Gold rates are staying subdued in India and in the cities in the second trading week of January, this year. However, in the international markets, the precious metal has gained marginally today. Among the analysts, there are multiple opinions about the upcoming gold rates that are floating presently.
Recently, the RBC Capital Markets stated 2 estimations for the gold rates, both for the bullish and bearish markets trends. In the bull case, gold rates can reach above $2,024/oz, while in the bear case it can trade at $1,576/oz. Kitco News today reported that RBC Capital Markets vice president of Global Commodity Strategy Chris Louney said, “The high scenario would be one where inflation has taken hold and the economy under-performs expectations. And so it looks like a much more risk-off outlook.” Additionally, Chris Louney stated, “Our low scenario versus our base case is much closer because we think that the environment can only become so much more risk-off considering the last two years we’ve had. The economy has grown pretty well and the unemployment is improving.”
The upcoming gold market trend will solely depend on the Covid pandemic, and the performances of the equity market, and government bond yield. The economic developments in the USA will be a significant factor in that.
Indian gold prices stood bearish today, on January 11, 2022. The 22 carat gold prices are quoted at Rs. 46,590/10 grams and 24 carat gold rates are quoted at Rs. 48,590/10 grams, falling by only Rs. 20/10 grams. However, in Chennai, Bangalore, and Hyderabad gold rates have gained by Rs. 150-200/10 grams. But in Kolkata gold rates remained bearish.
Gold rates are quoted differently, daily. Today’s gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|
The Comex gold futures surged by 0.56% and were quoted at $1808.8/oz, till last traded. On the earlier day, Comex gold futures closed at $1798.8/oz. The spot gold prices were quoted at $1807.10/oz, surging by 0.25%, till last traded. The US dollar index in the spot market stood at 95.90, falling by 0.04%.
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Story first published: Tuesday, January 11, 2022, 15:30 [IST]
Original news source Credit: www.goodreturns.in