Gold prices in India witnessed mixed trends on Friday, with futures trading slightly lower on the Multi Commodity Exchange (MCX) while physical bullion prices remained firm across major markets.
The 24-carat gold futures contract on the MCX slipped by Rs 35, or 0.02 per cent, to Rs 1,45,723 per 10 grams during early trade.
According to the Indian Bullion and Jewellers Association (IBJA), the benchmark 24-carat (999 purity) gold was priced at Rs 1,43,003 per 10 grams on Friday morning. Retail prices, as quoted by market trackers, stood at Rs 1,44,700 per 10 grams.
Gold rates across major cities
Among India’s leading cities, Delhi recorded the price of 24-carat gold at Rs 1,44,700 per 10 grams, while Mumbai, Kolkata, Bengaluru, Hyderabad and Bhubaneswar reported rates of Rs 1,44,550 per 10 grams.
In Chennai, 24-carat gold was priced higher at Rs 1,46,180 per 10 grams, while the 22-carat rate stood at Rs 1,34,000 per 10 grams.
In the Delhi bullion market, the price of 99.9 per cent purity gold, inclusive of taxes, was quoted at Rs 1,47,500 per 10 grams.
Previous session saw sharp rally
Gold prices had rallied sharply on Thursday, supported by a weaker US dollar and positive global cues.
In the Delhi bullion market, prices of 99.9 per cent purity gold surged by Rs 3,000 to Rs 1,47,500 per 10 grams from the previous session.
Globally, spot gold traded at around $4,070 per ounce, while gold futures in New York also posted gains.
Market analysts said investor sentiment improved after comments from US Federal Reserve Chairman Kevin Warsh were viewed as less hawkish than expected, easing concerns over an immediate interest rate hike and supporting demand for the precious metal.