Globally Gold Rate Falls Below US$1,646: Indian Gold Price At Rs. 47,100

Gold rates have fallen significantly today as the US Dollar index and US Treasury Yields recovered globally. Following the international trend, today, on October 28, in India the 22-carat gold rate stood at Rs. 47,100, and the 24-carat gold rate gained to Rs. 51,380/10 grams. Additionally, the silver rate quoted at Rs. 5830/100 grams today.

In Bangalore, the 22-carat gold rate quoted at Rs. 47,150, and the 24-carat gold rate quoted at Rs. 51,430/10 grams.
In Chennai, the 22-carat gold rate quoted at Rs. 47,350 falling by Rs. 100, and the 24-carat gold rate quoted at Rs. 51,760/10 grams.
In Kolkata, the 22-carat gold rate quoted at Rs. 47,100, and the 24-carat gold rate quoted at Rs. 51,280/10 grams.
In Delhi, the 22-carat gold rate quoted at Rs. 47,250, and the 24-carat gold rate quoted at Rs. 51,530/10 grams.

The Comex gold futures were quoted at $1,644.90/oz, down by 1.24%, till last traded. Additionally, in the Mumbai Commodity Exchange (MCX) gold in December future is quoted at Rs. 50235/10 grams, down by 0.99%, from the last trading day. MCX silver in December future is quoted at Rs. 57429/10 grams, down by 1.46%, from the last trading day. Meanwhile, the US 2-year Treasury bond yield gained to around 4.406%, and the US 10-year Treasury yield gained to around 4.012%. The US Dollar index falls to 110.91.

Globally gold market is watching a marginal change today despite further weakness in the U.S. housing market as rising mortgage rates keep buyers at bay. According to the National Association of Realtors (NAR), Pending Home Sales Index, based on signed contracts, dropped 10.2% to 79.5 last month, down from August's decline of 2.0%. The data missed analysts' anticipations who were looking for a 4.4% drop. Pending home sales have fallen to the lowest level since March 21.