Gold prices fell marginally on Monday after a strong US jobs report released last week boosted the prospect of aggressive interest rate hikes by the Federal Reserve, lifting the dollar and treasury yields.
A solid US payrolls report pushed back against recession fears and lifted the dollar index to its highest since July 28, making gold expensive for other currency holders.
Gold prices on the Multi Commodity Exchange (MCX) surged on Monday, August 8, 2022. Gold futures were trading at Rs 51,970.00 per 10 gm, up 96 points or 0.19%, in the Indian market. Silver futures were trading at Rs 57,867.00 per kg, up 503 points or 0.88%.
In global markets, gold was priced at $1,777.97 per oz while silver was at $20.07. Platinum was trading at $934.50 while palladium was trading at $2,128.50.
In the spot market, 22-carat gold was sold at Rs 50,770 per 10 grams while silver was priced at Rs 57,362 per kg on Friday according to the Indian Bullion and Jewellers Association.
Copper futures were trading at Rs 657.10, up by 0.19% while Natural Gas and Aluminium futures were trading at Rs 625.00 and Rs 212.40 per kg respectively on MCX.
Ten grams of 22-carat gold is being purchased and sold at Rs 47,550 in Mumbai and Kolkata, according to the Good Returns website. The same amount of valuable yellow metal can be purchased for Rs 48,450 in Chennai and Rs 47,700 in New Delhi.
The 24-carat gold price, ten grams of this in-demand metal costs Rs 51,870 in Kolkata and Mumbai. The same quantity is being marketed at Rs 52,850 in Chennai and Rs 52,030 in New Delhi.
In Ahmedabad and Coimbatore, 10 grams of 22-carat gold is being sold at Rs 47,600 and Rs 48,450, respectively. The same amount of 24-carat purity is being traded at Rs 51,930 in Vadodara and Rs 52,850 in Coimbatore.
Ten grams of 22-carat gold costs Rs 47,500 in Vijayawada, Kerala, and Hyderabad. The same amount is worth Rs 47,600 in Mysore, Bengaluru, and Mangalore. Ten grams of 24-carat gold in Kerala, Vijayawada, and Hyderabad is being procured at Rs 51,870. In Bengaluru, Mysore, and Mangalore, the same amount of 24-carat gold is being retailed at Rs 51,930.
Ten grams of 22-carat gold costs Rs 47,700 and Rs 47,580 in Jaipur and Nashik, respectively. The same amount of 24-carat purity costs Rs 52,030 in Jaipur and Rs 51,900 in Madurai.
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Ten grams of 22-carat gold costs Rs 47,580 and Rs 48,450 in Pune and Madurai. The same amount of 24-carat purity may be purchased and sold for Rs 51,900 in Pune and Rs 52,850 in Madurai.