Indian Gold Rates Drops Only By A Tad Before Festive Season, On Oct 22, Should You Buy?

Indian Gold Rates Drops Only By A Tad Before Festive Season, On Oct 22, Should You Buy?

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News oi-Kuntala Sarkar

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Gold prices in India again dropped by Rs. 10/10 grams today on October 22, while in the international markets, the gold rates have mostly rallied. So, 22 carat gold rates are quoted at Rs. 46,460/10 grams and 24 carat gold rates are quoted at Rs. 47,460/10 grams.

Indian Gold Rates Drops Only By A Tad Before Festive Season, On Oct 22

The Comex gold futures today gained by 0.69% and were quoted at $1794, while the spot gold prices hiked by 0.52% and were quoted at $1793.00/oz till 5.33 PM IST. On the other hand, the US dollar index in the spot market fell marginally by 0.06% and stood at 93.68 at the same time. In India, the Mumbai MCX gold in October future gained by 0.60% today till 5.25 PM IST and was quoted at Rs. 47,690/10 grams.

However, as a common buyer, you can store gold when the Indian gold prices are not too high. But if you are concerned about the prices, you can wait till November for US Fed meet, when the tapering timeline will be discussed. An early tapering will again drag down the gold rates globally.

At present, the US is dealing with a 30 years hike inflation rate, hence investors are looking forward to buying gold to keep it as a hedge against inflation. Inflation and gold rates are inversely related. On the other hand, the US Dollar index was also down today marginally.

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)
Mumbai 46,460/- 47,460/-
Delhi 46,700/- 50,950/-
Bangalore 44,550/- 48,600/-
Hyderabad 44,550/- 48,600/-
Chennai 44,840/- 48,920/-
Kerala 44,550/- 48,600/-
Kolkata 46,950/- 49,650/-

Jim Wyckoff told Kitco, “It appears the gold and silver markets have finally awakened to the fact global inflation is rising and probably won’t be just transitory. Gold prices have been trending higher since late September and silver prices this week hit a six-week high. History shows hard assets like the precious metals become more in favor as an inflation hedge when consumer and producer prices are rising.” He added, “Crude oil prices are higher and trading around $82.80 a barrel after hitting a seven-year high Thursday. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.685%.”

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Story first published: Friday, October 22, 2021, 18:18 [IST]

Original news source Credit: www.goodreturns.in



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