Gold prices up despite Rupee, stronger dollar

Domestic gold prices went up again on Saturday despite a falling Rupee and a stronger dollar. The price of gold in India was up to Rs 50,730, up Rs 530 from yesterday's close of Rs 50,200, for 10 grams of 24 carat gold. The price for 10 grams of 22 carat gold is Rs 46,500 after an increase of Rs 500. The silver prices were down to Rs 56,800 per kg.

On Friday, the price of gold fell to a six month low of Rs 49,250 per 10 grams. On MCX, gold futures settled at Rs 49,399, down 1.2 per cent, while silver settled at Rs 56,275 per kg, down 3 per cent.

As a result of the raft of central bank interest rate hikes, stock markets, bond prices, commodities, andcryptocurrencies all fell this week, it was 5 year lows. The spot gold price was at a 2 year low of $1,643 per ounce after hitting its intraday low of $1,639 per ounce.

In Mumbai and Kolkata, 24 carat gold is selling at Rs 50,730 per 10 gram, while 22 carat gold is trading at 46,500, respectively. In Delhi, 24 carat and 22 carat gold are trading at Rs 50,890 and Rs 46,650 per 10 gm.

In Chennai, 24 carat and 22 carat gold is trading at Rs 50,950 and 46,700. It is important to note that gold prices vary from city to city and depend on taxes and duties levied by the state government.

Commodity prices fell worldwide on Friday. Volatility in the markets and dramatic FX plays did not leave gold untouched, as the precious metal fell another 1.7 per cent this week in the international market. The US Fed increased its fund rates by 75 basis points for the third time in a row after raising rates by 75 basis points at the end of 2022 and to 4.6 per cent in 2023. Experts feel that the base trend for gold is negative due to hawkish Fed measures, but there can be signs of a revival or at least the US dollar can lend some support. Domestic prices have been helped by the weaker rupee, which touched the 81 mark on Friday.