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Analysts Having Mixed Opinion On 2022 Gold Rates: Impact Of US Interest Rate Hike

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Indian gold rates started with a bullish trend on January 1, 2022. However, gold rates are expected to fall significantly this year. USA's interest rate hike, to control the rising inflation, will be a significant reason behind it. However, investors are analysts are having a mixed bag of opinions regarding gold rates. Both bullish and bearish analysts have mentioned their expected price range for the precious metal. India is one of the biggest gold importers, globally. Hence, any change in the precious metal's price will impact the Indian markets, similarly.

 
Analysts Having Mixed Opinion On 2022 Gold Rates:Impact Of US Interest Rate Hike

Major research firms are showing bearish comments on gold rates now. According to analysts at J. P. Morgan Research, the gold market can see a fall to around $1,520/oz by Q4, 2022. Similarly, according to Georgette Boele, senior FX & precious metals strategist, the Dutch bank, mentioned that gold can drop to $1,500/oz by the end of next year. George Milling-Stanley, chief gold strategist at State Street Global Advisors told Kitco News, "The State Street sees a 20% chance of gold trading between $1,600 and $1,800/oz."

Being bullish, Wells Fargo thinks, gold can reach $2000/o. However, John LaForge, head of real asset strategy for Wells Fargo gold, "It is unlikely the Federal Reserve will adopt overly aggressive monetary policies." The US Fed's monetary policy is expected to hike the interest rate this year. But many retail gold investors are not worried about it. They are quite bullish on the precious metal. The Kitco News' annual outlook survey mentioned, "A clear majority of Main Street investors expect gold prices to push new record highs in 2022." A total of 54% of the survey participants said that they see gold prices more than $2,000/oz. In 2021, gold rates mainly stood in the range between $1,800 - $1,900/oz.

Today, in India, gold rates are reiterated global trend and gained by Rs. 140/10 grams. On January 1, the 22 carat gold prices are quoted at Rs. 47,150/10 grams and 24 carat gold rates are quoted at Rs. 49,150/10 grams. On the other hand, 22 carat gold rates in Chennai, Bangalore, and Hyderabad have also gained by Rs. 350/ 10 grams.
Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow:

 
City22 carat (INR/10 Grams)24 carat (INR/10 Grams)
Mumbai47,150/-49,150/-
Delhi47,600/-51,930/-
Bangalore45,450/-49,590/-
Hyderabad45,450/-49,590/-
Chennai45,590/-49,730/-
Kerala45,450/-49,590/-
Kolkata47,150/-49,850/-

The Comex gold futures gained by 0.80% and were quoted at $1828.6/oz, till last traded on December 31. On the earlier day, Comex gold futures closed at $1814.1/oz. The spot gold prices gained by 0.84% and were quoted at $1830.8/oz till last traded. Additionally, the US dollar index in the spot market stood at 95.66. Mirroring the international spot gold rate trend, in India the MCX gold in February future quoted at Rs. 48,083/10 grams, gained by 0.41%, till last traded.

Story first published: Saturday, January 1, 2022, 14:30 [IST]
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