Gold prices on December 19: Check rates for Mumbai, Delhi and other cities

Gold prices edged higher in early trade on Friday with the price of 24carat gold rising by Rs 10 to Rs 134850 per 10 grams according to market data Silver prices also registered a marginal increase gaining Rs 100 to trade at Rs 211100 per kilogramThe price of 22carat gold also saw a modest uptick of Rs 10 with 10 grams of the metal selling at Rs 123610In major markets 24carat gold was priced at Rs 134850 per 10 grams in Mumbai and Kolkata while it stood higher at Rs 135720 in Chennai In the national capital Delhi the price of 10 grams of 24carat gold was quoted at Rs 135000For 22carat gold prices in Mumbai Kolkata Bengaluru and Hyderabad were uniform at Rs 123610 per 10 grams In Chennai the metal was priced at Rs 124410 while in Delhi it stood at Rs 123760 per 10 gramsSilver prices remained consistent across key northern and western markets with one kilogram trading at Rs 211100 in Delhi Kolkata and Mumbai In Chennai however silver was priced higher at Rs 224100 per kilogramGold slips on MCX after BOJ rate hikeMeanwhile the gold prices slipped in the domestic futures market on Friday morning as investors booked profits after the Bank of Japanrsquos latest policy decision Softer inflation data from the United States also weighed on prices even though gold is usually seen as a hedge against rising inflationOn the Multi Commodity Exchange MCX gold futures for February delivery were trading 056 per cent lower at Rs 133772 per 10 grams during early tradeldquoGold has support at 42754245 while resistance is at USD 43554385 Silver has support at USD 64406375 while resistance is at 65606615rdquo experts saidldquoIn INR terms gold has support at Rs133850133110 while resistance is at Rs135350135970rdquo they addedSilver futures for March were also under pressure and were down 026 per cent at Rs 203034 per kg at the same timeldquoSilver has support at Rs202450200280 and resistance at Rs205810 207270rdquo analysts statedThe decline came after the Bank of Japan raised its key policy rate to 07537 the highest level since September 1995While the rate hike was largely expected by the market it triggered some profit booking and is likely to impact yencarry trades which in turn influenced global commodity pricesInternational gold prices also moved lower after US inflation data came in below expectationsConsumer prices in the US rose 27 per cent yearonyear in November which was lower than the 31 per cent increase predicted by economistsLower inflation reduces the appeal of gold as a hedge putting pressure on pricesAdding to the weakness the dollar index edged up by 010 per cent and hovered near oneweek highsA stronger dollar usually makes gold more expensive for buyers using other currencies which further dampens demand for the yellow metalAnalysts said that the mix of global cues including central bank actions softer US inflation data and a stronger dollar led to a fall in gold and silver prices in early trade on FridayWith inputs from Agencies