Gold Prices Dropped By Rs. 120 On Sept 7, In India

Today, on September 7, in India gold rates have dropped by Rs. 120 for both 22 carat and 24 carat gold of 10 grams. Today the 22 carat gold rate is quoted at Rs. 46410 while 24 carat gold rate is quoted at Rs. 47410 per 10 grams in the domestic market. Today the gold prices in the international market have dropped marginally thus reflecting the trend in India. India is one of the largest gold importers, hence Indian gold rates are dependent on international gold prices and investors have to pay additional import tax, cess, GST, etc.

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

City	22 carat (INR/10 Grams)	24 carat (INR/10 Grams)
Mumbai	46,410/-	47,410/-
Delhi	46,550/-	50,790/-
Bangalore	44,400/-	48,440/-
Hyderabad	44,400/-	48,440/-
Chennai	44,740/-	48,810/-
Kerala	44,400/-	48,440/-
Kolkata	46,850/-	49,550/

On MCX gold in October future was down by 0.30% as of 4.05 PM IST today. Comex gold rate was down by 1.16% at $1812.5s and international spot gold price too was down by 0.70% at $1811.30/oz as of 5.54 EDT. Today EU GDP data came out and according to reports, "The GDP number came in better than expected and for both Y/Y and Q/Q." Additionally, Eurostat, the statistical office of the European Union stated, "household final consumption expenditure had strong positive contributions to GDP growth in both the euro area and the EU." This slightly impacted gold demand across the international markets, according to industry insiders.

Since the last few days, global gold rates started to hike as the US employment data was not as good as was expected, moving investors to take shelter in gold. Today the market is going down by a tad. However, the delta variant Covid is rising across the globe including the US and Australia. So, the economic stimulus is not anticipated to shrink and the interest rate will possibly be the same for the upcoming few months. The gold rates thereby are expected to gain steady again in the international markets again.