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Gold Price In India Quoted At Rs. 46,850, On December 10, Demand Boost In Wedding Season


Gold prices in India have remained flat in the domestic markets in the last 3 days. Today, on December 10, 22 carat gold rates are quoted at Rs. 46,850/10 grams and 24 carat gold rates are quoted at Rs. 47,850/10 grams. 22 carat gold rates in Chennai, Bangalore, Delhi, and Kolkata gained by only by Rs. 10/10 grams. However, 24 carat gold rice in Chennai has dropped by Rs. 200/10 grams. Gold investors at present are waiting for the US CPI data, which is to be published soon.

Gold Price In India Quoted At Rs. 46850,On Dec 10,Demand Boost In Wedding Season

Today the Comex gold futures fell by 0.49% and were quoted at $1774.6/oz, while the spot gold prices fell by 0.07%, and were quoted at $1775.4/oz till last traded. Yesterday Comex gold futures closed at $1783.4/oz. On the other hand, the US dollar index in the spot market stood at 96.20, fell marginally by 0.01%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in February future quoted at Rs. 47,922/10 grams, dropped by 0.04%, till last traded.

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

City22 carat (INR/10 Grams)24 carat (INR/10 Grams)

The US Labor Ministry has published its employment data showing their first-time unemployment benefits drops to a 52-year low. It says the weekly jobless claims plunged by 43,000 to 184,000, beating the forecast. The report said, "This is the lowest level for initial claims since September 6, 1969, when it was 182,000." An improved employment scenario that is indicating that the US economy is recovering fast, is keeping the gold rates under pressure. Globally gold rates are being quoted at around $1775/oz now.

In the wedding season in India, a surpassed gold rate is helping customers to boost demand in December. Along with demands for gold jewelleries, demand for gold ETFs is also increasing. US CPI inflation data is the most important factor, the investors and traders are waiting for today, ahead of US Fed meeting next week. Investors will analyze the upcoming gold rates trend this month, depending on the inflation data. CPI inflation rates started to rally up significantly since June at 5.4%, and in November, the rate stood at 6.2%, highest in the last 30 years. Higher inflation will further increase the gold prices.


The trend of Gold ETFs has increased significantly since the last month. The latest World Gold Council report titled 'Global gold-backed ETF flows - November 2021' informed, "Gold-backed ETFs (gold ETFs)1 experienced net inflows of 13.6 tonnes (t) (US$838mn, 0.4% AUM) in November, the first month of positive flows since July. Inflows into North America and Europe well exceeded outflows from Asia, which saw negative flows for the first time since May. Global gold ETF holdings rebounded from year-to-date lows, increasing to 3,578t (US$208bn)2 as investment demand for larger gold ETFs returned amid decades-high inflation and heightened market volatility."

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