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Global Gold Rates Dips Slightly, Recovers Later: Check Indian Gold Rates To Invest

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The international gold market faces a marginal fall today at the initial trading hours as the US Dollar index gained in the spot markets. However, in the latter half, the yellow metal has recovered sharply in the futures and spot markets, similarly, Dollar lost its strength. However, in India, the 22 carat gold rate is quoted at around Rs. 47450/10 grams, and 24 carat gold rate is quoted at around Rs. 51760/10 grams, falling by Rs. 200 and Rs. 220, respectively.

 
Global Gold Rates Dips Slightly, Recovers Later: Check Indian Gold Rates

Due to the worries related to the US recession and inflation, gold rates could jump back today. According to a report, along with the US, the inflation rate is also hot in Europe. The UK today has reported that the May consumer inflation went up by 9.1%, which is again at a 40-year high level, like the US. So, the metal market is expected to thrive again. Additionally, the bond yield on the 10-year US Treasury is fetching 3.218%.

Today, the Comex gold futures were quoted at $1844.90/oz, surging by 0.22%, from the last trading day. Yesterday it was last quoted at $1838.80/oz. The spot gold prices were last quoted at $1841.40/oz, gaining by 0.42%, from the last trading day. The US dollar index in the spot market stood at 103.91, falling by 0.50%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50,914/10 grams, gaining by 0.30%, from the last trading day.

OANDA senior analyst Jeffrey Halley told the media, "Gold is content to trade inversely to the U.S. dollar in a sideways range at the moment, and we'll need a big directional move from the greenback to change that. If Powell is hawkish tonight, we could see another bout of U.S. dollar strength as yields rise again. That would push gold lower. Otherwise, I foresee minimal impact."

"Technically, the August gold futures bears have the overall near-term technical advantage. Bulls' next upside price objective is to produce a close in June futures above solid resistance at the June high of $1,882.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00," analyst Jim Wyckoff told Kitco News while commenting about the upcoming estimated price chart.

 

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)
Mumbai47,450/-51,760/-
Delhi47,500/-51,800/-
Bangalore47,500/-51,800/-
Hyderabad47,450/-51,760/-
Chennai47,550/-51,860/-
Kerala47,450/-51,760/-
Kolkata47,500/-51,800/-

Read more about: gold price gold rate inflation
Story first published: Wednesday, June 22, 2022, 21:58 [IST]
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