Indian gold rates have gained by Rs. 190/10 grams today, on October 23, as the rates in the international markets hiked. So, 22 carat gold rates are quoted at Rs. 46,650/10 grams and 24 carat gold rates are quoted at Rs. 47,650/10 grams. Before Diwali, IBJA hiked the gold rates by a tad in the domestic markets, as maintaining a strong demand is a concern for the association now. Earlier, in a report, the World Gold Council mentioned that the gold demand in India has dropped marginally in Q2. Hence, the IBJA is trying to gold rates at a moderate level that the gold demand does not fall drastically before Diwali. .
The Comex gold futures today gained by 0.81%, quoted at $1796, while the spot gold prices also hiked by 0.50%, quoted at $1793.00/oz till last traded. On the other hand, the US dollar index in the spot market stood at 93.58 till the last traded. Reflecting the same trend, in India, the Mumbai MCX gold in October future gained by 0.83%, quoted at Rs. 47,799/10 grams, till last traded. Mirroring this global future markets rates, Indian gold rates today increased marginally. Gold rates in Bangalore, Kerala, and Delhi have hiked by Rs. 200/10 grams. On the other hand, gold rates in Pune gained by Rs. 280/10 grams.
Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|
As the investors, globally are concerned about 30 years high US inflation rates, so the gold prices are on the track to rally. Gold is concerned as a hedge against inflation. However, Fed Chair Jerome Powell’s hawkish comments about tapering are going to impact the gold rates in the future markets on Monday, when the markets will open. Immediately after the comments, the gold rates fell by around $30 in the future markets. Before that, the market was heading towards $1800/oz, the psychological high level.
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