There was a sharp rise in the prices of gold and silver in the futures market on Tuesday. On Multi Commodity Exchange i.e. MCX, at 9.49 am, the price of gold for December delivery was recorded at Rs 1,25,190 per 10 grams, an increase of 1.08 percent compared to the previous session. At the same time, the price of silver for December delivery was also recorded at Rs 1,56,190 per kg with a strong jump of 1.50 percent compared to the previous session.
How much gold reached in Delhi, Mumbai, Kolkata and Chennai
According to goodreturns, on Tuesday, gold prices showed stability with a slight increase in the major metros of the country. The prices per gram of gold of different carats were as follows:
Delhi
24 carat gold: ₹12,719 per gram
22 carat gold: ₹11,660 per gram
18 carat gold: ₹9,543 per gram
Mumbai
24 carat gold: ₹12,704 per gram
22 carat gold: ₹11,645 per gram
18 carat gold: ₹9,528 per gram
Kolkata
24 carat gold: ₹12,704 per gram
22 carat gold: ₹11,645 per gram
18 carat gold: ₹9,528 per gram
Chennai
24 carat gold: ₹12,786 per gram
22 carat gold: ₹11,720 per gram
18 carat gold: ₹9,780 per gram
The price of 24 carat gold was recorded the highest in Chennai among the four metros, while the rates remained the same in Mumbai and Kolkata.
Gold price in global market today
Gold prices rose to near $ 4,140 an ounce amid Fed’s dovish policy signals. Gold prices rose to around $4,140 an ounce on Tuesday, extending the previous session’s gains. According to tradingeconomics, this increase was seen because the expectations of interest rate cut in America next month have become stronger after the soft stance of the Federal Reserve.
Bullion gained nearly 2% on Monday after Fed Governor Christopher Waller reiterated his support for an interest rate cut in December. He said continued weakness in the US labor market indicates the need for cuts. Earlier on Friday, New York Fed Chairman John Williams had also indicated that a rate cut remains a possibility in the near future. Markets are currently predicting an 81% chance of a 25 basis points rate cut in December, up from about 40% a week ago.
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