Gold prices dipped slightly on Tuesday as reduced chances of a US Fed rate cut, easing geopolitical tensions, and a stronger dollar affected investor sentiment. Mumbai and Delhi saw minor variations, while major cities reported steady demand for 22-carat and 24-carat gold
Representational Image. File Pic
Gold prices fell marginally on Tuesday as slight chances of a US Federal Reserve rate cut and easing geopolitical tensions weighed on investor sentiment. In terms of the global market, a stronger US dollar also added pressure on the precious metal.
On the Multi Commodity Exchange (MCX), gold December futures dropped 1 per cent to Rs 1,22,950 per 10 grams. However, the price of 10 grams of gold was recorded at Rs. 1,25,970 for 24-carat gold in Mumbai.
Along with yellow metal, silver too followed the trend, with December futures falling 0.61 per cent to Rs 1,53,209 per kg in early trade.
Amid the declining trend in the last few days, the prices of gold were reportedly due to geopolitical uncertainties and inflation concerns. The downscale trend, however, has not affected the demand for the yellow metal across the country. With bullion demand gradually rising, jewellers in major cities reported increasing enquiries, particularly for 22-carat and 24-carat categories.
Gold Prices in Mumbai
In Mumbai, which is considered one of India’s most active gold markets, the price of 24-carat gold stood at Rs. 1,25,970 per 10 grams, while 22-carat gold was priced around Rs. 1,15,480 per 10 grams. Local traders attributed the increase to stronger international spot prices and steady retail demand. While consumers still keep the demand high.
Gold Price in Delhi
The national capital also saw a marginal change in the gold prices. While the 24-carat gold in Delhi was priced at about Rs 126,110 per 10 grams, the 22-carat gold was priced at Rs 115,620 per 10 grams. Furthermore, the experts have said that Delhi’s prices remain slightly higher due to variations in taxes and logistics.
Gold Prices in Other Major Cities
Chennai:
- 24-carat – Rs 1,26,980
- 22-carat: Rs 1,16,400
Kolkata:
- 24-carat – Rs 1,25,950
- 22-carat – Rs 1,15,460
Bengaluru:
- 24-carat – Rs 1,25,940
- 22-carat – Rs 1,15,450
Analysts said gold currently lacks any strong positive trigger to maintain its previous gains, as reported by IANS. Also, the strong economic data pushed the US dollar index to nearly a six-month high on Friday.
While the index remained above the 100 level on Monday, the movement of the market made gold more expensive for buyers holding other currencies and restricted demand.
(With inputs from IANS)
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