As of December 2, 2022, gold rate in India for both 22 and 24 carats has increased significantly. 10 grams of 24 carat gold is priced at Rs 53,730 in India, while 10 grams of 22 carat gold costs Rs 49,250. While silver prices fell to Rs 61,400.
A fall in the dollar on hopes that the U.S. Federal Reserve will slow the pace of interest rate hikes helped gold prices, which were flat on Dec. 2 in international markets, its best week in three weeks ahead of the US jobs report.
At 00:37 GMT, spot gold was little changed at $1,800.78 an ounce after hitting its highest level since August 10 earlier in the session. At $1,814.60, US gold futures were flat.
The #Gold price jumps 1.6%, breaking the symbolic level of $1,800 per ounce, for the first time in 5 months pic.twitter.com/nPjLv7Dvzh
— Goldavenue EN (@GoldavenueEN) December 1, 2022
Gold Price in India
Gold was the most expensive in south India’s Chennai at Rs 53,880 for the 24-carat variety and Rs 49,400 for the 22-carat variety. In Delhi, the rate of 24-carat gold was Rs 53,780 per 10 grams, while the rate of 22-carat gold was Rs 49,300. The gold rate in Bangalore was Rs 53,730 for 24 carat gold and Rs 49,250 for 22 carat gold. The yellow metal costs the same in Calcutta, Hyderabad and Bombay. Ten grams of 22 carat gold cost Rs 49,250, while the same amount of 24 carat gold cost Rs 53,730.
Gold price in the US
Gold prices were steady on Friday but were on track for their best week in three ahead of the US jobs report, helped by a weaker dollar on expectations that the US Federal Reserve would slow down the pace of interest rate hikes.
Spot gold was little changed at $1,800.78 an ounce by 0037 GMT, having hit its highest level since August 10 in the previous session. US gold futures GCv1 were unchanged at $1,814.60.
Gold price in Singapore
The current price of 24kt gold per gram in Singapore is SGD 78,233, while the current price of 22kt gold per gram in Singapore is SGD 71,688.
Gold price in Dubai
After soaring on Tuesday, the price of gold in Dubai is now significantly lower. 24-karat gold: At the start of the markets, the 24-karat gold rate in Dubai was steady at Dh212.25 per gram. 22K, 21K and 18K gold: The rate of 22K, 21K and 18K gold traded marginally higher at Dh199.5, Dh190.25 and Dh163.25 per gram, respectively.
Gold is used as an asset class to diversify the investment portfolio and as a hedge against long-term inflation. Many experts advise against increasing gold accumulation and recommend keeping the exposure to 5-10% of the total portfolio. Since a price drop in the near future cannot be ruled out, it is best to buy gold in stages.
Also Read: Check Latest Yellow Metal Price in India, Dubai, Singapore, USA
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