Reserve remained steadfast in its aggressive approach to reducing inflation. Because gold is a non-yielding asset and interest rates have been frequently raised by the Fed, gold prices have fallen as a result.
Since gold bullion is a non-yielding asset, the Fed has frequently raised interest rates, which has caused a decline in gold prices.
Demand increases brought on by the holiday season and impending wedding season in India helped gold prices gain some ground. While keeping a watch on US inflation data, which will influence the Fed's response to the interest rate hike, investors remain wary of global events and decisions.
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As of 10:19 AM on the Multi Commodity Exchange (MCX) in India, gold futures were trading at Rs 51,524, up 0.03 per cent. Silver futures were at Rs 61,262 and were down 0.49 per cent. The price of 10 grams of 24-carat gold in the retail market was Rs 51,670, unchanged from Wednesday's levels. The price of ten grams of 22-carat gold, which is sold for Rs 47,360, remained stable at levels from November 9. Retail prices for 1 kilogram of silver increased by Rs 300 from their previous records to Rs 61,400.
In Chennai, a city in southern India, gold was the most costly metal, maintaining a price of Rs 52,580 for the 24-carat variety and Rs 48,200 for the 22-carat variety. In Delhi, 10 kilos of 24-carat gold went for Rs 51,770 while 22-carat gold cost Rs 47,460. Prices for 24-carat gold in Bengaluru were Rs 51,720, and those for 22-carat gold were Rs 47,410. The cost of the yellow metal was the same in Mumbai, Kolkata, and Hyderabad. 10 grams of 22-carat gold could be purchased for Rs 47,360, while 24-carat gold cost Rs 51,670 each gram.
Due to changes in tax rates and other government fees, gold prices in India fluctuate from state to state. The cost of making charges when purchasing gold jewellery also means that costs are likely to increase.
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