Gold Rate in Mysore (5th December 2022)

The price of gold today in Mysore crashed despite hitting a three-month high in gold markets.

The yellow metal prices in Mysore were seen trading at Rs.47,850/- for 10 grams of 22 carats and Rs.52,200/- for 10 grams of 24 carats.

In the international scenario, spot gold has estimated at $1,773 per ounce and US gold futures have seen at $1,779 per ounce.

The metal moved to trade at a three-month high in gold markets as the value of the dollar declined after Fed officials signaled a slowdown in interest rate hikes. Soaring inflation rates had forced the US central bank to take an aggressive stance on rate hikes, taking away the shine from the ornamental metal.

But falling inflation rates prompted officials to slow interest rate hikes in the coming days, sending the metal surging.

Yesterday, Fed Vice Chairman Lael Brainard echoed comments by Fed Governor Christopher Waller that interest rates need to be raised to fight inflation, but potentially at a faster pace. slow.

The metal at one point traded at the $1,800 level is now seen at the $1,700 level and in the short term it could bounce back to earlier resistance levels of $1,800 per ounce.

The metal has gained over $160 since hitting a one-month low earlier this month.

Gold prices fell in Mysore following trends in gold markets as the metal headed for a dismal quarter following an aggressive rise in interest rates.

Gold rates in Mysore were seen at Rs.46,550/- for 10 grams of 22-carat gold and Rs.50,780/- for 10 grams of 24-carat gold.

In the international forum, spot gold was valued at $1,668 an ounce and US gold futures at $1,669 an ounce.

The metal has fallen by around Rs 2000 in the past three months following an interest rate hike by RBI and other central banks across the world. Soaring inflation rates have forced most central banks to take an aggressive stance on raising interest rates.

Usually, rising interest rates will diminish the appeal of the safe-haven asset. Gold, the ornamental metal, will bring no interest rate to investors.

Apart from this, growing fears of recession and slow growth in the economy have also forced investors to refrain from investing in any form of investment. Investors prefer to keep their funds in a liquid position for the time being.

The depreciation in the value of the Indian Rupee to a record low of 82 points against the US Dollar has provided a cushion to highly volatile metal prices over the past week.

Gold prices surged in Mysore despite stable gold markets. Gold prices in Mysore were recorded at Rs 47,300/- for 10 grams of 22 karat and Rs 51,600/- for 10 grams of 24 karat.

On the global platform, spot gold was valued at $1,750 per ounce and US gold futures at $1,758 per ounce.

Investor attention is now turning to Powell's speech at the annual conference of world central banks in Jackson Hole, Wyoming, scheduled for Friday. The speech will shed more clarity on the future of interest rate hikes by the Fed.

The US central bank raised interest rates by 75 basis points to bring down inflation rates that have soared since the outbreak of the pandemic crisis. So far, the Fed has raised its benchmark overnight interest rates by a total of 225 basis points since March.

Yields on 10-year US Treasuries were hovering near more than a one-month high reached in the previous session.

Gold and the dollar share an inverse relationship, the falling dollar will strengthen the value of the metal to rise and vice versa.

Data from a survey by S&P Global revealed that new US single-family homes plunged to a six-and-a-half-year low in July and the measure of private sector business activity fell to a 27-month low. , suggesting that the Fed's efforts to control inflation were indeed working.

Gold prices rose in Mysore on signals from gold markets as investors stick to the precious metal amid fears of a growing downturn.

The Precious metal prices in Mysore were recorded at Rs.46,450/- for 10 grams of 22 carats and Rs.50,670/- for 10 grams of 24 carats.

In the bullion markets, spot gold was valued at $1,728 an ounce and US gold futures at $1,715.50 an ounce.

Growing fears of an economic slowdown in the United States of America helped the metal post its first weekly gain. The metal managed to break the record for the first time in the past six months. The soaring US dollar had kept gold prices in check.

Gold and the dollar share an inverse relationship, the rising dollar will lessen the attractiveness of the yellow metal and vice versa.

Soaring inflation rates have forced many central banks around the world to take an aggressive stance on interest rates. The US Fed raised interest rates in June by 75 basis points, their highest level since 1991. Even the European Central Bank (ECB) also announced a larger than expected interest rate hike on Thursday.

Gold prices have fallen in Mysore amid a surge in the value of the dollar and an impending rate hike by the Fed is weighing on the precious metal to tumble its value in gold markets.

Gold prices in Mysore were trading at Rs.46,580/- for 10 grams of 22 carats and Rs.50,820/- for 10 grams of 24 carats.

On the global platform, spot gold was estimated at $1,710.00 per ounce and US gold futures at $1,712.10 per ounce.

The ornamental metal which once traded at $1,800 has declined and is currently trending around $1,700 in the bullion markets. The hike in interest rates by the US Federal Reserve to combat inflation rates has diminished the appeal of the safe-haven asset.

Gold and the dollar share an inverse relationship, the march in the value of the dollar has led to the drastic fall in the value of the ornamental metal.

At the upcoming U.S. Federal Reserve monetary policy meeting, an impending interest rate hike is on the cards as annual U.S. consumer prices rose 9.1% in June, the most steep rise over the past four decades.

Dizzying inflation rates around the world have shaken the appeal of the yellow metal as a safe haven, weighing on the sharp drop in its prices.

Gold prices fell in Mysore following the trends of the gold markets due to the strong value of the dollar.

In the Indian market, the precious metal rates in Mysore were seen at Rs.46,850 for 10 grams of 22 carats and Rs 51,100 for 10 grams of 24 carats.

The spot gold has seen at $1,738.08 per ounce and U.S gold futures have risen 0.3% to $1,737.10 an ounce.

The metal hit a new nine-month low in gold markets during today's trading session as the US dollar surged to hit a 20-year-old stifling demand for the precious metal. Still, a slight rally in the euro against the greenback capped further losses.

Gold and the dollar share an inverse relationship, a drop in the dollar will cause the precious metal to rise and vice versa.

A slew of U.S. economic data - including consumer prices, retail sales and factory output - are expected to provide insight into the extent to which inflation has peaked as the Federal Reserve nears a policy meeting of the next week.

Gold price in line with international trend softened by Rs. 100 per 10g. 24K gold in the nation's capital in the fall is priced at Rs. 52,100 per 10g, while 22K is quoted for Rs. 47,750 per 10g.

Spot gold in the international market is down a bit but still held above $1850 an ounce. The day before, due to a lack of indices and a weaker dollar, gold was seen gaining and trading limited. Gold was seen losing on bond yield strength and a stronger dollar which, to some extent, took away the shine from the precious yellow metal.

Precious metals remained range-bound yesterday due to the US market holiday. The US dollar index and bond yield eased, supporting gold and silver prices. Today is full of data that will increase the volatility of precious metals. However, precious metal prices may remain supportive at lower levels due to near-term weakness in the US Dollar Index. The August gold contract has support at Rs 50,800 and resistance at Rs 51,300. Silver has support at Rs 61,000 and resistance at Rs 62,500, said Nirpendra Yadav, Senior Commodity Research Analyst at base at Swastika Investmart.

On the MCX, gold prices rose above Rs. 51,000 on the weakening of the Rupee which is bearing the brunt of rising oil prices.

The price of 22 karat gold per gram is quoted at Rs. 4765 today, yesterday it was Rs. 4775. So, 100 grams of 22 karat gold today is quoted at Rs. 476500.

For 24 karat gold the rate is Rs. 5198 yesterday it was Rs. 5210. Today the price of 100 grams of 24 karat gold is quoted at Rs. 519800.

The main reason gold rates are falling slightly now is that the US yield curve has inverted sharply. Consequently, investors became more interested in government bonds and the precious metal fell below the $1920/oz level in the futures markets. Additionally, commodity markets have also absorbed the fact that Russia may scale back its attacks on Ukraine. However, US recession risks may be another concern now.

Today, Comex gold futures were quoted at $1925.50 an ounce, gaining 0.39%, until the last trade. Yesterday it was last quoted at $1918.0/oz. Spot gold prices are quoted at $1918.90/oz, fell 0.11%, until the last trade. In contrast, the spot market US dollar index came in at 97.85, marginally down 0.59%. In India, MCX gold in April was quoted at Rs. 51,030 grams, gaining 0.43%, until the last trade.

Gold rates in Mysore rose slightly today, although in Indian markets, rates have declined slightly. Today, the rates of 22 karat gold gained by Rs. 90 and 24 karat gold have jumped by Rs. 100/10 grams.

The price of 22 karat gold per gram is quoted at Rs. 4545 today, yesterday it was Rs. 4536. Thus, 100 grams of 22 karat gold is today quoted at Rs. 454,500.

For 24 karat gold, the rate is Rs. 4,959 yesterday, it was Rs. 4,949. Today, the price of 100 grams of 24 karat gold is quoted at Rs. 495,900.

Sentiments of risk in global equity markets are not having much of an impact on investors, while equity markets are rising sharply. Previously, investors worried about inflation, but now they have learned to stick with the stock markets. While investors remain confident in the stock market, gold rates have no opportunity to recover sharply. In 2022, investors are not expecting much gains from gold rates. The US Fed's interest hikes will knock on the door to keep inflation under control. So gold may not rise steadily over the next two quarters.

Today, Comex gold futures fell 0.07% and were listed at $ 1,809.9 / oz, while spot gold prices fell 0.15 and were listed at $ 1,807.50 / oz until last trade. Yesterday, Comex gold futures closed at $ 1,811.2 / oz. Additionally, the US dollar spot market index rose to 96.15, up 0.06%, until the last trade. Reflecting the same global gold rate trend, in India, Mumbai MCX gold in February was listed at Rs. 48,193 / 10 grams, up 0.09%, until the last trade.

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.