Gold prices edge higher in India on November 2
Domestic gold rates saw a slight increase as international prices recovered from a one-year low.
Gold prices rose in the domestic market on November 2, according to reports from Times Now and Moneycontrol. On the Multi Commodity Exchange (MCX), gold prices gained 0.3 per cent and opened at Rs 1.39 lakh per 10 grams.
In major cities, 24-karat gold was priced at Rs 13,937 per gram in Chennai, Mumbai, and Bangalore, while Delhi recorded a higher rate of Rs 13,952 per gram. For 22-karat gold, Delhi prices stood at Rs 12,790 per gram compared to Rs 12,775 per gram in Mumbai.
The price for 18-karat gold in Delhi was Rs 10,468 per gram, while Chennai and Mumbai saw rates of Rs 10,453 per gram. In Jaipur and Lucknow, 24-karat gold was priced at Rs 13,902 per gram.
Moneycontrol reported that international gold surged 0.50 per cent to $3,896 per ounce. Domestic gold futures for December 4 delivery were trading at a 0.42 per cent increase to Rs 1,39,065 per 10 grams.
Mint noted that the domestic rise occurred as the Federal Reserve maintains a view of keeping interest rates high for an extended period because of inflation. Commodity analysts told Moneycontrol that any recovery might face resistance at certain technical levels unless prices move decisively above those zones.