Gold Prices In India Gain On August 23

Gold rates in India today have increased marginally after depreciating on Saturday in the international markets. Today, on 23rd August 22 carat gold was quoted at Rs. 46260 while 24 carat gold was quoted at Rs. 47270 per 10 grams in India. Yesterday, 22 carat gold was quoted at Rs. 46200 per 10 grams, thereby exhibiting a Rs. 60 increase today.

Gold rates have gained by a tad as the US dollar index in the international market has fallen today, till 5.18 PM it fell by 0.24% (source: KITCO). Gold prices are inversely related to the US dollar, as the US dollar gains, gold prices tend to slip, and vice versa.

On MCX today, prices of both October and December future have appreciated. Gold October future was last traded 0.23% higher price at Rs. 47265 per 10 grams till 5.30 PM. International spot gold price too was up by 0.56% with an asking price of $1790/oz in the international market till 5.33 PM.

Increasing Covid-19 positive cases, infected with the new delta variant has left investors worried about further economic disturbances, thus taking shelter in gold. Hence, they are opting for gold as a safe investment. Since the second week of the current month, gold rates were diving down consistently. Now, as the prices rally once again, it is encouraging the investors again to look out for the yellow metal and motivating them to think about the investment on a long-term basis.