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Gold prices softened on Thursday, tracking global cues, with bullion rates dipping across most Indian cities, including Kolkata. The international decline, triggered by stronger US Treasury yields and a firmer dollar, exerted downward pressure on domestic prices, leaving jewellers and investors watchful of the next policy signals from major central banks.

In Kolkata, the current rate for 22-karat gold stands at Rs 9,795 per gram, while 24-karat gold is priced at Rs 10,686 per gram. The movement mirrors nationwide trends, where fluctuations in the rupee-dollar exchange rate, customs duty, and state-level taxes continue to influence final retail costs.

Global Trends Shape Local Sentiment

India, the world’s second-largest consumer of gold after China, imports the bulk of its bullion requirement. This heavy reliance on imports means global developments quickly filter into local pricing. As gold is denominated in US dollars in international trade, any shift in the greenback directly impacts India’s import cost.

Currently, sentiment in global markets remains cautious. Rising bond yields and speculation about the US Federal Reserve’s interest rate trajectory have weighed on precious metal prices. Analysts say that while gold is seen as a hedge against inflation and market turmoil, strong dollar movements often cap its upside in emerging markets like India.

Gold as a Store of Value

Beyond market volatility, gold continues to hold a special place in Indian households. In Kolkata, like elsewhere in the country, the metal is purchased not only as an ornament but also as an investment symbolising security and prosperity. Despite the short-term slip in prices, jewellers in the city note that festive and wedding demand continues to underpin steady buying interest.

The latest rates across other Indian cities show similar movement. In Delhi, 22K gold is at Rs 9,810 per gram, while in Mumbai, Bengaluru, and Hyderabad, the rate remains Rs 9,795. Meanwhile, in Ahmedabad and Indore, 22K gold has edged slightly higher at Rs 9,800.

Even as global headwinds persist, many investors continue to view gold as a safe asset in times of uncertainty. With domestic markets closely tied to international developments, Kolkata’s gold buyers are likely to remain sensitive to shifts in dollar strength, crude oil movements, and trade-related risks.