Gold Prices In India Fall Marginally, Drop By Rs. 200: Invest Now?

Indian gold prices are mostly trading at flat rates this week. In the international market, today the yellow metal has again weakened marginally, reflecting the Indian rates similarly. The IBJA fixed Indian gold rates based on the global rate chart. The country is not a significant producer of gold, so imports gold from the overseas markets to meet its domestic needs. Today, on June 24, 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. 230, respectively.

At present, the mounting inflation rate in the US which has hiked to 8.6% YoY in the US and hiked to 9.1% in the UK in the last month is the biggest influencer of the commodity markets. To control the high inflation rate, major countries are increasing interest rates, which is again impacting the gold rates. However, investors are looking forward to the gold rates surging again as the US home sales data improved a bit.

According to the report, the US new home sales improved and went at a better-than-expected level in May with a gain of 10.7% in the last month. A Kitco News report mentioned, "New home sales were at a seasonally adjusted annualized rate of 696,000 homes in May, the U.S. Commerce Department said on Friday. April's sales were revised up to a rate of 629,000 units. The market consensus called for sales to decline to 588,000 units in May. On an annual basis, new home sales were down 5.9% from last year's estimate of 740,000 units."

Today, the Comex gold futures were quoted at $1,829/oz, plunging by 0.04%, from the last trading day. Yesterday it was last quoted at $1829.80/oz. The spot gold prices were last quoted at $1828.0/oz, surging by 0.26%, from the last trading day. The US dollar index in the spot market stood at 104.19, falling by 0.20%. In India, the Mumbai Commodity Exchange (MCX) gold in August future was quoted at Rs. 50,584/10 grams, falling by 0.02%, from the last trading day.

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