Prices for gold are at an extremely low price nearly a year away from a drop in rates. In light of the increasing inflation rate and the rising demand for gold in India, demand for gold is expected to decrease from October and December by one quarter, as compared to the previous year. The rising costs of living are reducing demands for gold as the World Gold Council (WGC) declared on Tuesday. India has been identified as the second-largest user of precious metal around the globe. The declining demand in India will put pressure on rates. Gold’s price is already under pressure because of inflation. US Federal Reserve Bank’s drastic rate of interest (meant to reduce rising inflation within the US). An increase in interest rates can increase the for holding gold as an asset that has no yield. Prices for gold are likely to shift based upon the outcomes of the Fed’s policy meeting regarding interest rates scheduled for November 1 and 2.
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In MCX India, Gold futures today were trading at Rs 50,280 at 10:22 am and were down 0.08 percent. Silver futures are on the rise and were in the green by 0.99 percent, and trading at an average of Rs 58,249. In the retail market gold was traded at 50,180. This was a decrease of Rs 660 since Monday’s prices in exchange for 10 grams, which is the 24 carat variety. The 22-carat version of gold was also reduced by Rs 600, and retailed at Rs 46,000 for 10 grams. One kilogram of silver was sold at 58,300 rupees, which was increasing by 800 rupees since the 31st of October.
The most expensive gold was found of the precious metals in South Indian city of Chennai with a cost of Rs 51,330 for the 24 carat variation and Rs 47.050 for the 22-carat variety. In Delhi the 24-carat gold was offered at Rs 50,350 for 10 grams and 22-carats were sold at the price of Rs 46,150. In Bengaluru the prices for gold were at Rs 50,230 , for the 24-carat varieties and an amount of Rs 46,050 when it comes to 22 carats. The cost of yellow metal was the same in Kolkata, Hyderabad, and Mumbai. Ten grams of 22-carat gold were sold for just Rs 46,000. the same amount of 24-carat gold was priced at 50,180.
In India the prices of gold fluctuate between states due to the changes in tax rates as well as other charges imposed by the state governments.
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