Gold prices on Thursday traded lower, with a sharp drop driven by the US Federal Reserve’s aggressive monetary policy which impacted the metal markets. The Fed on Wednesday announced a hike of 75 basis points in interest rates. Also, the stronger dollar was lowering gold prices. 

Gold prices on the Multi Commodity Exchange (MCX) slipped on Thursday, November 3, 2022. Gold futures were trading at Rs 50,240 per 10 gm, down 366 points or 0.72%, in the Indian market. Silver futures were trading at Rs 57,800 per kg, down 990 points or 1.68%.

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In global markets, gold was priced at $1,629.79 per oz, while silver is priced at $19.19. Platinum was trading at $926.74, while palladium was trading at $1,861.20. 

Copper futures were trading at Rs 653.60 down 0.61% while Natural Gas and Aluminium futures were trading at Rs 504.10 per MMBtu and Rs 199.90 per Kg respectively on MCX.

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In the spot market, the 22-carat gold was sold at Rs 50,820 per 10 grams while silver was priced at Rs 58,627 per kg on Wednesday according to the Indian Bullion and Jewellers Association.

According to the Good Returns website, ten grams of 22-carat gold is being sold for Rs 46,700 in Mumbai and Kolkata. In Chennai, the same amount of yellow metal can be purchased for Rs 47,150. Today, it costs Rs 46,850 in New Delhi.

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The 24-carat gold rate is Rs 50,950 for ten grams of metal in Mumbai and Kolkata. In Chennai, the same amount of gold is being traded for Rs 51,440. It can be purchased for Rs 51,100 in New Delhi.

Ten grams of 22-carat gold costs Rs 46,730 and Rs 46,700 in Patna and Vijaywada, respectively. In Patna, the same amount of 24-carat purity is worth Rs 50,980, while in Vijaywada, it is worth Rs 50,950.

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Ten grams of 22-carat gold costs Rs 46,700 in Kerela, Bhubaneswar, and Vishakhapatnam. The same amount can be purchased for Rs 46,750 in Bengaluru, Mysore, and Surat. In Kerela, Bhubaneswar, and Vishakhapatnam, ten grams of 24-carat gold costs Rs 50,950. The same amount of 24-carat gold can be purchased for Rs 51,000 in Bengaluru, Mysore, and Surat.

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Ten grams of 22-carat gold costs Rs 46,730 and Rs 46,850 in Nashik and Chandigarh, respectively. The same amount of 24-carat purity costs Rs 50,980 in Nashik. It is worth Rs 51,100 in Chandigarh.

Ten grams of 22-carat gold is bought and sold for Rs 46,730 in Nagpur and Vadodara. In both cities, the same quantity of 24-carat purity is sold for Rs 50,980.