Taking a cue from the trend in the international market, gold prices in India maintained a flat position on Wednesday. The prices of the yellow metal saw a negligible drop and traded at Rs 49,790 for 22 carat and Rs 54,320 for the 24-carat variety. On Multi Commodity Exchange (MCX) India, gold futures record a slight positive movement, trading 0.18 per cent in greens at 10 19 AM. Silver futures were up by 0.24 per cent, touching a level of Rs 68,940. In the retail market, a kg of silver traded at Rs 71,000.
Gold was the cheapest to buy in Mumbai, Kolkata and Hyderabad among major Indian cities. In these three metropolitans, gold traded at Rs 49,790 for 22-carat and Rs 54,320 for 24-carat varieties. In Delhi, 10 grams of 22-carat gold retailed for Rs 49,940 while a similar quantity of 24-carat variety was available for Rs 54,480.
In Chennai, gold traded at Rs 50,390 and Rs 54, 970 for 22 and 24-carat varieties respectively.
In Bengaluru, gold prices traded at Rs 49,840 for 22-carat and Rs 54,380 for 24-carat variety.
Gold prices in India vary in different states, depending upon the various taxes and other charges levied by the governments. In the case of ornaments, the cost tends to be higher due to factors like making charges and additional GST.
The prices of gold in the international market remained flat amidst investors gearing up for the key inflation data and the expected announcement of yet another interest rate hike by the US Federal Reserve. Spot gold remained stable at $1,809.35 per ounce, as of 0046 GMT and US gold futures showed similar trends, slipping 0.2 per cent to touch down $1,821.10.
The US Federal Reserve is likely to make the announcement after its final meeting of 2022, currently underway. The price of gold could see some movement after that. Gold has gained some stability after the opening up of the economy in China, the largest consumer of gold in the world. Several cities in China had seen lockdowns after a spike in COVID-19 cases.
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