Gold prices fell on Tuesday despite a muted dollar.
Concerns of looming aggressive interest rate hikes by the US Federal Reserve
weighed on the bullion. A fourth 75-basis-point Fed interest rate increase is
expected next month after the data showed inflation increasing sharply in
September. Gold has declined nearly 10% so far this year as a sharp US rate
hike increased the opportunity cost of holding the non-yielding asset and
boosted the dollar and bond yields.
Also Read | Top 5 cryptocurrencies of the day: Bitcoin up, Cardano trends at no. 1
Gold prices on the Multi Commodity Exchange (MCX) were
stable on Tuesday, October 18, 2022. Gold futures were trading at Rs 50,459.00
per 10 gm, down 14 points or 0.03%, in the Indian market. Silver futures were
trading at Rs 56,450.00 per kg, up 143 points or 0.25%.
In global markets, gold was priced at $1,651.85 per oz,
while silver is priced at $18.75. Platinum was trading at $923.00, while
palladium was trading at $2,011.50.
Also Read | Rupee rises 17 paise to 82.13 versus US dollar
Copper futures were trading at Rs 644.20 up 0.24% while
Natural Gas and Aluminium futures were trading at Rs 493.00 and Rs 197.00 per
Kg respectively on MCX.
In the spot market, the 22-carat gold was sold at Rs 49,220
per 10 grams while silver was priced at Rs 55,643 per kg on Monday according to
the Indian Bullion and Jewellers Association.
Also Read | Oil trades flat as weak US dollar, recession jitters weigh on market
According to the Good Returns website, ten grams of
22-carat gold is being sold for Rs 46,420 in Mumbai and Kolkata. In Chennai,
the same amount of yellow metal can be purchased for Rs 47,050. Today, it costs
Rs 46,570 in New Delhi.
The 24-carat gold rate is Rs 50,640 for ten grams of metal
in Kolkata and Mumbai. In Chennai, the same amount of gold is being traded for
Rs 51,310. It can be purchased for Rs 50,790 in New Delhi.
Also Read | Apple halts plans to use China’s YMTC chips
Ten grams of 22-carat gold costs Rs 46,450 and Rs 46,570 in
Pune and Jaipur, respectively. In Pune, the same amount of valuable metal is
worth Rs 50,670, while in Jaipur, it is worth Rs 50,790.
Ten grams of 22-carat gold costs Rs 46,420 in Vijayawada,
Bhubaneswar, and Vishakhapatnam. The same amount can be purchased for Rs 46,470
in Mysore, Mangalore, and Surat. In Vijayawada, Bhubaneswar, and
Vishakhapatnam, ten grams of 24-carat gold costs Rs 50,640. The same amount of
24-carat gold can be purchased for Rs 50,710 in Mangalore, Mysore, and Surat.
Also Read | Week ahead: Quarterly results, dollar movement to guide equity markets
Ten grams of 22-carat gold costs Rs 46,450 and Rs 47,050 in
Patna and Madurai, respectively. The same amount of 24-carat purity costs Rs
50,670 in Patna. It is worth Rs 51,310 in Madurai.
Ten grams of 22-carat gold is bought and sold for Rs 46,570
in Chandigarh and Lucknow. In both cities, the same quantity of 24-carat purity
is sold for Rs 50,790.