Gold rate today: Gold futures edge higher; silver tops Rs 53,000

NEW DELHI: Gold prices advanced in Monday's trade but the gains were limited, as US jobs data showing unemployment rising in August raised hopes that the Fed might go slow on the quantum of rate hikes, hurting the yellow metal's safe-haven appeal.

Gold futures for October delivery were trading Rs 90 or 0.18 per cent higher at Rs 50,458 per 10 grams on MCX. Silver futures advanced Rs 254 or 0.38 per cent to Rs 53,226 per kg.



Gold tends to perform badly amid a high-interest rate environment as it yields no interest. On Monday, the dollar index was ruling near a 20-year high, making gold expensive for holders of other currencies.

ICICIdirect expects MCX gold prices to trade with a positive bias for the day amid the recent weakness in the dollar index. It is likely to break the hurdle of Rs 50,500 and touch the levels of Rs 50,700 in coming sessions, the brokerage said. Additionally, silver prices are expected to take cues from gold prices and trade toward the level of Rs 54,000, it added.

Gold Rate in Different Cities in India

	Standard Gold (22 Carat)		Pure Gold (24 Carat)
City Name	1 gram	8 grams	1 gram	8 grams
Ahmedabad	₹6,754	₹54,032	₹7,185	₹57,480
Delhi	₹6,802	₹54,416	₹7,244	₹57,952
Chandigarh	₹6,962	₹55,696	₹7,423	₹59,384
Mumbai	₹6,855	₹54,840	₹7,297	₹58,376
Pune	₹6,763	₹54,104	₹7,198	₹57,584
Kolkata	₹6,885	₹55,080	₹7,339	₹58,712
Ranchi	₹6,830	₹54,640	₹7,265	₹58,120
Jaipur	₹6,757	₹54,056	₹7,199	₹57,592
Hyderabad	₹6,774	₹54,192	₹7,204	₹57,632
Chennai	₹6,761	₹54,088	₹7,196	₹57,568
Bangalore	₹6,785	₹54,280	₹7,227	₹57,816
Kerala	₹6,758	₹54,064	₹7,196	₹57,568
Trivandrum	₹6,789	₹54,312	₹7,228	₹57,824
Coimbatore	₹6,648	₹53,184	₹7,191	₹57,528
Vijayawada	₹6,830	₹54,640	₹7,238	₹57,904
Kochi	₹6,664	₹53,312	₹7,205	₹57,640
Kanpur	₹6,680	₹53,440	₹7,215	₹57,720
Madurai	₹6,642	₹53,136	₹7,218	₹57,744
Mangalore	₹6,657	₹53,256	₹7,229	₹57,832
Srinagar	₹6,692	₹53,536	₹7,211	₹57,688
Dehradun	₹6,681	₹53,448	₹7,236	₹57,888
Bhopal	₹6,648	₹53,184	₹7,232	₹57,856
Goa	₹6,619	₹52,952	₹7,199	₹57,592
Maharashtra	₹6,637	₹53,096	₹7,195	₹57,560
West Bengal	₹7,091	₹56,728	₹7,418	₹59,344
Puducherry	₹6,894	₹55,152	₹7,346	₹58,768
Haryana	₹6,886	₹55,088	₹7,398	₹59,184
Punjab	₹6,681	₹53,448	₹7,225	₹57,800
Uttar Pradesh	₹6,631	₹53,048	₹7,209	₹57,672
Uttarakhand	₹6,695	₹53,560	₹7,225	₹57,800
Vizag	₹6,796	₹54,368	₹7,197	₹57,576
Patna	₹6,964	₹55,712	₹7,372	₹58,976
Surat	₹6,650	₹53,200	₹7,220	₹57,760
Noida	₹6,645	₹53,160	₹7,219	₹57,752
Bhubaneswar	₹6,678	₹53,424	₹7,196	₹57,568
Lucknow	₹6,692	₹53,536	₹7,223	₹57,784
Mysore	₹6,670	₹53,360	₹7,221	₹57,768
Nashik	₹6,637	₹53,096	₹7,198	₹57,584
Vadodara	₹7,041	₹56,328	₹7,350	₹58,800
Ghaziabad	₹6,941	₹55,528	₹7,271	₹58,168
Jamshedpur	₹6,969	₹55,752	₹7,396	₹59,168
Visakhapatnam	₹6,769	₹54,152	₹7,293	₹58,344
Thrissur	₹6,650	₹53,200	₹7,204	₹57,632
Odisha	₹6,706	₹53,648	₹7,233	₹57,864
Bihar	₹6,923	₹55,384	₹7,357	₹58,856
Gujarat	₹6,660	₹53,280	₹7,223	₹57,784
Rajasthan	₹6,891	₹55,128	₹7,333	₹58,664
Andhra Pradesh	₹6,809	₹54,472	₹7,258	₹58,064
Jharkhand	₹7,107	₹56,856	₹7,415	₹59,320
Telangana	₹6,817	₹54,536	₹7,247	₹57,976
Assam	₹6,696	₹53,568	₹7,251	₹58,008
Karnataka	₹6,650	₹53,200	₹7,226	₹57,808

Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One said while gold is considered a safe haven in times of economic distress, rising interest rates increase the potential cost of possessing the non-yielding asset.

This analyst still expects the Fed to deliver a 75-basis point hike, which he believes might cap the upside in the yellow metal.

Ravindra Rao of Kotak Securities said Comex gold was trading mixed near $1,710 per ounce as market players assess the US jobs report in light of the Fed’s monetary tightening stance.

"Weighing on price is firmness in the dollar, which is holding near 2002 high, weaker investor interest and concerns about consumer demand in China. However, supporting prices are Europe’s power crisis, China’s virus spread and renewed US-China tensions. The general outlook for gold remains weak, however, with market players positioning for ECB meeting this week some correction in the US dollar and recovery in gold can’t be ruled out,” he said.

Global markets
Spot silver was steady at $18.03 per ounce, platinum unchanged at $835.24 per ounce, while palladium gained 0.4 per cent to $2,031.18, Reuters reported.

Stronger-than-expected platinum shipments to China in the first half of the year spurred shortages elsewhere, as supply declined from mines and recycling, the World Platinum Investment Council said.

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