The price of gold vary for different regions based on certain parameters such as the excise duty, making charges and the state taxes
Investors keep a close eye on the U.S. central bank's Federal Open Market Committee's two-day meeting scheduled to begin on May 3.
Oil also declined as China's measures to curb Covid-19 threatened a further hit to fuel demand
The market is concerned that the Fed could be quite hawkish, pricing in a 50 basis point hike, and it could be 75 basis points in July, said Stephen Innes, managing partner at SPI Asset Management
The price of gold vary for different regions based on certain parameters such as the excise duty, making charges and the state taxes
However, some of them feel that the recent surge in gold prices could become a hindrance
The price of gold vary for different regions based on certain parameters such as the excise duty, making charges and the state taxes
The India trend is contrary to global demand for gold, which went up by 34 per cent YoY to 1,234 tonnes, the highest since Q42018.
The price of 10 grams of 24 carat gold in Delhi and Mumbai is at par with the price of 10 grams of 24 carat gold in Bengluru, Kolkata and Hyderabad i.e., Rs 52,370
The dollar index had reached a five-year top of 103.28, and a further push above 103.82 would see it to levels not visited since late-2002
The gold price differs in regions based on parameters such as making charges, excise duty, and state taxes.
In the previous trade, the precious metal had settled at Rs 51,491 per 10 grams
The gold price differs in regions based on parameters such as making charges, excise duty, and state taxes.
The dollar eased from a two-year high scaled in the previous session, making greenback-priced gold cheaper
The price of gold differs in regions based on parameters such as making charges, excise duty, and state taxes.
Brent futures fell $6.63, or 6.22 per cent, to $100 a barrel by 9.55 pm IST. US West Texas Intermediate (WTI) crude fell $6.15, or 6.03 per cent, to $95.92
Spot gold fell 0.7% to $1,916.17 per ounce by 0922 GMT, earlier hitting its lowest since March 29 at $1,911.80
Gold now at a two week low over Fed bets while the dollar is steadily strengthening its ground. Spot gold was down by 0.1% per ounce while futures were down by 0.2%
The MCX Gold futures may seek near support around Rs 52,040; whereas Silver futures have multiple key support around Rs 65,235 and Rs 64,600.
The price of 10 grams of 24 carat gold in Delhi and Mumbai is at par with the price of 10 grams of 24 carat gold in Bengaluru, Hyderabad and Kolkata, and is selling at Rs 53,440