Gold price edged higher in the domestic market just after
the Reserve Bank of India (RBI) hiked its interest rate on Friday. The prices were marginally up during the early trade due to a weak
dollar. It further got boosted after RBI Governor Shaktikanta Das hiked the
interest rates, adding that the RBI is constantly monitoring the liquidity
situation and will conduct variable repo rate auctions to infuse liquidity in
the system and will continue as per the situation demands.
The yellow metal prices have been falling the past few months due to recession
fears and a strong greenback.
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Gold prices on the Multi Commodity Exchange (MCX) increased
on Friday, September 30, 2022. Gold futures were trading at Rs 50,305.00 per 10
gm, up 118 points or 0.24%, in the Indian market. Silver futures were trading
at Rs 56,904.00 per kg, up 744 points or 1.32%.
In global markets, gold was priced at $1,667.33 per oz,
while silver is priced at $19.16. Platinum was trading at $877.00, while
palladium was trading at $2,211.00.
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Copper futures were trading at Rs 650.20 up 0.38% while
Natural Gas and Aluminium futures were trading at Rs 563.00 and Rs 195.00 per
Kg respectively on MCX.
In the spot market, the 22-carat gold was sold at Rs 48,800
per 10 grams while silver was priced at Rs 55,658 per kg on Thursday according
to the Indian Bullion and Jewellers Association.
Earlier this morning, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) raised the repo rate by 50 basis points to 5.90% in a bid to control inflation, which has remained above its tolerance level for the past 8 months.
This is the fourth straight rate hike after a 40 basis points increase in May and a 50 basis point hike each in June and August. In total, RBI has raised the benchmark rate by 190 basis points or 1.90% since May this year.
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According to the Good Returns website, ten grams of
22-carat gold is being sold for Rs 46,650 in Mumbai and Kolkata. In Chennai,
the same amount of yellow metal can be purchased for Rs 46,970. Today, it costs
Rs 46,800 in New Delhi.
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The 24-carat gold rate is Rs 50,900 for ten grams of metal
in Kolkata and Mumbai. In Chennai, the same amount of gold is being traded for
Rs 51,240. It can be purchased for Rs 51,050 in New Delhi.
Ten grams of 22-carat gold costs Rs 46,680 and Rs 46,800 in
Pune and Jaipur, respectively. In Pune, the same amount of valuable metal is
worth Rs 50,930, while in Jaipur, it is worth Rs 51,050.
Ten grams of 22-carat gold costs Rs 46,650 in Vijayawada,
Bhubaneswar, and Vishakhapatnam. The same amount can be purchased for Rs 46,700
in Mysore, Mangalore, and Surat. In Vijayawada, Bhubaneswar, and
Vishakhapatnam, ten grams of 24-carat gold costs Rs 50,900. The same amount of
24-carat gold can be purchased for Rs 50,950 in Mangalore, Mysore, and Surat.
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Ten grams of 22-carat gold costs Rs 46,430 and Rs 46,800 in
Patna and Madurai, respectively. The same amount of 24-carat purity costs Rs
50,650 in Patna. It is worth Rs 51,050 in Madurai.
Ten grams of 22-carat gold is bought and sold for Rs 46,800
in Chandigarh and Lucknow. In both cities, the same quantity of 24-carat purity
is sold for Rs 51,050.