Gold Prices In India Quoted At Rs. 47,050, On Oct 29, Last Trading Day Of This Month

Gold prices in India today remained flat, on October 29. Yesterday the prices fell for 2 days in a row, while today the prices are quoted the same as yesterday. Today, 22 carat gold rates are quoted at Rs. 47,050/10 grams and 24 carat gold rates are quoted at Rs. 48,050/10 grams. However, in cities like Chennai, Hyderabad and Delhi gold prices have dropped around Rs. 130 today.

The Comex gold December futures today fell by 0.32% and was quoted at $1796.9, while the spot gold prices also fell by 0.34%, and were quoted at $1793/oz till 5.05 PM IST today. On the other hand, the US dollar index in the spot market stood at 93.54, hiked by 0.19% than yesterday. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future also dropped by 0.28%, and was quoted at Rs. 47,817/10 grams, till 5.05 PM IST. Today has been the last trading day of October.

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	47,050/-	48,050/-
Delhi	47,000/-	51,250/-
Bangalore	44,850/-	48,930/-
Hyderabad	44,850/-	48,930/-
Chennai	45,120/-	49,220/-
Kerala	44,850/-	48,930/-
Kolkata	47,350/-	50,050/-

Gold prices in the international markets have again moved below the $1800/oz level today, with a rising US Dollar index in the spot market. Risk sentiment about the asset has been mid throughout the whole day. Gold is inversely related to the US Dollar index as it is a dollar-dominated asset class. A soaring dollar index signals an economic recovery that is not positive for gold prices.

(Also read: Why Should You Choose Gold ETFs? Benefits And Preferred Funds)

Before Diwali and Dhanteras, IBJA is trying to keep the gold rates moderate, because, with a very subdued price range, gold jewellers will see losses. On the other hand, with surged prices, common buyers will feel pressured and the sales might drop than expected. According to a recent WGC report, "Jewellery demand in India in Q3 increased approximately 60% both q-o-q and y-o-y, due to strong pent-up demand, a rebound in economic activity and lower gold prices." The market is not ready to lose its customers base. During this festive season, gold jewelleries stay at the top considering popularity.

(Also read: What is Digital Gold? What Are Its Advantages? Should One Invest?)