Domestic gold prices rose again on Friday due to the upcoming festive season. Gold prices in India were up to Rs 50,360 for 24-carat gold (10 grams), while for 22-carat gold (10 grams) it was Rs 46,160. Silver prices were trading at Rs 58,000 per kilogram.
In the international market, gold prices were flat as the dollar index was down 0.1 per cent, though it hovered around its 20-year peak scaled on Thursday in the wake of a 75-basis-point rate hike by the US central bank and its hawkish outlook. Spot gold was flat at $1,671.60 per ounce by 0107 GMT. US gold futures ticked 0.1 per cent higher to $1,682.80.
| Gram | Price for 22-carat gold | Price for 24-carat gold |
| 1 gram | Rs 4,616 | Rs 5,036 |
| 10 grams | Rs 46,160 | Rs 50,360 |
Gold, silver prices in India
In national capital Delhi, the gold price for 24 carat (10 grams) is Rs 50,360, while 22 carat (10 grams) is available at Rs 46,160. In Kolkata, 24-carat gold (10 grams) is available for Rs 50,210, while 22 carat (10 grams) is Rs 46,010.
On the other hand, the price of 24-carat gold (10 grams) in Mumbai is Rs 50,210, while 22 carat gold (10 grams) is Rs 46,010. In Chennai, 24-carat gold (10 grams) is available for Rs 51,010, and 22 carat (10 grams) is available for Rs 46,760. It is to be noted that gold prices are vary from city to city and depend on taxes and duties levied by the state government.
| Cities | 22-Carat Gold Rates | 24-Carat Gold Rates |
| Chennai | Rs 46,760 | Rs 51,010 |
| Mumbai | Rs 46,010 | Rs 50,210 |
| Delhi | Rs 46,160 | Rs 50,360 |
| Kolkata | Rs 46,010 | Rs 50,210 |
| Bangalore | Rs 46,060 | Rs 50,250 |
| Hyderabad | Rs 46,010 | Rs 50,210 |
Will gold shine during the festive season?
Gold prices in India have seen a downward movement since the end of February 2022 after the Russia-Ukraine war started. The price of 24-carat gold was about Rs 55,000 per 10 grams at the end of February. At present, it is around Rs 50,210 per 10 grams.
Despite the fluctuations in the market due to geopolitical reasons, India's gold demand went up by 43 per cent during the April-June quarter around the Akshaya Tritya time. According to a World Gold Council (WGC) report published in July 2022, India's April-June quarter gold demand stood at 170.7 tonnes, higher from 119.6 tonnes during the corresponding quarter in 2021. In terms of value, India's gold demand increased by 54 per cent during the second quarter to Rs 79,270 crore, compared to Rs 51,540 crore in the corresponding quarter of 2021.
Experts are expecting the forthcoming festive season followed by the wedding season to be good in terms of sales if the gold value is under Rs 50,000 per 10 grams.
Commodity market experts feel that as gold prices will remain under pressure on expectations of more interest rate hikes from the US Federal Reserve and a strong US greenback. Therefore, the chances of intense volatility in gold prices are less in the coming months.
(With agency inputs)