Gold prices remained under pressure on Tuesday after a sharp decline in the previous session amid increased focus on the precious metal due to the looming festive season. Retail 24-carat gold was priced around ₹1.47 lakh per 10 grams in major Indian cities, while 22-carat gold was around ₹1.35 lakh per 10 grams, according to bullions.co.in.
Gold prices have been affected by concerns over elevated oil prices, inflation and higher US interest rates. International spot gold was around $4,125 an ounce ( ₹1,27,000 per 10 grams, approximately) after falling to a seven-week low.
The rates above are the latest retail rates reported for September 29 and are quoted per 10 grams. Actual jewellery bills can be higher because jewellers may add making charges, taxes and GST.
Gold inched up on Tuesday but remained close to a more than seven-week low on concerns that the Federal Reserve may keep interest rates higher for longer, while investors awaited a slew of US economic data.
Spot gold rose 0.4 per cent at $4,130.58 per ounce, as of 0407 GMT, after hitting its lowest level since August 5 in the previous session, according to a Reuters report. US gold futures fell 0.2 per cent to $4,162.20.
Geopolitical developments will “remain crucial for gold, as continued tensions could keep energy prices and yields elevated, while meaningful progress towards de-escalation could ease pressure,” Reuters quoted as saying Christopher Tahir, senior market strategist at Exness.