Gold rates in India today, on November 25, only dropped by Rs. 10/10 grams, after the rates fell significantly in the last 2 days. Today in India, 22 carat gold rates are quoted at Rs. 46,620/10 grams and 24 carat gold rates are quoted at Rs. 47,620/10 grams. In most of the cities, gold rates have dropped up to by Rs. 40/10 grams today.
Yesterday USA's labor market data got published stating that the weekly jobless claims dropped by 71,000 to 199,000, down from the previous week's revised estimate of 268,000 claims. Additionally, the Bureau of Economic Analysis (BEA), USA, today Personal Consumption Expenditures (PCE) Price Index went to 5% YoY, in October, rising by 0.6%. these two reports influenced today's gold rates, in the global markets.
Today the Comex gold December futures gained by 0.38% and were quoted at $1791/oz, while the spot gold prices fell by 0.11%, and were quoted at $1792/oz till last traded. Yesterday Comex December gold futures closed at $1784/oz. On the other hand, the US dollar index in the spot market stood at 96.73, falling by 0.10%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future quoted at Rs. 47,464/10 grams, gained by 0.05%, till last traded.
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)|
USA's BEA report on PCE shows that the cost of living has increased at the fastest pace in under 31 years. Earlier, the country published their CPI data that increased to 6.2% in October. These indicate a high inflation rate, which might lead to a marginal gain in gold rates. Now, gold rates are being quoted at a moderate rate globally, and in India.