Gold Rate in Mysore (20th July 2019)

The gold rate in Mysore steadied today following global cues amidst awaited retail sales data from the United States.

The yellow metal price in Mysore was seen trading at Rs.32,400/- per 10 grams for 22-carat gold and Rs.35,340/- per 10 grams of 24-carat gold. In the overseas market, Spot gold was inched up 0.1% to $1,414.92 per ounce and U.S. gold futures rose 0.2% to $1,416.60.

U.S. Treasury Secretary Steven Mnuchin stated that he and U.S. Trade Representative Robert Lighthizer would hold further trade talks with their Chinese counterparts by phone this week. From the Chinese data, which is released on Monday showed 6.2 per cent lower in the second quarter. this is the weakest pace in at least 27 years, raising expectations that Beijing will roll out more support measures in coming months.

Mysore has a rich history and culture with the widespread use of gold, most famously, the Golden Throne, the royal seat of the rulers of the erstwhile Kingdom of Mysore.

The gold rates in Mysore stood flat today despite moving high in the international market amidst a slowdown in U.S. jobs growth. In the local market, the yellow metal price in Mysore was trading at Rs.30,550/- per 10 grams for 22-carat gold and Rs.33,250/- per 10 grams for 24-carat gold. In the bullion market, spot gold was 0.6% higher to $1,343.07 per ounce and U.S gold futures settled $3.40 higher at $1,346.10.

The U.S. jobs number was weaker than expected and this rallied the gold market. Traders of U.S. short-term interest rate futures added to bets that the Fed will start to cut rates as soon as July and reduce them two more times before the end of the year. Meanwhile, the Trump administration pushed ahead on Friday with a plan to slap a 5% tariff on imports from Mexico.

The gold rates in Mysore are updated on a daily basis based on international business reports and it is decided by some local jewellery shops association.

The gold prices in Mysore has moved up following global cues despite the yellow metal has gained slightly in the international market amidst slips in equities. The gold rates in Mysore were seen at Rs 29,750/- for 10 grams of 22 carats gold and at Rs.32,150/- for 10 grams of 24 carats gold. Investors also waiting for further trade negotiations between the United States and China. The two countries are slated to begin the next round of talks on trade on April 30, in an attempt to conclude a nearly year-long tariff spat. Gold is often used as a hedge against economic and financial uncertainties. However, the U.S. dollar, which is traded close to a near two-year peak, kept the metal’s gains in check by making it more expensive for holders of other currencies. The slight rising prices of the jewellery metal have made jewellery purchase dearer for customers in Mysore.

The gold rates in Mysore increased slightly owing to rise in demand despite being firm in the global markets which helped the dollar to move up. Today the yellow metal price in Mysore were trading at Rs.30,150/- per 10 grams for 22-carat gold and Rs.32,245/- per 10 grams for 24-carat gold. The European central bank's(ECB) dovish policy stance pushed the dollar against the Euro. while the dollar rose U.S. bond yields fell on safe demand. The European central bank postponed interest rate hike up to 2020. The investors are now waiting for the U.S non-farm payroll report due later in the day for indications on the strength of the economy and how it would effect the Federal Reserves monitory policy. There is a full demand for gold in Mysore due to their richest culture and history .

22 karats gold rate in Mysore were steady compared to yesterday's price. Gold rates in Mysore mainly depend upon the international market trends. In the global markets, gold rates were stable compared to the previous price, despite North Korea's latest missile test.

In the global market spot gold was little changed at $1,294.12 an ounce. This factor impacted spot gold price in Mysore. From the last couple of months, the overall performance of gold rates in Mysore was trading in a narrow range.

For 22 karats it has fallen by 1.57 percent and 3.01 percent to 24 karats. Today spot gold price in Mysore at the local gold shops were little changed at Rs.27,540 per 10 grams. MCX also saw a lower opening by Rs.23. Current gold rates in Mysore was the stable range at Rs.27,540 for 22 karats and Rs.30,043 for 24 karats.

Gold rates in Mysore today depend largely upon the karat of gold. If it is 24-karats gold, it is more expensive, and if it is 22-karats gold, it is less costly. The demand for gold in India increased by 15% this year and this affected gold rates in Mysore. Trends from the international market suggset that gold price in Mysore is slightly flat compared to the previous sessions. Previously, spot gold price in Mysore was up 0.3 percent at Rs. 27,300 for 22 karats and Rs.29,781 for 24 karats.

According to reports from the worldwide market, spot gold price in Mysore was down to 0.2 percent at Rs.27,250 for 22 karats and Rs.29,727 for 24 karats. The gold price difference compared to yesterday and today gold in Mysore was a drop of Rs.50. This maybe the correct time to invest money in gold to get Good returns. The current gold price in Mysore was at Rs. 27,250 for 22 karats and Rs.29,727 for 24 karats.

In the international markets, Spot gold had slipped 0.3 per cent and was trading around $1,262 per ounce. The gold fell due to the strong Dollar. The U.S. economy seems to be stable enough for the Fed to cut its bond holdings in September. This economic data supported the Dollar well and let it stayed firm. Though, a lot of investors were planning to move on to the gold due to the continuous fall in the Dollar price from the past three weeks. The steady Dollar had brought them back and letting investors stick on to the bonds.

22 karats gold in Mysore which was at Rs 26,800 may trade back at regular prices below the Rs 26,500. But today it dosesn't seem to go below it as the prices may not see a fall big today. If the fall in the price of gold in the global markets continuous then gold in Mysore may trade at its normal price.

Gold price in Mysore to gain as the gold in the International Markets rises to six-week high. After the statement from the Fed, Dollar fell against the basket of the Major Currencies. In the International markets, not only gold but all the precious metals rose. Spot gold surged by 0.3 per cent and was trading around $1,264 per ounce. Silver advanced by 0.6 per cent and is trading around $16.73 per ounce. Platinum climbed by 0.4 per cent and was trading at $932.80 per ounce. Palladium moved up by 0.1 per cent and was trading at $866 per ounce.

This upward movement can be seen on the MCX as well. Gold on the MCX rose up by 0.56 per cent and was trading at Rs 28,543. Silver is up by almost one per cent and was trading at Rs 38,473. For investors in Mysore who are having gold in their portfolio, the gains in the International Markets and on the MCX are increasing the expectations that the price of gold may cross Rs 27,000 mark today.

Gold price in Mysore continues to trade up. The procedural vote to repeal or replace Obamacare remained unclear. Due to the political tensions, Dollar fell to a 13 month low against major currencies and is struggling. The fall in the Dollar gave support to the gold internationally. The rise in the gold price Internationally supported the gold price in Mysore and drove it to trade above Rs 26,750. If we see from the starting of the month, gold price in Mysore is trading below the Rs 27,000 mark. If the political tensions in the International Markets continue by the end of the month we may see gold price in Mysore trading above Rs 27,000 mark.

ECB chief Mario Draghi comments, Decline in the chances for the increase in the Fed Interest rates, Political problems between the Republican senates and the US President Donald Trump about the removal of Obamacare, etc. All have put some pressure on the Dollar and is supporting the gold in Mysore to rise up.

Gold prices in Mysore were flat ahead of the policy meeting of Japan and European Central Bank. Investors are expecting some hints from Central Banks meet. The Bank of Japan continued monetary policy steady and forced upon the timing for reaching its two per cent inflation target. Investors continued to be cautious and headed towards the European Central Bank meeting where there are expectations of a more hawkish position. Few investors Invest on gold on declines and make money in long term. For them, they can use this chance, as the prices are trading below Rs 26,500 and may trade a little lower.

In the Global Markets, Spot gold had sunk by 0.2 per cent and was trading around $1,238 per ounce. There are chances that this can be seen in the gold price in Mysore as well 22 karats gold price in Mysore was trading at Rs 26,350 and it may trade below Rs 26,300. Similarly, 24 karats gold price may trade at lower levels.