Gold Rate in Mysore (2nd December 2021)

The World Gold Council (WGC) has indicated in research that demand for gold is expected to remain modest this year due to Covid-related issues in India.

The impact of pent-up demand for the precious metal, on the other hand, should signal a period of solid demand in 2022, according to the analysis.

Gold prices in India were higher on Wednesday, despite the yellow metal falling in global markets.

December gold futures were trading at Rs 47,397 per 10 grams on the Multi Commodity Exchange, up Rs 117 or 0.25% from their previous close of Rs 47,280. Gold in Mysore rose slightly to reach Rs 44,450 for 10 grams.

Prices for yellow metals fell globally as rising U.S. government yields weakened the metal's appeal and strong corporate earnings expectations boosted attitudes toward risk. Gold fell 0.1% to $ 1,767.71 an ounce in the spot market.

On Tuesday, the metal climbed to 1.2% before losing most of its gains as Treasury yields surged. US gold futures fell 0.1% to $ 1,768.40.

On Monday, the old price in India reached 47,000 rupees. After hitting a five-month low last week, the yellow metal rallied.

October gold contracts on the Multi-Commodity Exchange (MCX) fell to Rs 46,896 for 10 grams. The price of gold in Mysore was trading constantly at Rs 44,01 per 1 gram of 22 karats and Rs 48,01 per 1 gram 24 karats gold.

Gold rates were at a week-long high in global markets today after data showed U.S. consumer sentiment fell to its lowest level in nearly a decade at the start of August. Gold was unchanged at $ 1,779.51 an ounce in the spot market. The news impacted the dollar index, which fell to a one-week low on Friday, making gold more affordable for those holding foreign currencies.

Data released on Friday indicated a dramatic drop in consumer sentiment in the United States, allaying concerns that Federal Reserve policymakers are starting to slow too soon. Gold is also seen as a hedge against inflation, which is expected due to intensive stimulus.

The Fed is now keeping its benchmark interest rate around zero and is acquiring $ 120 billion in U.S. Treasuries and bank-backed securities mortgage claims.

Gold prices in Mysore did not move much as rates in all major Indian cities were steady. Mysore prices were i lone with most other cities on Monday, which saw little movement.

22 karats Gold rates touched the Rs 45,000 mark in the city, while 24 karats hit the Rs 49,000 mark. In the global markets we saw slight weakness gold and silver starting the week on the soft side after falling during session.

Gold was down -0.30% lower at $1805/oz while silver lost just over 1%. Most of the global markets continued to be worried over the Covid cases in countries like Europe. Crude oil and precious metals fell, following worries over the Delta variant of Covid spreading its wings in Europe. The markets are most likely to stay at these levels and consolidate from here on.

The gold prices traded flat in Mysore despite witnessing a fall in the bullion markets amidst the strong dollar. The gold rates in Mysore were recorded at Rs 44,310 for 10 grams of 22 karats and Rs 48,340 for 10 grams of 24 karats. 

In the international forum, spot gold traded at $1,800.30 per ounce, U.S. gold futures at $1,793.40 per ounce. 

The prices of the yellow metal eased in the bullion markets during Monday’s trade session as the U.S. dollar firmed. The U.S. currency and gold share an inverse relationship. A drop in the metal value will pressurize the dollar to move up and vice versa. 

The outbreak of the pandemic crisis has bolstered the precious metal to rally strongly in the bullion market. The prevailing uncertainty has also made the safe-haven bet, the most preferred form of investment amongst investors. 

Gold, the precious metal, acts as a hedge against inflation and currency debasement. 

The stronger-than-expected U.S. employment report has strengthened investor’s focus on the economic data and the U.S. Central Bank’s next move. Further evidence of robust economic revival amidst bubbling inflation rates will cheer the markets. 

Meanwhile, speculators reduced their net long positions in COMEX gold during the week ending June 29, 2021, and raised their net long positions in silver, a report from the U.S. Commodity Futures Trading Commission showed. 

The gold rates in Mysore edged down today following cues in the bullion market amid a stronger dollar.

In the local market, the precious metal prices in Mysore seen trading at Rs.45,800/- per 10 grams of 22-carat gold and Rs.49,970/- per 10 grams of 24-carat gold.

Coming to the international market, the spot gold has seen at $1,883.50 per ounce and U.S gold futures have spotted at $1,885.40 an ounce.

Gold fell today as the US dollar strengthened slightly, with investors focusing on US inflation figures later this week, which could give an idea of how long the Federal Reserve has been holding. will refrain from reducing its monetary support.

While a firmer US dollar and US bond yields both weigh on prices, gold has a very good chance of returning above $ 1,900 per ounce as the environment continues to be very constructive for metal.

Prices rose more than 1% in the previous session after a weaker-than-expected monthly US employment report allayed investor fears about the Fed's upcoming limit on the stimulus monetary.

The gold rates in Mysore steadied today despite a rise in the overseas market amid a drop in U.S Treasury yields. The precious metal prices in Mysore spotted at Rs.41900/- for 10 grams of 22-carat gold and Rs.45,700- for 10 grams of 24-carat gold.

On the world forum, spot gold was at $ 1,738.40 an ounce and US gold futures at $ 1,730.80 an ounce.

Benchmark 10-year US Treasury yields fell to a one-week low, lowering the opportunity cost of holding the non-yielding metal. The renewed closings have knocked European stocks to hit two-week lows as cases continue to rise. The dispute over the supply of coronavirus drugs has also affected confidence.

The precious metal soared on Wednesday after a pullback in US Treasury yields and mounting concerns about lockdowns in the eurozone. The situation has raised the demand for the yellow metal, which has affected its prices.

However, the firm value of the dollar limited the bullion's rally. The dollar rose to a four-month high against its rival currencies, limiting the appeal of the safe-haven bet.

Gold rates in Mysore remained unchanged today despite its slight decline in the gold market amid a stronger dollar. In the domestic market, prices for precious metals in Mysore have been estimated at Rs.47,500 /- for 10 grams of 22 karats gold and Rs.51,800/- for 10 grams of 24 karats.

In the bullion market, spot gold was $1,911.32 per ounce and US gold futures were $ 1,912.30 per ounce.

Gold edged up today as US dollar and Treasuries yields strengthened, although hopes of further stimulus in the world's largest economy kept bullion on track for a second gain consecutive weekly.

The dollar has traded at a high level against a basket of six major traded currencies. While higher bond yields increase the opportunity cost of holding unpaid gold.

The Democrats' grip on the United States Senate fueled hopes for major stimulus measures and boosted inflation expectations, bolstering gold's appeal as a hedge against inflation. Investors are now waiting for U.S. non-farm payroll data to be released later today to assess the health of the labor market.

The gold rates in Mysore increased slightly following cues in the world market amid a weaker dollar. In the Indian market, the yellow metal prices in Mysore were seen trading at Rs.47,400/- per 10 grams of 22-carat gold and Rs.51,700/- per 10 grams of 24-carat gold.

In the bullion market, the spot gold has seen at $1,880.11 per ounce and U.S gold futures have risen 0.4% to $1,889.50 per ounce.

While a weaker dollar and continued monetary stimulus could propel gold back above $ 1,900, its ability to test new highs this year will depend on political and economic developments in the United States and whether this triggers a refugee claim.

The dollar was down 0.2% against a basket of other major currencies before the 90-minute televised debate between President Donald Trump and his Democratic rival Joe Biden. Investors are also closely watching the prospect of a coronavirus tax package with Democratic lawmakers in the United States.

The gold rates in Mysore edged high following cues in the international market amid a stronger dollar.

In the local market, the precious metal prices in Mysore were seen trading high at Rs.50,760/- per 10 grams of 22-carat gold and Rs.55,370/- per 10 grams of 24-carat gold. In the international market, the spot gold has eased 0.2% to $1,971.52 per ounce and U.S gold futures have 0.1% higher at $1,988 an ounce.

Gold hit a record high in the global market as fears about the economic fallout from rising coronavirus cases strengthened its appeal as a safe haven, before gradually falling as a rising dollar fueled some profit-taking. Rising COVID-19 cases and simmering US-China tensions have shaken hopes for a rapid economic recovery, leading to inflows to safe-haven assets such as gold, which has soared by around 30% to present this year.

The yellow metal prices in Mysore decided by some local jewellery shops association based on the international market.

The gold rates in Mysore inched down slightly today despite its rise in the international market amid a spike in coronavirus cases. In the local market, the yellow metal prices in Mysore were seen trading at Rs.45,680/- per 10 grams of 22-carat gold and Rs.49,830/- per 10 grams of 24-carat gold.

In the international market, the spot gold has risen 0.6% to $1,782.96 per ounce and U.S gold futures have risen 1% to $1,799.20 per ounce. The dollar index which measures the dollar gained against a basket of six major traded currencies.

Gold prices surged today in the bullion market as the bullion was set for its biggest quarterly gain in more than four years as an outbreak of coronavirus cases cast doubt on a rapid global economic recovery. The increase in coronavirus cases in the United States as well as the ongoing U.S-China conflict all point really to the purchase of safe-haven gold.