24 Carat Gold Rates Gained By Rs. 790 In India: Impact On The Market

In India, generally, 22 carat and 24 carat gold rates perform in a similar tone. However, today, on December 29, 22 carat gold rates have fallen by Rs. 210, while 24 carat gold rates have surged by Rs. 790/ 10 grams. The 22 carat gold rates are quoted at Rs. 47,010/10 grams and 24 carat gold rates are quoted at Rs. 48,220/10 grams. In cities like Bangalore, Hyderabad, and Chennai, the precious metal fell by around Rs. 200/10 grams.

The 22 carat gold is generally used for making gold jewelleries. Gold is a light and delicate metal and jewellers add other harder metals with 22 carat gold to make the ornaments durable. However, you can also make jewelleries with 18 or 24 carat gold. On the other hand, if you are investing in digital gold, it will be priced depending on 24 carat gold. Like in the case of gold ETF or the sovereign gold bond, by RBI. Hence a price drop in 22 carat gold means gold jewelleries can cost lesser, while gold ETFs can be costlier.

On December 29, gold rates in the global markets performed moderately, although the US pending home sales index have fallen 2.25 to 122.4 in November - the National Association of Realtors (NAR) stated. The report added, for the year pending home sales have dropped 2.7%. Common buyers and investors are now a bit hesitant about the home prices, while inflation is rising significantly. This could move the gold rates up, but the gold market performed moderately.

Today gold prices stayed around $1800/oz, at some point of time, the precious metal in the Comex fell to $1790/oz, which did not set an affirmative tone for the market. Commenting about the present market, Lawrence Yun, chief economist of National Association of Realtors (NAR) told Kitco News, "While I expect neither a price reduction nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability."

Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow:

Today the Comex gold futures fell by 0.56% and were quoted at $1800.0/oz, while the spot gold prices fell by 0.13, and were quoted at $1804.80/oz till last traded. Yesterday Comex gold futures closed at $1810.2/oz. Additionally, the US dollar index in the spot market went to 95.95, fell by 0.19%. Mirroring the international gold rate trend, in India the MCX gold in February future quoted at Rs. 47,825/10 grams, dropped by 0.45%, till last traded.