Gold jewellery prices at India's biggest retail chains moved up sharply on Friday, July 3, tracking a recovery in the international market where bullion had slipped to an eight-month low earlier in the week before bouncing back. Growing expectations of a rate cut by the Federal Reserve, triggered by a weak US jobs report, kept gold climbing steadily through the trading day.
Across India, 24 karat gold was quoted at Rs. 14,700 per gram today, a rise of Rs. 322 over yesterday. The 22 karat rate gained Rs. 295 to settle at Rs. 13,475 per gram, while 18 karat gold added Rs. 241 to reach Rs. 11,025 per gram.
Today's rate for 10 grams
On a 10-gram basis, the numbers stand at Rs. 1,47,000 for 24K, Rs. 1,34,750 for 22K and Rs. 1,10,250 for 18K. For anyone planning a jewellery purchase, that means today's prices are clearly higher than yesterday's across all three purities.
How much gold costs at Tanishq
Tanishq has fixed its 22 karat gold at Rs. 1,33,950 for 10 grams today, which comes to Rs. 13,395 per gram. Its 24 karat rate is Rs. 14,613 per gram, while its 18 karat gold, a favourite for lightweight and diamond-studded pieces, is priced at Rs. 10,960 per gram.
Rates at Malabar, Joyalukkas and Kalyan
Malabar Gold and Diamonds has quoted its 22 karat gold at Rs. 13,475 per gram today, with 24 karat gold priced at Rs. 14,700 per gram.
Joyalukkas, a chain that spreads across India as well as the Gulf, is pricing close to Malabar Gold and the national average today. Its 24 karat gold is at Rs. 14,700 per gram, 22 karat at Rs. 13,475 per gram and 18 karat at Rs. 11,025 per gram.
Kalyan Jewellers, the Kerala-headquartered chain, has also set its 22 karat gold at Rs. 13,475 per gram today.
Why prices rose
Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of IBJA and Chairman at Jain International Trade Organisation, explained what drove the rebound.
Gold and silver rebounded from their lows, supported by softer US jobs data and falling oil prices that eased inflation worries, even as traders priced in a 64% chance of a Fed rate hike in September per the CME FedWatch Tool. Renewed Iran-US talks on the Strait of Hormuz lifted gold and silver further, despite limited progress toward a resolution, while Fed Chair Kevin Warsh downplayed hike speculation. Bullion also rebounded from a seven-month low after ADP data showed private payrolls rising 98,000 in June against forecasts of 118,000, fuelling expectations of a similarly soft nonfarm payrolls report.
