Gold Prices Today: Check Rates of Gold And Silver in Your City on November 3

The US central bank Federal Reserve announced yet another raise in interest rates by 75 basis points. The decision came at the heels of the Federal Open Market Committee (FOMC) meeting, held on November 1 and 2. Gold had been regaining some strength owing to expectations of the Fed slowing its aggressive rate hike pace. However, gold prices suffered as Federal Reserve Chair Jerome Powell threw cold water on such expectations, calling it “premature to discuss pausing.” The rise in interest rates adversely affects the prices of gold as it is a non-yielding asset.

With an interest rate hike, holding sovereign bonds becomes much more beneficial, and people shy away from investing in gold, often considered a hedge against inflation. On Thursday, at 0415 GMT, spot gold stood at $1,637.20 per ounce, having fallen 0.8% on Wednesday. US gold futures dipped by 0.6% to $1,640.20.

On MCX India, gold futures today traded at Rs 50,344 as of 10:36 AM, down by 0.52%. Silver futures fell, too, in the red by 1.06% and trading at Rs 58,166. In the retail market, gold traded at Rs 50,950, recording a price drop of Rs 160 from Wednesday for 10 grams of the 24-carat variety. The 22-carat variety of gold was also down by Rs 150, retailing at Rs 46,700 for 10 grams. A kg of silver retailed at Rs 58,100, down by Rs 800 from November 2.

Gold was the most expensive in Chennai, maintaining a price level of Rs 51,440 for the 24-carat variety and Rs 47,150 for the 22-carat variety. In the national capital Delhi, 24-carat gold was sold at Rs 51,100 per 10 grams, while 22-carats traded at Rs 46,850. In Bengaluru, the yellow metal prices stood at Rs 51,000 for 24-carat variety and Rs 46,750 for 22 carats. Gold prices were the same for Mumbai, Kolkata, and Hyderabad. Ten grams of 22-carat gold were available for Rs 46,700, while the same quantity of 24-carat gold retailed at 50,950.

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In India, prices of gold change from one state to another owing to changes in tax rates and other charges levied by state governments.

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